Freeport-McMoRan Inc. (NYSE:FCX) Expected to Earn Q2 2024 Earnings of $0.49 Per Share

Freeport-McMoRan Inc. (NYSE:FCX) – Equities researchers at Raymond James boosted their Q2 2024 earnings estimates for Freeport-McMoRan in a research report issued to clients and investors on Tuesday, April 23rd. Raymond James analyst B. Macarthur now forecasts that the natural resource company will post earnings of $0.49 per share for the quarter, up from their previous estimate of $0.38. Raymond James has a “Outperform” rating and a $54.00 price objective on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.57 per share. Raymond James also issued estimates for Freeport-McMoRan’s Q1 2025 earnings at $0.48 EPS, Q2 2025 earnings at $0.49 EPS, Q3 2025 earnings at $0.51 EPS and Q4 2025 earnings at $0.53 EPS.

A number of other analysts have also commented on the stock. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $41.00 to $48.50 in a research note on Monday, January 8th. JPMorgan Chase & Co. reduced their price objective on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research note on Tuesday, April 9th. Bernstein Bank upped their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Scotiabank reduced their price target on shares of Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating for the company in a research report on Wednesday. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.77.

Freeport-McMoRan Price Performance

FCX stock opened at $48.24 on Thursday. The company has a current ratio of 2.35, a quick ratio of 1.38 and a debt-to-equity ratio of 0.31. Freeport-McMoRan has a one year low of $32.83 and a one year high of $52.42. The firm has a market capitalization of $69.20 billion, a PE ratio of 42.69, a P/E/G ratio of 2.20 and a beta of 2.04. The firm has a 50-day moving average of $44.02 and a two-hundred day moving average of $40.14.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the previous year, the company earned $0.52 EPS. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.24%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Hedge Funds Weigh In On Freeport-McMoRan

A number of hedge funds have recently added to or reduced their stakes in the company. Tompkins Financial Corp grew its holdings in Freeport-McMoRan by 33.8% during the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 200 shares during the last quarter. MV Capital Management Inc. grew its holdings in Freeport-McMoRan by 38.6% during the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 221 shares during the last quarter. Mather Group LLC. grew its holdings in Freeport-McMoRan by 1.3% during the first quarter. Mather Group LLC. now owns 17,417 shares of the natural resource company’s stock valued at $819,000 after purchasing an additional 222 shares during the last quarter. Archford Capital Strategies LLC grew its holdings in Freeport-McMoRan by 1.3% during the first quarter. Archford Capital Strategies LLC now owns 18,489 shares of the natural resource company’s stock valued at $869,000 after purchasing an additional 237 shares during the last quarter. Finally, Hartford Financial Management Inc. grew its holdings in Freeport-McMoRan by 1.5% during the first quarter. Hartford Financial Management Inc. now owns 16,302 shares of the natural resource company’s stock valued at $767,000 after purchasing an additional 247 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.