Freeport-McMoRan (FCX) Scheduled to Post Quarterly Earnings on Tuesday

Freeport-McMoRan (NYSE:FCX) is scheduled to post its quarterly earnings results before the market opens on Tuesday, April 23rd. Analysts expect Freeport-McMoRan to post earnings of $0.34 per share for the quarter. Individual that are interested in registering for the company’s earnings conference call can do so using this link.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. The business had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.85 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 earnings per share. On average, analysts expect Freeport-McMoRan to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $50.02 on Tuesday. The company has a market cap of $71.75 billion, a PE ratio of 39.39, a P/E/G ratio of 2.24 and a beta of 2.04. The company has a fifty day moving average price of $42.69 and a two-hundred day moving average price of $39.59. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $52.42.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders 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 yield of 1.20%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is presently 23.62%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on FCX shares. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a report on Tuesday, April 9th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Raymond James raised their target price on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Thursday, January 4th. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and raised their target price for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Finally, Scotiabank raised their target price on Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research note on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Hold” and an average price target of $46.71.

Institutional Investors Weigh In On Freeport-McMoRan

Several hedge funds and other institutional investors have recently bought and sold shares of the business. FIL Ltd raised its position in Freeport-McMoRan by 90.0% in the fourth quarter. FIL Ltd now owns 534,905 shares of the natural resource company’s stock worth $22,771,000 after acquiring an additional 253,360 shares in the last quarter. Wesbanco Bank Inc. bought a new stake in Freeport-McMoRan in the fourth quarter worth about $207,000. Hobbs Group Advisors LLC bought a new stake in Freeport-McMoRan in the fourth quarter worth about $112,000. Sanibel Captiva Trust Company Inc. bought a new stake in Freeport-McMoRan in the fourth quarter worth about $315,000. Finally, Childress Capital Advisors LLC increased its stake in Freeport-McMoRan by 20.8% in the 4th quarter. Childress Capital Advisors LLC now owns 7,322 shares of the natural resource company’s stock worth $312,000 after purchasing an additional 1,263 shares in the last quarter. 80.77% of the stock is currently 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.