Zacks: Analysts Anticipate Freeport-McMoRan Inc (NYSE:FCX) Will Announce Earnings of -$0.01 Per Share

Equities research analysts predict that Freeport-McMoRan Inc (NYSE:FCX) will post ($0.01) earnings per share (EPS) for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Freeport-McMoRan’s earnings. The lowest EPS estimate is ($0.08) and the highest is $0.02. Freeport-McMoRan posted earnings per share of $0.35 in the same quarter last year, which would indicate a negative year-over-year growth rate of 102.9%. The business is expected to issue its next quarterly earnings report before the market opens on Wednesday, October 23rd.

On average, analysts expect that Freeport-McMoRan will report full year earnings of $0.07 per share for the current fiscal year, with EPS estimates ranging from ($0.09) to $0.21. For the next financial year, analysts anticipate that the company will report earnings of $0.43 per share, with EPS estimates ranging from ($0.30) to $0.77. Zacks’ EPS averages are a mean average based on a survey of research analysts that cover Freeport-McMoRan.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.54 billion. Freeport-McMoRan had a net margin of 4.11% and a return on equity of 4.08%. The company’s revenue for the quarter was down 31.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.59 earnings per share.

Several equities analysts have commented on the company. Clarkson Capital reiterated a “neutral” rating on shares of Freeport-McMoRan in a report on Monday, September 23rd. ValuEngine upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Exane BNP Paribas assumed coverage on Freeport-McMoRan in a report on Friday, September 20th. They set an “outperform” rating on the stock. Raymond James reiterated a “market perform” rating and set a $13.00 price target on shares of Freeport-McMoRan in a report on Thursday, July 25th. Finally, Royal Bank of Canada upgraded Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and increased their price target for the company from $12.00 to $14.00 in a report on Wednesday, July 24th. Nine research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Freeport-McMoRan has an average rating of “Hold” and a consensus target price of $13.38.

Shares of FCX opened at $9.58 on Wednesday. Freeport-McMoRan has a twelve month low of $8.43 and a twelve month high of $14.68. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.32 and a current ratio of 2.66. The firm’s 50 day moving average price is $9.62 and its 200 day moving average price is $10.79. The firm has a market cap of $13.70 billion, a PE ratio of 20.08 and a beta of 2.40.

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 paid a $0.05 dividend. The ex-dividend date is Friday, October 11th. This represents a $0.20 annualized dividend and a dividend yield of 2.09%. Freeport-McMoRan’s payout ratio is 13.16%.

Several institutional investors have recently made changes to their positions in FCX. Rational Advisors LLC grew its stake in shares of Freeport-McMoRan by 107.0% in the second quarter. Rational Advisors LLC now owns 3,261 shares of the natural resource company’s stock worth $38,000 after acquiring an additional 1,686 shares during the last quarter. Doyle Wealth Management bought a new position in shares of Freeport-McMoRan in the second quarter valued at about $42,000. Valeo Financial Advisors LLC raised its holdings in shares of Freeport-McMoRan by 92.3% in the second quarter. Valeo Financial Advisors LLC now owns 4,684 shares of the natural resource company’s stock valued at $54,000 after buying an additional 2,248 shares during the last quarter. HM Payson & Co. bought a new position in shares of Freeport-McMoRan in the second quarter valued at about $62,000. Finally, Stonebridge Capital Advisors LLC bought a new position in shares of Freeport-McMoRan in the second quarter valued at about $84,000. Institutional investors and hedge funds own 72.65% of the company’s stock.

About Freeport-McMoRan

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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Earnings History and Estimates for Freeport-McMoRan (NYSE:FCX)

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