Freeport-McMoRan (NYSE:FCX) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Freeport-McMoRan (NYSE:FCX) had its price target hoisted by stock analysts at Wells Fargo & Company from $70.00 to $87.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the natural resource company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 20.95% from the stock’s previous close.

A number of other brokerages also recently issued reports on FCX. The Goldman Sachs Group reissued a “buy” rating on shares of Freeport-McMoRan in a report on Thursday, September 10th. Bank of America raised their price objective on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Erste Group Bank started coverage on shares of Freeport-McMoRan in a report on Thursday, August 27th. They set a “buy” rating for the company. HSBC boosted their target price on shares of Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Finally, Sanford C. Bernstein lowered their price target on shares of Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $75.67.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $71.93 on Tuesday. The stock has a 50-day simple moving average of $71.41 and a two-hundred day simple moving average of $65.91. The firm has a market capitalization of $103.29 billion, a P/E ratio of 35.43, a PEG ratio of 0.71 and a beta of 1.39. Freeport-McMoRan has a fifty-two week low of $38.54 and a fifty-two week high of $80.24. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.54 EPS. On average, equities analysts forecast that Freeport-McMoRan will post 2.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Lydia Kennard sold 3,798 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total transaction of $300,459.78. Following the completion of the transaction, the director directly owned 122,702 shares of the company’s stock, valued at $9,706,955.22. This represents a 3.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Stephen Higgins sold 14,277 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the transaction, the chief accounting officer owned 54,618 shares in the company, valued at $3,795,951. This trade represents a 20.72% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 110,398 shares of company stock valued at $8,387,271. Corporate insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Freeport-McMoRan

A number of large investors have recently added to or reduced their stakes in FCX. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $25,000. NBH Bank purchased a new position in Freeport-McMoRan in the 2nd quarter valued at about $28,000. Steph & Co. boosted its holdings in Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after buying an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in Freeport-McMoRan in the 1st quarter worth about $29,000. Finally, SHP Wealth Management acquired a new stake in Freeport-McMoRan in the 4th quarter worth about $30,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: JPMorgan raised its FCX price target to $92 from $77 and maintained an “overweight” rating, implying substantial upside from the referenced market level. JPMorgan price-target report
• Positive Sentiment: Wells Fargo lifted its target to $87 from $70 and reiterated “overweight,” adding to the bullish analyst revisions surrounding Freeport-McMoRan. Wells Fargo price-target report
• Positive Sentiment: Morgan Stanley increased its target to $75 from $70, although its “equal weight” rating signals a more cautious view and limited expected upside. Morgan Stanley price-target report
• Positive Sentiment: Deutsche Bank’s view that copper could reach $10 per pound, driven by AI and EV demand, is favorable for FCX because copper is its core commodity exposure. Copper price outlook article
• Positive Sentiment: Analysts at Zacks see conditions that could support another earnings beat, citing Freeport-McMoRan’s history of positive surprises and favorable estimates. Zacks earnings outlook
• Neutral Sentiment: FCX remains a heavily watched stock, while broader coverage of materials companies and copper-sector opportunities may increase attention but does not provide a new fundamental catalyst. Zacks trending-stock analysis
• Negative Sentiment: Reports highlighting gold-shipment deferrals and steady copper output point to execution and production risks that could limit near-term results, particularly if commodity prices weaken. FCX shipment and production risk analysis

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc (NYSE: FCX) is a leading international mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical systems, construction, transportation, renewable energy infrastructure and other industrial applications. The company also produces copper cathodes and concentrates, gold, molybdenum products and certain quantities of silver and other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America and Indonesia.