Analysts Issue Forecasts for Freeport-McMoRan Inc.’s Q4 2024 Earnings (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Research analysts at Raymond James raised their Q4 2024 earnings per share (EPS) estimates for shares of Freeport-McMoRan in a report released on Monday, September 23rd. Raymond James analyst B. Macarthur now forecasts that the natural resource company will post earnings per share of $0.47 for the quarter, up from their prior estimate of $0.45. Raymond James currently has a “Outperform” rating and a $55.00 target price 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.

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

FCX has been the subject of a number of other research reports. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday. Morgan Stanley lowered their target price 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. Deutsche Bank Aktiengesellschaft raised their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. Finally, BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

Freeport-McMoRan Trading Up 7.4 %

NYSE:FCX opened at $51.90 on Thursday. The firm has a 50 day moving average of $43.54 and a 200 day moving average of $47.37. 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 has a 52 week low of $32.83 and a 52 week high of $55.24. The stock has a market capitalization of $74.57 billion, a price-to-earnings ratio of 45.93, a PEG ratio of 2.89 and a beta of 1.89.

Institutional Investors Weigh In On Freeport-McMoRan

Institutional investors have recently added to or reduced their stakes in the stock. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Freeport-McMoRan during the 2nd quarter worth approximately $1,143,000. University of Texas Texas AM Investment Management Co. acquired a new position in Freeport-McMoRan during the second quarter worth about $27,000. Newbridge Financial Services Group Inc. raised its holdings in Freeport-McMoRan by 20.1% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 3,286 shares of the natural resource company’s stock valued at $160,000 after acquiring an additional 551 shares during the last quarter. Heritage Wealth Management Inc. acquired a new position in shares of Freeport-McMoRan during the 2nd quarter worth approximately $1,696,000. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Freeport-McMoRan in the second quarter valued at approximately $7,582,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

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.