Freeport-McMoRan Inc. to Post Q4 2024 Earnings of $0.47 Per Share, Raymond James Forecasts (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Analysts at Raymond James lifted their Q4 2024 earnings estimates for Freeport-McMoRan in a research report issued to clients and investors on Monday, September 23rd. Raymond James analyst B. Macarthur now expects that the natural resource company will earn $0.47 per share for the quarter, up from their previous estimate of $0.45. 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 Q1 2025 earnings at $0.49 EPS, Q3 2025 earnings at $0.51 EPS, Q4 2025 earnings at $0.51 EPS and FY2025 earnings at $2.04 EPS.

FCX has been the topic of several other research reports. 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 report on Monday, June 10th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.93.

Freeport-McMoRan Trading Down 1.1 %

NYSE:FCX opened at $51.34 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The firm has a market cap of $73.77 billion, a price-to-earnings ratio of 45.43, a price-to-earnings-growth ratio of 2.89 and a beta of 1.89. The firm has a 50-day moving average price of $43.65 and a two-hundred day moving average price of $47.44. Freeport-McMoRan has a 52 week low of $32.83 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.07. The business had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.35 EPS.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Spectrum Wealth Counsel LLC purchased a new stake in shares of Freeport-McMoRan in the second quarter worth about $25,000. Hazlett Burt & Watson Inc. lifted its stake in Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after purchasing an additional 480 shares in the last quarter. Lynx Investment Advisory purchased a new stake in Freeport-McMoRan in the 2nd quarter worth approximately $26,000. LRI Investments LLC bought a new position in Freeport-McMoRan in the 1st quarter valued at $26,000. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in shares of Freeport-McMoRan during the 2nd quarter valued at $27,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.58%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Freeport-McMoRan Company Profile

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.