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

Freeport-McMoRan Inc. (NYSE:FCX) – Equities researchers at Raymond James raised their Q3 2024 earnings per share (EPS) estimates for Freeport-McMoRan in a report released on Tuesday, April 23rd. Raymond James analyst B. Macarthur now forecasts that the natural resource company will post earnings of $0.51 per share for the quarter, up from their prior forecast of $0.46. Raymond James currently has a “Outperform” rating and a $54.00 target price 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 Q4 2024 earnings at $0.50 EPS, FY2024 earnings at $1.82 EPS and FY2025 earnings at $2.01 EPS.

FCX has been the subject of several other reports. HSBC boosted their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research note on Tuesday, April 9th. Argus boosted their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $50.07.

Freeport-McMoRan Trading Up 2.2 %

Shares of NYSE:FCX opened at $50.48 on Friday. Freeport-McMoRan has a 12-month low of $32.83 and a 12-month high of $52.42. The stock has a market cap of $72.41 billion, a PE ratio of 44.67, a P/E/G ratio of 2.21 and a beta of 2.04. The business has a 50 day moving average of $44.47 and a 200-day moving average of $40.26. The company has a quick ratio of 1.38, a current ratio of 2.35 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the company posted $0.52 earnings per share. The business’s revenue was up 17.3% on a year-over-year basis.

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 dividend of $0.15 per share. The ex-dividend date is Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.19%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Freeport-McMoRan by 0.3% during the third quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock worth $4,451,285,000 after buying an additional 305,912 shares in the last quarter. Capital Research Global Investors increased its holdings in shares of Freeport-McMoRan by 0.7% during the fourth quarter. Capital Research Global Investors now owns 59,752,726 shares of the natural resource company’s stock worth $2,543,676,000 after buying an additional 419,603 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Freeport-McMoRan by 1.9% during the fourth quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock worth $2,371,604,000 after buying an additional 1,030,451 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Freeport-McMoRan by 7.9% in the first quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock valued at $994,808,000 after purchasing an additional 1,551,828 shares during the period. Finally, Northern Trust Corp increased its holdings in Freeport-McMoRan by 4.2% in the third quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock valued at $662,123,000 after purchasing an additional 709,114 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

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.