Q2 2024 Earnings Estimate for Freeport-McMoRan Inc. Issued By Zacks Research (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Analysts at Zacks Research raised their Q2 2024 EPS estimates for Freeport-McMoRan in a research note issued on Wednesday, April 17th. Zacks Research analyst A. Barman now expects that the natural resource company will post earnings per share of $0.36 for the quarter, up from their prior estimate of $0.33. 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 Q3 2024 earnings at $0.41 EPS, Q4 2024 earnings at $0.43 EPS, FY2024 earnings at $1.50 EPS, Q2 2025 earnings at $0.49 EPS and Q3 2025 earnings at $0.58 EPS.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The company had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the prior year, the firm earned $0.52 EPS. The business’s revenue was up 2.6% on a year-over-year basis.

A number of other equities analysts have also weighed in on the company. JPMorgan Chase & Co. upped their target price on Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Wednesday. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a report on Tuesday, April 9th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Raymond James boosted their target price on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, January 4th. Finally, Scotiabank raised their price target on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research report on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $47.54.

Freeport-McMoRan Stock Down 1.1 %

Shares of NYSE:FCX opened at $49.62 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. Freeport-McMoRan has a 52-week low of $32.83 and a 52-week high of $52.42. The business’s 50 day simple moving average is $43.57 and its two-hundred day simple moving average is $39.91. The firm has a market cap of $71.18 billion, a P/E ratio of 39.07, a PEG ratio of 2.25 and a beta of 2.04.

Hedge Funds Weigh In On Freeport-McMoRan

Several institutional investors have recently modified their holdings of FCX. Fairfield Bush & CO. purchased a new position in Freeport-McMoRan in the first quarter worth $26,000. KB Financial Partners LLC bought a new position in Freeport-McMoRan during the first quarter valued at about $26,000. Bruce G. Allen Investments LLC purchased a new stake in Freeport-McMoRan during the fourth quarter worth about $27,000. Retirement Group LLC raised its position in Freeport-McMoRan by 97.1% in the second quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock worth $27,000 after acquiring an additional 330 shares during the period. Finally, BluePath Capital Management LLC purchased a new position in Freeport-McMoRan in the third quarter valued at about $28,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Dividend Announcement

The firm also recently announced 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 of this dividend is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.21%. Freeport-McMoRan’s payout ratio is presently 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.