Q3 2024 EPS Estimates for Freeport-McMoRan Inc. Reduced by Analyst (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Stock analysts at Raymond James dropped their Q3 2024 earnings per share (EPS) estimates for Freeport-McMoRan in a note issued to investors on Tuesday, October 1st. Raymond James analyst B. Macarthur now forecasts that the natural resource company will post earnings of $0.37 per share for the quarter, down from their prior forecast of $0.42. Raymond James has a “Outperform” rating and a $55.00 price target on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.61 per share. Raymond James also issued estimates for Freeport-McMoRan’s FY2024 earnings at $1.57 EPS.

Several other equities analysts have also issued reports on the company. Morgan Stanley decreased their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Scotiabank cut shares of Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 price objective for the company. in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $52.93.

Freeport-McMoRan Stock Down 2.1 %

Shares of FCX opened at $49.77 on Thursday. The firm has a 50 day simple moving average of $43.96 and a two-hundred day simple moving average of $47.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. Freeport-McMoRan has a one year low of $32.83 and a one year high of $55.24. The company has a market cap of $71.49 billion, a P/E ratio of 43.97, a P/E/G ratio of 2.89 and a beta of 1.90.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.35 EPS.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors have recently made changes to their positions in the stock. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan in the second quarter worth approximately $25,000. Hazlett Burt & Watson Inc. increased its position in Freeport-McMoRan by 1,170.7% during 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 during the period. Lynx Investment Advisory bought a new position in Freeport-McMoRan during the 2nd quarter worth approximately $26,000. LRI Investments LLC acquired a new position in shares of Freeport-McMoRan in the 1st quarter worth approximately $26,000. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at $27,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.60%. Freeport-McMoRan’s dividend payout ratio is 26.55%.

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.