Freeport-McMoRan Inc. (NYSE:FCX) to Post Q3 2024 Earnings of $0.37 Per Share, Raymond James Forecasts

Freeport-McMoRan Inc. (NYSE:FCX) – Analysts at Raymond James dropped their Q3 2024 earnings per share (EPS) estimates for shares of Freeport-McMoRan in a research note issued to investors on Tuesday, October 1st. Raymond James analyst B. Macarthur now expects that the natural resource company will earn $0.37 per share for the quarter, down from their previous forecast 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.

FCX has been the topic of several other reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Scotiabank cut shares of Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 price objective for the company. in a research note on Monday, September 30th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.93.

Freeport-McMoRan Stock Up 1.5 %

Shares of FCX stock opened at $50.54 on Thursday. The company’s fifty day simple moving average is $44.06 and its two-hundred day simple moving average is $47.64. Freeport-McMoRan has a 52 week low of $32.83 and a 52 week high of $55.24. The stock has a market cap of $72.60 billion, a P/E ratio of 44.39, a PEG ratio of 2.89 and a beta of 1.90. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last issued 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 during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’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 earnings per share.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Hedge Funds Weigh In On Freeport-McMoRan

Several hedge funds have recently bought and sold shares of FCX. Jones Financial Companies Lllp grew its holdings in shares of Freeport-McMoRan by 422.2% in the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares during the last quarter. CWA Asset Management Group LLC bought a new position in Freeport-McMoRan in the 4th quarter worth about $214,000. Rafferty Asset Management LLC increased its position in shares of Freeport-McMoRan by 5.0% during the fourth quarter. Rafferty Asset Management LLC now owns 122,378 shares of the natural resource company’s stock worth $5,210,000 after acquiring an additional 5,773 shares during the period. Belpointe Asset Management LLC raised its stake in shares of Freeport-McMoRan by 38.6% during the fourth quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock valued at $719,000 after acquiring an additional 4,703 shares in the last quarter. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of Freeport-McMoRan by 1.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 30,817 shares of the natural resource company’s stock valued at $1,312,000 after purchasing an additional 410 shares during the period. Institutional investors own 80.77% of the company’s stock.

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.