FY2024 EPS Estimate for Freeport-McMoRan Boosted by Analyst

Freeport-McMoRan Inc. (NYSE:FCX - Free Report) - Stock analysts at Scotiabank increased their FY2024 EPS estimates for Freeport-McMoRan in a research report issued on Wednesday, January 8th. Scotiabank analyst O. Wowkodaw now expects that the natural resource company will earn $1.42 per share for the year, up from their previous estimate of $1.31. Scotiabank currently has a "Sector Perform" rating and a $48.00 price objective on the stock. The consensus estimate for Freeport-McMoRan's current full-year earnings is $1.49 per share. Scotiabank also issued estimates for Freeport-McMoRan's FY2026 earnings at $1.42 EPS.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.01. The company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan's revenue was up 16.6% compared to the same quarter last year. During the same period last year, the firm earned $0.39 earnings per share.

A number of other equities research analysts have also recently commented on FCX. Morgan Stanley decreased their price target on Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating for the company in a research note on Thursday, September 19th. StockNews.com cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a "neutral" rating in a research note on Tuesday, October 15th. Jefferies Financial Group decreased their price target on shares of Freeport-McMoRan from $60.00 to $48.00 and set a "buy" rating for the company in a report on Monday. Finally, Sanford C. Bernstein lowered shares of Freeport-McMoRan from an "outperform" rating to a "market perform" rating and dropped their price objective for the company from $51.00 to $46.00 in a report on Tuesday. Seven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $52.96.

Freeport-McMoRan Stock Down 1.9 %

Shares of Freeport-McMoRan stock traded down $0.75 during trading on Friday, reaching $38.99. The company's stock had a trading volume of 11,908,897 shares, compared to its average volume of 13,453,305. Freeport-McMoRan has a 1-year low of $36.26 and a 1-year high of $55.24. The company has a 50-day simple moving average of $42.09 and a two-hundred day simple moving average of $44.74. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The company has a market cap of $56.03 billion, a price-to-earnings ratio of 28.46, a P/E/G ratio of 2.90 and a beta of 1.87.

Hedge Funds Weigh In On Freeport-McMoRan

Institutional investors have recently made changes to their positions in the company. Matrix Trust Co acquired a new stake in Freeport-McMoRan during the third quarter valued at $25,000. Spectrum Wealth Counsel LLC acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at about $25,000. Hazlett Burt & Watson Inc. increased its stake in shares of Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company's stock valued at $25,000 after purchasing an additional 480 shares in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new position in Freeport-McMoRan in the 2nd quarter worth about $27,000. Finally, Godsey & Gibb Inc. boosted its position in Freeport-McMoRan by 150.4% during the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company's stock worth $29,000 after purchasing an additional 346 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.54%. This is a positive change from Freeport-McMoRan's previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, January 15th. Freeport-McMoRan's dividend payout ratio (DPR) is 21.90%.

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.