Freeport-McMoRan (NYSE:FCX) Posts Earnings Results, Beats Expectations By $0.02 EPS

Freeport-McMoRan (NYSE:FCX) posted its quarterly earnings results on Thursday. The natural resource company reported $0.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.02, RTT News reports. Freeport-McMoRan had a return on equity of 9.85% and a net margin of 11.13%. The company had revenue of $5.75 billion during the quarter, compared to the consensus estimate of $5.83 billion. During the same period last year, the business earned $0.03 EPS. The business’s quarterly revenue was up 88.2% on a year-over-year basis.

Shares of NYSE FCX traded down $0.04 during midday trading on Thursday, reaching $34.61. The company’s stock had a trading volume of 382,141 shares, compared to its average volume of 18,424,990. Freeport-McMoRan has a 12-month low of $12.44 and a 12-month high of $46.10. The firm has a 50 day moving average price of $38.61. The firm has a market cap of $50.72 billion, a PE ratio of 28.42, a P/E/G ratio of 0.38 and a beta of 2.14. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.35 and a quick ratio of 1.46.

The business also recently declared a quarterly dividend, which will be paid on Monday, August 2nd. Shareholders of record on Thursday, July 15th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 14th. This represents a $0.30 dividend on an annualized basis and a yield of 0.87%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 55.56%.

In related news, VP C Donald Whitmire, Jr. sold 42,500 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, May 5th. The shares were sold at an average price of $41.35, for a total value of $1,757,375.00. Following the sale, the vice president now owns 82,837 shares of the company’s stock, valued at approximately $3,425,309.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gerald J. Ford sold 3,422 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, April 26th. The stock was sold at an average price of $38.82, for a total transaction of $132,842.04. Following the completion of the sale, the director now directly owns 18,200 shares in the company, valued at approximately $706,524. The disclosure for this sale can be found here. Insiders sold a total of 84,922 shares of company stock worth $3,535,419 in the last 90 days. Company insiders own 0.72% of the company’s stock.

Several analysts have recently weighed in on FCX shares. UBS Group lifted their price objective on Freeport-McMoRan from $30.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, April 26th. Raymond James lifted their price objective on Freeport-McMoRan from $43.00 to $47.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 9th. Morgan Stanley reissued an “equal weight” rating on shares of Freeport-McMoRan in a research note on Tuesday, March 30th. BNP Paribas cut Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $40.30 price objective for the company. in a research report on Friday, June 4th. Finally, BMO Capital Markets initiated coverage on Freeport-McMoRan in a report on Friday, April 23rd. They set a “buy” rating and a $45.00 target price on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Freeport-McMoRan currently has a consensus rating of “Buy” and an average target price of $34.71.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

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Earnings History for Freeport-McMoRan (NYSE:FCX)

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