Raymond James Comments on Freeport-McMoRan Inc.’s Q4 2024 Earnings (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Research analysts at Raymond James decreased their Q4 2024 earnings per share (EPS) estimates for shares of Freeport-McMoRan in a research report issued on Tuesday, October 1st. Raymond James analyst B. Macarthur now forecasts that the natural resource company will earn $0.44 per share for the quarter, down from their prior forecast of $0.47. Raymond James currently has a “Outperform” rating and a $55.00 price objective on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.61 per share.

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

Several other research analysts have also weighed in on the company. Scotiabank lowered Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 target price on the stock. in a research report on Monday, September 30th. Morgan Stanley cut their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.93.

Freeport-McMoRan Trading Up 1.5 %

Shares of FCX opened at $50.54 on Friday. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $72.60 billion, a P/E ratio of 44.39, a price-to-earnings-growth ratio of 2.89 and a beta of 1.90. The stock’s fifty day simple moving average is $44.06 and its 200 day simple moving average is $47.64. Freeport-McMoRan has a twelve month low of $32.83 and a twelve month high of $55.24.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.59%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Institutional Trading of Freeport-McMoRan

Several hedge funds and other institutional investors have recently bought and sold shares of FCX. Hazlett Burt & Watson Inc. increased its holdings in Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after buying an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC bought a new stake in Freeport-McMoRan in the second quarter valued at about $25,000. LRI Investments LLC bought a new position in shares of Freeport-McMoRan during the first quarter valued at approximately $26,000. Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $26,000. Finally, University of Texas Texas AM Investment Management Co. bought a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $27,000. 80.77% of the stock is owned by institutional investors.

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.