Q2 2024 EPS Estimates for Freeport-McMoRan Inc. Boosted by Raymond James (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Stock analysts at Raymond James lifted their Q2 2024 earnings per share estimates for shares of Freeport-McMoRan in a research report issued to clients and investors on Tuesday, April 23rd. Raymond James analyst B. Macarthur now expects that the natural resource company will post earnings of $0.49 per share for the quarter, up from their previous estimate of $0.38. Raymond James has a “Outperform” rating and a $54.00 price objective on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.57 per share. Raymond James also issued estimates for Freeport-McMoRan’s Q1 2025 earnings at $0.48 EPS, Q2 2025 earnings at $0.49 EPS, Q3 2025 earnings at $0.51 EPS and Q4 2025 earnings at $0.53 EPS.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.52 earnings per share.

FCX has been the subject of several other research reports. Argus raised their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a report on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a report on Tuesday, April 9th. Bernstein Bank raised their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a report on Tuesday. Finally, HSBC raised their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.07.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $49.40 on Thursday. The company has a current ratio of 2.35, a quick ratio of 1.38 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $70.86 billion, a P/E ratio of 43.72, a P/E/G ratio of 2.20 and a beta of 2.04. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $52.42. The stock has a 50 day moving average of $44.24 and a 200-day moving average of $40.20.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s payout ratio is currently 26.55%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Lindbrook Capital LLC increased its position in shares of Freeport-McMoRan by 6.3% in the first quarter. Lindbrook Capital LLC now owns 8,448 shares of the natural resource company’s stock worth $397,000 after purchasing an additional 503 shares during the period. Bank of New York Mellon Corp increased its position in shares of Freeport-McMoRan by 7.9% in the first quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock worth $994,808,000 after purchasing an additional 1,551,828 shares during the period. Fielder Capital Group LLC increased its position in shares of Freeport-McMoRan by 6.5% in the first quarter. Fielder Capital Group LLC now owns 8,611 shares of the natural resource company’s stock worth $405,000 after purchasing an additional 524 shares during the period. Capital Investment Advisory Services LLC increased its position in shares of Freeport-McMoRan by 35.8% in the first quarter. Capital Investment Advisory Services LLC now owns 12,242 shares of the natural resource company’s stock worth $576,000 after purchasing an additional 3,229 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Freeport-McMoRan by 0.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 473,307 shares of the natural resource company’s stock worth $22,255,000 after purchasing an additional 3,053 shares during the period. Institutional investors own 80.77% of the company’s stock.

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.