Q3 2024 Earnings Estimate for Freeport-McMoRan Inc. (NYSE:FCX) Issued By Zacks Research

Freeport-McMoRan Inc. (NYSE:FCX) – Equities researchers at Zacks Research raised their Q3 2024 earnings estimates for shares of Freeport-McMoRan in a report issued on Monday, August 5th. Zacks Research analyst A. Barman now forecasts that the natural resource company will post earnings per share of $0.42 for the quarter, up from their previous forecast of $0.39. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.67 per share. Zacks Research also issued estimates for Freeport-McMoRan’s Q4 2024 earnings at $0.43 EPS, Q2 2025 earnings at $0.52 EPS, Q3 2025 earnings at $0.61 EPS, Q4 2025 earnings at $0.59 EPS, FY2025 earnings at $2.13 EPS, Q2 2026 earnings at $0.58 EPS and FY2026 earnings at $2.41 EPS.

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

A number of other research analysts have also commented on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Bernstein Bank raised their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday, April 23rd. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, Scotiabank decreased their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.07.

Freeport-McMoRan Stock Performance

FCX opened at $41.04 on Wednesday. The business’s 50 day moving average is $47.84 and its 200-day moving average is $46.17. The stock has a market cap of $58.95 billion, a PE ratio of 36.32, a price-to-earnings-growth ratio of 2.07 and a beta of 1.92. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. Freeport-McMoRan has a twelve month low of $32.83 and a twelve month high of $55.24.

Institutional Investors Weigh In On Freeport-McMoRan

Several institutional investors and hedge funds have recently modified their holdings of the business. Spectrum Wealth Counsel LLC acquired a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at $25,000. Lyell Wealth Management LP lifted its stake in shares of Freeport-McMoRan by 10.4% in the 2nd quarter. Lyell Wealth Management LP now owns 149,510 shares of the natural resource company’s stock valued at $7,266,000 after purchasing an additional 14,102 shares during the last quarter. J.W. Cole Advisors Inc. lifted its stake in shares of Freeport-McMoRan by 18.3% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 16,265 shares of the natural resource company’s stock valued at $790,000 after purchasing an additional 2,514 shares during the last quarter. Prosperity Consulting Group LLC lifted its stake in shares of Freeport-McMoRan by 8.8% in the 2nd quarter. Prosperity Consulting Group LLC now owns 9,960 shares of the natural resource company’s stock valued at $484,000 after purchasing an additional 809 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Freeport-McMoRan by 5.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 1,319,066 shares of the natural resource company’s stock valued at $64,107,000 after purchasing an additional 73,340 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of Freeport-McMoRan stock in a transaction on Monday, May 13th. The shares were sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the completion of the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,430,735.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.79% of the company’s stock.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) 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.