Q3 2024 Earnings Estimate for Freeport-McMoRan Inc. Issued By Raymond James (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Stock analysts at Raymond James raised their Q3 2024 EPS estimates for shares of Freeport-McMoRan in a research report issued on Tuesday, April 23rd. Raymond James analyst B. Macarthur now expects that the natural resource company will post earnings per share of $0.51 for the quarter, up from their previous estimate of $0.46. 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 $1.67 per share. Raymond James also issued estimates for Freeport-McMoRan’s Q4 2024 earnings at $0.50 EPS, FY2024 earnings at $1.82 EPS and FY2025 earnings at $2.01 EPS.

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

FCX has been the subject of several other research reports. 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. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $41.00 to $48.50 in a research note on Monday, January 8th. Bernstein Bank lifted their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. Finally, Argus increased their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a report on Thursday. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.07.

Freeport-McMoRan Stock Up 2.2 %

Shares of NYSE:FCX opened at $50.50 on Friday. The company has a market capitalization of $72.44 billion, a PE ratio of 44.69, a price-to-earnings-growth ratio of 8.00 and a beta of 2.04. Freeport-McMoRan has a 1 year low of $32.83 and a 1 year high of $52.42. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.38. The business has a fifty day moving average price of $44.70 and a two-hundred day moving average price of $40.38.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in FCX. Bruce G. Allen Investments LLC bought a new stake in shares of Freeport-McMoRan during the fourth quarter valued at about $27,000. Jones Financial Companies Lllp boosted its position in shares of Freeport-McMoRan by 422.2% in the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 532 shares during the period. American National Bank grew its stake in Freeport-McMoRan by 348.8% during the first quarter. American National Bank now owns 745 shares of the natural resource company’s stock valued at $35,000 after acquiring an additional 579 shares in the last quarter. Vermillion & White Wealth Management Group LLC bought a new stake in Freeport-McMoRan during the 4th quarter worth approximately $32,000. Finally, BluePath Capital Management LLC purchased a new stake in Freeport-McMoRan in the 3rd quarter worth approximately $28,000. Institutional investors own 80.77% of the company’s stock.

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 issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s payout ratio is currently 26.55%.

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.