Freeport-McMoRan FY2026 Earnings Forecast Cut by Scotiabank

Freeport-McMoRan Inc. (NYSE:FCX) – Equities researchers at Scotiabank reduced their FY2026 EPS estimates for Freeport-McMoRan in a research note issued on Monday, November 2nd. Scotiabank analyst O. Wowkodaw now anticipates that the natural resource company will earn $3.20 per share for the year, down from their previous forecast of $3.35. Scotiabank currently has a “Sector Outperform” rating and a $78.00 target price on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $3.04 per share. Scotiabank also issued estimates for Freeport-McMoRan’s FY2027 earnings at $2.57 EPS.

FCX has been the topic of several other research reports. Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Bank of America upped their target price on Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Morgan Stanley increased their price target on Freeport-McMoRan from $70.00 to $75.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 7th. Royal Bank Of Canada lifted their price target on Freeport-McMoRan from $73.00 to $85.00 and gave the stock a “sector perform” rating in a report on Wednesday, September 16th. Finally, JPMorgan Chase & Co. cut their price objective on Freeport-McMoRan from $92.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $75.30.

Freeport-McMoRan Trading Down 7.7%

NYSE:FCX opened at $57.80 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.91 and a current ratio of 2.02. The firm has a market cap of $83.00 billion, a price-to-earnings ratio of 24.29, a price-to-earnings-growth ratio of 0.58 and a beta of 1.38. Freeport-McMoRan has a 52 week low of $38.54 and a 52 week high of $80.24. The firm has a 50-day moving average price of $70.23 and a two-hundred day moving average price of $65.27.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.06. Freeport-McMoRan had a net margin of 13.03% and a return on equity of 12.09%. The business had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.36 billion. During the same period in the previous year, the company earned $0.50 earnings per share. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year.

Institutional Investors Weigh In On Freeport-McMoRan

Several institutional investors have recently made changes to their positions in FCX. Fifth Third Bancorp grew its stake in shares of Freeport-McMoRan by 2.2% in the third quarter. Fifth Third Bancorp now owns 1,160,598 shares of the natural resource company’s stock worth $81,242,000 after acquiring an additional 24,593 shares during the last quarter. King Luther Capital Management Corp increased its holdings in shares of Freeport-McMoRan by 5.4% during the third quarter. King Luther Capital Management Corp now owns 19,686 shares of the natural resource company’s stock valued at $1,378,000 after acquiring an additional 1,000 shares in the last quarter. Maryland State Retirement & Pension System raised its position in shares of Freeport-McMoRan by 13.9% in the 3rd quarter. Maryland State Retirement & Pension System now owns 87,545 shares of the natural resource company’s stock worth $6,128,000 after purchasing an additional 10,670 shares during the last quarter. Joel Isaacson & Co. LLC purchased a new position in shares of Freeport-McMoRan in the 3rd quarter worth about $239,000. Finally, First Command Advisory Services Inc. raised its position in shares of Freeport-McMoRan by 107.7% in the 3rd quarter. First Command Advisory Services Inc. now owns 1,275 shares of the natural resource company’s stock worth $89,000 after purchasing an additional 661 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insider Activity at Freeport-McMoRan

In related news, Director Lydia Kennard sold 3,798 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total transaction of $300,459.78. Following the sale, the director directly owned 122,702 shares in the company, valued at approximately $9,706,955.22. This represents a 3.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Douglas Currault, II sold 80,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the completion of the transaction, the executive vice president directly owned 211,016 shares of the company’s stock, valued at approximately $16,577,416.96. This trade represents a 27.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.73% of the company’s stock.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th were given a $0.0750 dividend. The ex-dividend date of this dividend was Thursday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is 12.61%.

Key Freeport-McMoRan News

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

• Positive Sentiment: Freeport approved a $4.5 billion expansion and modernization of its Bagdad, Arizona, operation. Once fully operational, the project is expected to add about 225 million pounds of annual copper production and lower long-term unit costs, supporting FCX’s longer-term growth outlook. Freeport Announces Plans to Boost U.S. Copper & Molybdenum Production
• Positive Sentiment: Potential upside also comes from new leaching tests that reportedly produced more than four times the incremental copper recovery of earlier results. If commercialized, the process could boost output from existing stockpiles with less capital than a new mine. Freeport-McMoRan: 3 Key Takeaways for Long-Term Investors
• Neutral Sentiment: Analysts’ average brokerage recommendation is equivalent to Buy, though the report cautions that such ratings can be overly optimistic and are not a reliable stand-alone signal. Wall Street Analysts Think Freeport-McMoRan Is a Good Investment: Is It?
• Negative Sentiment: The near-term outlook appears to be the main drag: management trimmed 2026–27 copper-sales forecasts by roughly 2%–2.5% and raised 2027 capital-spending expectations by $400 million to about $5.2 billion. The new Bagdad project adds substantial future spending, heightening concerns about near-term cash flow and execution.
• Negative Sentiment: Although FCX beat third-quarter earnings and revenue expectations, the weaker sales outlook and higher spending plans appear to have overshadowed the results. Coverage described the sharp selloff as a roughly $6 billion loss in market value in one session. Freeport-McMoRan Sheds $6 Billion in Market Value in One Session

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

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