Raymond James Analysts Cut Earnings Estimates for Freeport-McMoRan Inc. (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Raymond James decreased their Q3 2024 EPS estimates for shares of Freeport-McMoRan in a report issued on Monday, September 23rd. Raymond James analyst B. Macarthur now expects that the natural resource company will post earnings of $0.42 per share for the quarter, down from their prior estimate of $0.47. Raymond James currently has a “Outperform” rating and a $55.00 target price on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.61 per share. Raymond James also issued estimates for Freeport-McMoRan’s FY2024 earnings at $1.64 EPS and Q2 2025 earnings at $0.53 EPS.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. During the same period in the previous year, the firm posted $0.35 EPS. The business’s revenue was up 15.5% on a year-over-year basis.

Several other research analysts have also issued reports on FCX. Scotiabank decreased their price target on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, August 19th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Morgan Stanley reduced their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $52.93.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $51.90 on Wednesday. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $55.24. The firm has a market capitalization of $74.57 billion, a P/E ratio of 45.93, a P/E/G ratio of 2.89 and a beta of 1.89. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The business has a fifty day simple moving average of $43.54 and a two-hundred day simple moving average of $47.37.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Institutional Investors Weigh In On Freeport-McMoRan

A number of large investors have recently made changes to their positions in FCX. Spectrum Wealth Counsel LLC purchased a new position in shares of Freeport-McMoRan in the second quarter worth approximately $25,000. Hazlett Burt & Watson Inc. grew its stake in shares of Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares during the period. Lynx Investment Advisory purchased a new stake in Freeport-McMoRan in the 2nd quarter worth approximately $26,000. LRI Investments LLC bought a new stake in Freeport-McMoRan during the 1st quarter worth approximately $26,000. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in Freeport-McMoRan during the second quarter valued at approximately $27,000. 80.77% of the stock is currently owned by institutional investors.

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.