Q3 2024 Earnings Forecast for Freeport-McMoRan Inc. Issued By Raymond James (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Stock analysts at Raymond James boosted their Q3 2024 earnings per share estimates for Freeport-McMoRan in a note issued to investors on Tuesday, April 23rd. Raymond James analyst B. Macarthur now expects that the natural resource company will earn $0.51 per share for the quarter, up from their previous estimate of $0.46. 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 $1.58 per share. Raymond James also issued estimates for Freeport-McMoRan’s Q4 2024 earnings at $0.50 EPS, FY2024 earnings at $1.82 EPS and FY2025 earnings at $2.01 EPS.

A number of other analysts have also commented on FCX. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Argus increased their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday. HSBC increased their price objective on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a research note on Tuesday, April 9th. Finally, StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.07.

Freeport-McMoRan Stock Up 2.2 %

Freeport-McMoRan stock opened at $50.48 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.38 and a current ratio of 2.35. The firm has a market capitalization of $72.41 billion, a price-to-earnings ratio of 44.67, a price-to-earnings-growth ratio of 2.21 and a beta of 2.04. Freeport-McMoRan has a fifty-two week low of $32.83 and a fifty-two week high of $52.42. The stock’s fifty day moving average is $44.47 and its two-hundred day moving average is $40.26.

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

Institutional Investors Weigh In On Freeport-McMoRan

Hedge funds have recently modified their holdings of the stock. Bruce G. Allen Investments LLC purchased a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $27,000. Jones Financial Companies Lllp increased its holdings in shares of Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 532 shares during the last quarter. American National Bank grew its stake in Freeport-McMoRan by 348.8% during the 1st quarter. American National Bank now owns 745 shares of the natural resource company’s stock worth $35,000 after buying an additional 579 shares during the last quarter. Vermillion & White Wealth Management Group LLC bought a new position in Freeport-McMoRan during the 4th quarter worth $32,000. Finally, BluePath Capital Management LLC bought a new position in Freeport-McMoRan during the 3rd quarter worth $28,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.19%. Freeport-McMoRan’s payout ratio is currently 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.