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

Freeport-McMoRan Inc. (NYSE:FCX) – Raymond James boosted their Q2 2024 earnings per share (EPS) estimates for Freeport-McMoRan in a note issued to investors on Tuesday, April 23rd. Raymond James analyst B. Macarthur now forecasts that the natural resource company will post earnings of $0.49 per share for the quarter, up from their prior forecast 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 $1.58 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 released its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the business posted $0.52 earnings per share. The business’s revenue for the quarter was up 17.3% on a year-over-year basis.

A number of other analysts have also commented on FCX. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research note on Tuesday, April 9th. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Scotiabank cut their price target on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. cut their price target on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $50.07.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $50.48 on Thursday. The business’s 50-day moving average price is $44.47 and its two-hundred day moving average price is $40.26. Freeport-McMoRan has a 12-month low of $32.83 and a 12-month high of $52.42. The stock has a market cap of $72.41 billion, a PE ratio of 44.67, a P/E/G ratio of 2.21 and a beta of 2.04. The company has a quick ratio of 1.38, a current ratio of 2.35 and a debt-to-equity ratio of 0.31.

Institutional Investors Weigh In On Freeport-McMoRan

A number of hedge funds have recently added to or reduced their stakes in the business. Tompkins Financial Corp increased its holdings in Freeport-McMoRan by 33.8% in the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 200 shares in the last quarter. MV Capital Management Inc. increased its holdings in Freeport-McMoRan by 38.6% in the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 221 shares in the last quarter. Mather Group LLC. increased its holdings in Freeport-McMoRan by 1.3% in the first quarter. Mather Group LLC. now owns 17,417 shares of the natural resource company’s stock worth $819,000 after purchasing an additional 222 shares in the last quarter. Archford Capital Strategies LLC increased its holdings in Freeport-McMoRan by 1.3% in the first quarter. Archford Capital Strategies LLC now owns 18,489 shares of the natural resource company’s stock worth $869,000 after purchasing an additional 237 shares in the last quarter. Finally, Hartford Financial Management Inc. increased its holdings in Freeport-McMoRan by 1.5% in the first quarter. Hartford Financial Management Inc. now owns 16,302 shares of the natural resource company’s stock worth $767,000 after purchasing an additional 247 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Dividend Announcement

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