Freeport-McMoRan Inc to Post Q4 2020 Earnings of $0.06 Per Share, Raymond James Forecasts (NYSE:FCX)

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Freeport-McMoRan Inc (NYSE:FCX) – Stock analysts at Raymond James decreased their Q4 2020 earnings estimates for Freeport-McMoRan in a research report issued to clients and investors on Thursday, November 28th. Raymond James analyst B. Macarthur now forecasts that the natural resource company will post earnings of $0.06 per share for the quarter, down from their previous estimate of $0.10. Raymond James has a “Market Perform” rating and a $11.50 price objective on the stock.

A number of other equities analysts have also commented on the stock. B. Riley set a $13.00 price target on shares of Freeport-McMoRan and gave the stock a “buy” rating in a report on Monday, October 21st. ValuEngine downgraded Freeport-McMoRan from a “strong-buy” rating to a “buy” rating in a report on Wednesday, November 20th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a research report on Wednesday, November 13th. Clarkson Capital reaffirmed a “neutral” rating on shares of Freeport-McMoRan in a report on Monday, September 23rd. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $13.30 price target on shares of Freeport-McMoRan in a research report on Thursday, November 7th. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $13.25.

FCX stock opened at $10.92 on Monday. The company has a fifty day moving average price of $10.68 and a 200-day moving average price of $10.35. The company has a market capitalization of $15.81 billion, a P/E ratio of 7.18 and a beta of 2.50. Freeport-McMoRan has a 52-week low of $8.43 and a 52-week high of $14.68. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.16 and a current ratio of 2.47.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, October 23rd. The natural resource company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). Freeport-McMoRan had a negative net margin of 0.22% and a positive return on equity of 0.91%. The business had revenue of $3.31 billion for the quarter, compared to the consensus estimate of $3.49 billion. During the same period last year, the company earned $0.35 EPS. The firm’s revenue was down 32.6% compared to the same quarter last year.

Hedge funds have recently added to or reduced their stakes in the stock. Wetherby Asset Management Inc. raised its position in shares of Freeport-McMoRan by 3.8% in the 2nd quarter. Wetherby Asset Management Inc. now owns 26,033 shares of the natural resource company’s stock worth $302,000 after acquiring an additional 963 shares in the last quarter. FLC Capital Advisors boosted its position in shares of Freeport-McMoRan by 7.5% during the 2nd quarter. FLC Capital Advisors now owns 14,248 shares of the natural resource company’s stock valued at $160,000 after purchasing an additional 1,000 shares in the last quarter. LS Investment Advisors LLC grew its stake in Freeport-McMoRan by 2.8% during the second quarter. LS Investment Advisors LLC now owns 36,637 shares of the natural resource company’s stock worth $425,000 after purchasing an additional 1,007 shares during the period. Intellectus Partners LLC grew its stake in Freeport-McMoRan by 1.4% during the second quarter. Intellectus Partners LLC now owns 82,532 shares of the natural resource company’s stock worth $958,000 after purchasing an additional 1,155 shares during the period. Finally, IHT Wealth Management LLC increased its holdings in Freeport-McMoRan by 6.4% in the third quarter. IHT Wealth Management LLC now owns 20,387 shares of the natural resource company’s stock worth $195,000 after purchasing an additional 1,229 shares in the last quarter. Institutional investors and hedge funds own 71.25% of the company’s stock.

Freeport-McMoRan Company Profile

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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