Q4 EPS Estimates for Freeport-McMoRan Cut by Raymond James

Freeport-McMoRan Inc. (NYSE:FCX) – Research analysts at Raymond James reduced their Q4 2024 earnings per share estimates for shares of Freeport-McMoRan in a report issued on Wednesday, October 23rd. Raymond James analyst B. Macarthur now forecasts that the natural resource company will earn $0.43 per share for the quarter, down from their prior forecast of $0.44. Raymond James currently has a “Outperform” rating and a $57.00 target price on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.58 per share. Raymond James also issued estimates for Freeport-McMoRan’s Q1 2025 earnings at $0.52 EPS.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period last year, the firm posted $0.39 earnings per share.

Other equities analysts have also issued reports about the stock. JPMorgan Chase & Co. upped their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, Morgan Stanley decreased their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Trading Down 2.3 %

NYSE FCX opened at $46.84 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. Freeport-McMoRan has a one year low of $32.83 and a one year high of $55.24. The stock’s 50-day moving average is $45.93 and its 200-day moving average is $47.85. The firm has a market cap of $67.29 billion, a P/E ratio of 41.45, a P/E/G ratio of 2.03 and a beta of 1.90.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.64%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Hedge Funds Weigh In On Freeport-McMoRan

Hedge funds have recently bought and sold shares of the business. Hazlett Burt & Watson Inc. boosted its stake in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after buying an additional 480 shares during the period. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan in the second quarter valued at about $25,000. Matrix Trust Co acquired a new stake in Freeport-McMoRan during the third quarter worth about $25,000. LRI Investments LLC bought a new position in Freeport-McMoRan in the 1st quarter valued at about $26,000. Finally, Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at approximately $26,000. 80.77% of the stock is owned by institutional investors.

About Freeport-McMoRan

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.