Equities Analysts Offer Predictions for FCX FY2024 Earnings

Freeport-McMoRan Inc. (NYSE:FCX) – Equities research analysts at Scotiabank upped their FY2024 earnings per share (EPS) estimates for Freeport-McMoRan in a research note issued on Wednesday, January 8th. Scotiabank analyst O. Wowkodaw now expects that the natural resource company will earn $1.42 per share for the year, up from their previous estimate of $1.31. Scotiabank currently has a “Sector Perform” rating and a $48.00 target price on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.49 per share. Scotiabank also issued estimates for Freeport-McMoRan’s FY2026 earnings at $1.42 EPS.

FCX has been the subject of several other research reports. Morgan Stanley decreased their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Jefferies Financial Group lowered their target price on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a report on Monday. Raymond James raised their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $51.00 to $46.00 in a report on Tuesday. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $52.96.

Freeport-McMoRan Trading Up 2.7 %

Shares of FCX opened at $39.77 on Friday. The firm has a market capitalization of $57.15 billion, a price-to-earnings ratio of 29.03, a PEG ratio of 2.90 and a beta of 1.86. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan has a 1-year low of $36.26 and a 1-year high of $55.24. The company has a 50-day moving average of $42.09 and a 200 day moving average of $44.74.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the company earned $0.39 earnings per share.

Freeport-McMoRan Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.51%. This is an increase from Freeport-McMoRan’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, January 15th. Freeport-McMoRan’s payout ratio is 21.90%.

Institutional Investors Weigh In On Freeport-McMoRan

Institutional investors have recently added to or reduced their stakes in the business. Michael S. Ryan Inc. raised its position in shares of Freeport-McMoRan by 22.8% in the 4th quarter. Michael S. Ryan Inc. now owns 8,022 shares of the natural resource company’s stock valued at $305,000 after purchasing an additional 1,487 shares during the last quarter. First Hawaiian Bank raised its holdings in shares of Freeport-McMoRan by 37.3% in the fourth quarter. First Hawaiian Bank now owns 28,750 shares of the natural resource company’s stock worth $1,095,000 after buying an additional 7,808 shares during the last quarter. Douglas Lane & Associates LLC lifted its stake in shares of Freeport-McMoRan by 4.4% during the fourth quarter. Douglas Lane & Associates LLC now owns 1,548,963 shares of the natural resource company’s stock worth $58,985,000 after buying an additional 64,906 shares during the period. Oliver Luxxe Assets LLC grew its holdings in shares of Freeport-McMoRan by 1.8% during the fourth quarter. Oliver Luxxe Assets LLC now owns 142,486 shares of the natural resource company’s stock valued at $5,426,000 after buying an additional 2,548 shares during the last quarter. Finally, Neville Rodie & Shaw Inc. increased its position in shares of Freeport-McMoRan by 23.2% in the 4th quarter. Neville Rodie & Shaw Inc. now owns 15,951 shares of the natural resource company’s stock valued at $607,000 after acquiring an additional 3,000 shares during the period. Institutional investors and hedge funds 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.