Q1 2024 EPS Estimates for Freeport-McMoRan Inc. (NYSE:FCX) Cut by Zacks Research

Freeport-McMoRan Inc. (NYSE:FCX) – Stock analysts at Zacks Research cut their Q1 2024 earnings estimates for Freeport-McMoRan in a research note issued to investors on Wednesday, April 17th. Zacks Research analyst A. Barman now anticipates that the natural resource company will post earnings of $0.30 per share for the quarter, down from their prior estimate of $0.35. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.60 per share. Zacks Research also issued estimates for Freeport-McMoRan’s Q1 2025 earnings at $0.31 EPS, Q4 2025 earnings at $0.55 EPS, Q1 2026 earnings at $0.37 EPS and FY2026 earnings at $2.33 EPS.

Several other analysts have also commented on FCX. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research report on Tuesday, April 9th. Raymond James increased their price target on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research report on Thursday, January 4th. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their price target for the company from $41.00 to $48.50 in a research report on Monday, January 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $47.54.

Freeport-McMoRan Stock Up 0.8 %

FCX stock opened at $49.81 on Thursday. The company’s 50 day simple moving average is $43.08 and its 200-day simple moving average is $39.75. The firm has a market capitalization of $71.45 billion, a PE ratio of 39.22, a P/E/G ratio of 2.26 and a beta of 2.04. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $52.42. 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 (NYSE:FCX) last released its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.23 by $0.04. The business had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.85 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.52 earnings per share.

Hedge Funds Weigh In On Freeport-McMoRan

A number of large investors have recently bought and sold shares of FCX. Fairfield Bush & CO. purchased a new position in Freeport-McMoRan during the first quarter worth approximately $26,000. KB Financial Partners LLC purchased a new position in Freeport-McMoRan during the first quarter worth approximately $26,000. Bruce G. Allen Investments LLC purchased a new position in Freeport-McMoRan during the fourth quarter worth approximately $27,000. Retirement Group LLC raised its stake in Freeport-McMoRan by 97.1% during the second quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock worth $27,000 after purchasing an additional 330 shares during the period. Finally, BluePath Capital Management LLC purchased a new position in Freeport-McMoRan during the third quarter worth approximately $28,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is currently 23.62%.

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.