FY2024 Earnings Forecast for FCX Issued By Raymond James

Freeport-McMoRan Inc. (NYSE:FCX) – Stock analysts at Raymond James reduced their FY2024 earnings estimates for Freeport-McMoRan in a research report issued on Monday, January 6th. Raymond James analyst B. Macarthur now forecasts that the natural resource company will post earnings per share of $1.35 for the year, down from their previous forecast of $1.60. Raymond James has a “Outperform” rating and a $57.00 price objective on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.49 per share. Raymond James also issued estimates for Freeport-McMoRan’s Q4 2024 earnings at $0.18 EPS and Q1 2025 earnings at $0.45 EPS.

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

FCX has been the subject of a number of other reports. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Scotiabank lowered their target price on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a report on Monday. Jefferies Financial Group cut their price target on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday. JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Finally, Morgan Stanley cut their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.96.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $39.77 on Thursday. Freeport-McMoRan has a 12 month low of $36.26 and a 12 month high of $55.24. The firm has a market capitalization of $57.15 billion, a P/E ratio of 29.03, a P/E/G ratio of 2.90 and a beta of 1.86. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The business has a fifty day simple moving average of $42.09 and a two-hundred day simple moving average of $44.74.

Freeport-McMoRan Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This is a positive change from Freeport-McMoRan’s previous quarterly dividend of $0.08. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.51%. Freeport-McMoRan’s payout ratio is currently 21.90%.

Institutional Investors Weigh In On Freeport-McMoRan

A number of hedge funds have recently added to or reduced their stakes in FCX. Michael S. Ryan Inc. lifted its stake in shares of Freeport-McMoRan by 22.8% in the 4th quarter. Michael S. Ryan Inc. now owns 8,022 shares of the natural resource company’s stock worth $305,000 after purchasing an additional 1,487 shares during the period. First Hawaiian Bank increased its holdings in Freeport-McMoRan by 37.3% during the fourth quarter. First Hawaiian Bank now owns 28,750 shares of the natural resource company’s stock valued at $1,095,000 after buying an additional 7,808 shares during the last quarter. Douglas Lane & Associates LLC raised its position in Freeport-McMoRan by 4.4% in the fourth quarter. Douglas Lane & Associates LLC now owns 1,548,963 shares of the natural resource company’s stock worth $58,985,000 after acquiring an additional 64,906 shares during the period. Oliver Luxxe Assets LLC boosted its stake in shares of Freeport-McMoRan by 1.8% during the 4th quarter. Oliver Luxxe Assets LLC now owns 142,486 shares of the natural resource company’s stock worth $5,426,000 after acquiring an additional 2,548 shares during the last quarter. Finally, Neville Rodie & Shaw Inc. grew its position in shares of Freeport-McMoRan by 23.2% during the 4th quarter. Neville Rodie & Shaw Inc. now owns 15,951 shares of the natural resource company’s stock valued at $607,000 after acquiring an additional 3,000 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

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.