Equities Analysts Issue Forecasts for Freeport-McMoRan Inc.’s Q3 2024 Earnings (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Investment analysts at Raymond James reduced their Q3 2024 earnings per share estimates for shares of Freeport-McMoRan in a research note issued on Tuesday, October 1st. Raymond James analyst B. Macarthur now anticipates that the natural resource company will post earnings per share of $0.37 for the quarter, down from their previous estimate of $0.42. Raymond James has a “Outperform” rating and a $55.00 price objective 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 $1.57 EPS.

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

Other analysts also recently issued research reports about the company. Morgan Stanley cut their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Scotiabank cut Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 target price on the stock. in a research note on Monday, September 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $52.93.

Freeport-McMoRan Trading Up 1.5 %

Shares of NYSE FCX opened at $50.54 on Thursday. Freeport-McMoRan has a 1 year low of $32.83 and a 1 year high of $55.24. The firm has a 50-day moving average of $44.06 and a 200 day moving average of $47.64. The stock has a market cap of $72.60 billion, a P/E ratio of 44.39, a price-to-earnings-growth ratio of 2.89 and a beta of 1.90. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34.

Freeport-McMoRan Cuts Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.59%. Freeport-McMoRan’s payout ratio is presently 26.55%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Deane Retirement Strategies Inc. lifted its position in Freeport-McMoRan by 0.4% during the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock valued at $2,357,000 after purchasing an additional 201 shares in the last quarter. Canandaigua National Bank & Trust Co. bought a new position in shares of Freeport-McMoRan in the third quarter worth approximately $299,000. Czech National Bank increased its stake in shares of Freeport-McMoRan by 6.9% in the third quarter. Czech National Bank now owns 292,703 shares of the natural resource company’s stock worth $14,612,000 after purchasing an additional 18,967 shares in the last quarter. Trust Co. of Toledo NA OH raised its position in shares of Freeport-McMoRan by 4.4% during the 3rd quarter. Trust Co. of Toledo NA OH now owns 29,205 shares of the natural resource company’s stock valued at $1,458,000 after purchasing an additional 1,241 shares during the period. Finally, Doliver Advisors LP lifted its stake in shares of Freeport-McMoRan by 28.8% during the 3rd quarter. Doliver Advisors LP now owns 8,935 shares of the natural resource company’s stock valued at $446,000 after buying an additional 2,000 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

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.