Freeport-McMoRan Inc. (NYSE:FCX) to Post Q2 2024 Earnings of $0.36 Per Share, Zacks Research Forecasts

Freeport-McMoRan Inc. (NYSE:FCX) – Research analysts at Zacks Research increased their Q2 2024 EPS estimates for Freeport-McMoRan in a note issued to investors on Wednesday, April 17th. Zacks Research analyst A. Barman now anticipates that the natural resource company will earn $0.36 per share for the quarter, up from their prior forecast of $0.33. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.60 per share. Zacks Research also issued estimates for Freeport-McMoRan’s Q3 2024 earnings at $0.41 EPS, Q4 2024 earnings at $0.43 EPS, FY2024 earnings at $1.50 EPS, Q2 2025 earnings at $0.49 EPS and Q3 2025 earnings at $0.58 EPS.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. The business had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.85 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The business’s revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.52 earnings per share.

FCX has been the topic of a number of other research reports. JPMorgan Chase & Co. upped their price objective on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a report on Tuesday, April 9th. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. Scotiabank increased their price target on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a report on Tuesday, April 9th. Finally, Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their price target for the company from $41.00 to $48.50 in a report on Monday, January 8th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $47.54.

Freeport-McMoRan Price Performance

Shares of FCX opened at $50.16 on Friday. The stock has a market cap of $71.95 billion, a PE ratio of 39.50, a price-to-earnings-growth ratio of 2.25 and a beta of 2.04. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. Freeport-McMoRan has a fifty-two week low of $32.83 and a fifty-two week high of $52.42. The firm’s 50-day simple moving average is $43.32 and its two-hundred day simple moving average is $39.82.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FCX. Fairfield Bush & CO. bought a new position in Freeport-McMoRan in the first quarter worth approximately $26,000. KB Financial Partners LLC bought a new position in Freeport-McMoRan in the first quarter worth approximately $26,000. Bruce G. Allen Investments LLC bought a new position in Freeport-McMoRan in the fourth quarter worth approximately $27,000. Retirement Group LLC raised its position in Freeport-McMoRan by 97.1% in the second quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock worth $27,000 after acquiring an additional 330 shares during the period. Finally, BluePath Capital Management LLC bought a new position in Freeport-McMoRan in the third quarter worth approximately $28,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be given a $0.15 dividend. The ex-dividend date is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.20%. Freeport-McMoRan’s payout ratio is presently 23.62%.

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.