Freeport-McMoRan Inc. to Post Q2 2024 Earnings of $0.49 Per Share, Raymond James Forecasts (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Equities research analysts at Raymond James increased their Q2 2024 EPS estimates for Freeport-McMoRan in a note issued to investors on Tuesday, April 23rd. Raymond James analyst B. Macarthur now anticipates that the natural resource company will post earnings per share of $0.49 for the quarter, up from their previous estimate of $0.38. Raymond James currently has a “Outperform” rating and a $54.00 price target 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 $0.48 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 equities analysts have also issued reports on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 target price on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Scotiabank reduced their target price on shares of Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. reduced their target price on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday. Argus boosted their target price on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.07.

Freeport-McMoRan Price Performance

NYSE FCX opened at $50.48 on Thursday. The company has a quick ratio of 1.38, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $72.41 billion, a PE ratio of 44.67, a price-to-earnings-growth ratio of 2.21 and a beta of 2.04. The company has a 50 day moving average price of $44.47 and a two-hundred day moving average price of $40.26. Freeport-McMoRan has a 12-month low of $32.83 and a 12-month high of $52.42.

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

Institutional Trading of Freeport-McMoRan

Institutional investors and hedge funds have recently modified their holdings of the stock. CM Management LLC increased its stake in shares of Freeport-McMoRan by 80.0% in the 3rd quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock valued at $1,342,000 after acquiring an additional 16,000 shares during the last quarter. Signature Estate & Investment Advisors LLC increased its stake in shares of Freeport-McMoRan by 6.4% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock valued at $14,726,000 after acquiring an additional 20,894 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Freeport-McMoRan by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock valued at $279,977,000 after acquiring an additional 102,466 shares during the last quarter. Cadinha & Co. LLC increased its stake in shares of Freeport-McMoRan by 59.0% in the 4th quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock valued at $27,572,000 after acquiring an additional 240,340 shares during the last quarter. Finally, Alphinity Investment Management Pty Ltd increased its stake in shares of Freeport-McMoRan by 57.4% in the 3rd quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock valued at $201,039,000 after acquiring an additional 1,965,987 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be paid a $0.15 dividend. The ex-dividend date is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.19%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

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.