FY2024 EPS Estimate for Freeport-McMoRan Lifted by Analyst

Freeport-McMoRan Inc. (NYSE:FCX) – Analysts at Raymond James lifted their FY2024 earnings per share estimates for Freeport-McMoRan in a research note issued on Wednesday, October 23rd. Raymond James analyst B. Macarthur now expects that the natural resource company will post earnings per share of $1.60 for the year, up from their prior estimate of $1.57. Raymond James has a “Outperform” rating and a $57.00 price target on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.59 per share. Raymond James also issued estimates for Freeport-McMoRan’s Q2 2025 earnings at $0.51 EPS, Q3 2025 earnings at $0.50 EPS, Q4 2025 earnings at $0.49 EPS and FY2025 earnings at $2.02 EPS.

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

FCX has been the topic of a number of other research reports. JPMorgan Chase & Co. raised their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Morgan Stanley lowered their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Scotiabank reduced their target price on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. Finally, UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Price Performance

NYSE FCX opened at $46.60 on Monday. The company has a quick ratio of 1.34, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $66.96 billion, a PE ratio of 34.01, a price-to-earnings-growth ratio of 1.99 and a beta of 1.90. Freeport-McMoRan has a 12-month low of $32.83 and a 12-month high of $55.24. The company has a 50 day moving average price of $45.99 and a two-hundred day moving average price of $47.78.

Institutional Trading of Freeport-McMoRan

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Brookstone Capital Management increased its stake in Freeport-McMoRan by 12.0% during the first quarter. Brookstone Capital Management now owns 8,217 shares of the natural resource company’s stock valued at $386,000 after acquiring an additional 883 shares during the period. Wealthcare Advisory Partners LLC raised its stake in shares of Freeport-McMoRan by 57.8% in the first quarter. Wealthcare Advisory Partners LLC now owns 9,709 shares of the natural resource company’s stock valued at $457,000 after purchasing an additional 3,557 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Freeport-McMoRan by 3.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 157,645 shares of the natural resource company’s stock valued at $7,412,000 after purchasing an additional 4,547 shares in the last quarter. Chapin Davis Inc. lifted its position in Freeport-McMoRan by 101.5% in the first quarter. Chapin Davis Inc. now owns 9,975 shares of the natural resource company’s stock worth $469,000 after purchasing an additional 5,025 shares during the period. Finally, Claro Advisors LLC increased its holdings in Freeport-McMoRan by 9.0% in the 1st quarter. Claro Advisors LLC now owns 6,065 shares of the natural resource company’s stock valued at $285,000 after buying an additional 501 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

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.