Equities Analysts Offer Predictions for FCX FY2024 Earnings

Freeport-McMoRan Inc. (NYSE:FCX) – Research analysts at Raymond James increased their FY2024 EPS estimates for shares of Freeport-McMoRan in a report issued on Wednesday, October 23rd. Raymond James analyst B. Macarthur now expects that the natural resource company will post earnings per share of $1.60 for the year, up from their prior estimate of $1.57. Raymond James currently has a “Outperform” rating and a $57.00 target price on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.59 per share. Raymond James also issued estimates for Freeport-McMoRan’s Q2 2025 earnings at $0.51 EPS, Q3 2025 earnings at $0.50 EPS, Q4 2025 earnings at $0.49 EPS and FY2025 earnings at $2.02 EPS.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the previous year, the business earned $0.39 earnings per share. Freeport-McMoRan’s quarterly revenue was up 16.6% compared to the same quarter last year.

FCX has been the subject of a number of other research reports. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Scotiabank cut their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 23rd. Morgan Stanley lowered their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price objective for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $46.73 on Monday. The firm has a market capitalization of $67.14 billion, a PE ratio of 34.11, a P/E/G ratio of 1.99 and a beta of 1.90. Freeport-McMoRan has a 52 week low of $32.83 and a 52 week high of $55.24. The firm’s 50-day simple moving average is $46.04 and its 200 day simple moving average is $47.75. The company has a quick ratio of 1.34, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be issued a dividend of $0.075 per share. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.64%. Freeport-McMoRan’s payout ratio is currently 21.90%.

Institutional Investors Weigh In On Freeport-McMoRan

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after purchasing an additional 1,210,833 shares during the last quarter. Capital Research Global Investors boosted its holdings in Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after acquiring an additional 13,143,562 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Freeport-McMoRan by 6.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock valued at $1,734,234,000 after acquiring an additional 2,392,800 shares during the last quarter. Capital World Investors grew its position in Freeport-McMoRan by 40.9% during the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after acquiring an additional 4,396,309 shares during the period. Finally, Clearbridge Investments LLC increased its stake in Freeport-McMoRan by 1.4% during the first quarter. Clearbridge Investments LLC now owns 14,454,789 shares of the natural resource company’s stock worth $679,664,000 after acquiring an additional 200,877 shares during the last quarter. 80.77% of the stock is 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.