Zacks: Analysts Expect Freeport-McMoRan Inc (FCX) Will Announce Earnings of $0.26 Per Share

Wall Street brokerages expect that Freeport-McMoRan Inc (NYSE:FCX) will report $0.26 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Freeport-McMoRan’s earnings. The lowest EPS estimate is $0.20 and the highest is $0.32. Freeport-McMoRan reported earnings of $0.51 per share in the same quarter last year, which indicates a negative year-over-year growth rate of 49%. The business is scheduled to report its next earnings results on Thursday, January 24th.

According to Zacks, analysts expect that Freeport-McMoRan will report full-year earnings of $1.70 per share for the current fiscal year, with EPS estimates ranging from $1.60 to $1.96. For the next financial year, analysts forecast that the company will report earnings of $0.93 per share, with EPS estimates ranging from $0.57 to $1.39. Zacks’ earnings per share calculations are a mean average based on a survey of research firms that that provide coverage for Freeport-McMoRan.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, October 24th. The natural resource company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Freeport-McMoRan had a net margin of 15.80% and a return on equity of 22.63%. The business had revenue of $4.91 billion during the quarter, compared to analysts’ expectations of $4.50 billion. During the same period in the prior year, the company earned $0.34 earnings per share. The business’s revenue was up 13.9% compared to the same quarter last year.

A number of equities research analysts recently weighed in on FCX shares. Citigroup lowered their price target on shares of Freeport-McMoRan from $18.00 to $14.00 and set a “neutral” rating for the company in a report on Wednesday, October 17th. Raymond James set a $16.00 price objective on shares of Freeport-McMoRan and gave the company a “hold” rating in a research report on Wednesday, October 24th. ValuEngine cut shares of Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 2nd. B. Riley lowered their price objective on shares of Freeport-McMoRan from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Thursday, October 25th. Finally, BMO Capital Markets set a $13.00 target price on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research report on Thursday, October 25th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $16.71.

Shares of FCX traded down $0.15 on Thursday, hitting $11.82. 19,429,166 shares of the stock traded hands, compared to its average volume of 18,583,703. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.78 and a current ratio of 2.84. The company has a market capitalization of $16.29 billion, a price-to-earnings ratio of 10.10 and a beta of 2.40. Freeport-McMoRan has a 1 year low of $10.59 and a 1 year high of $20.25.

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Monday, October 15th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend was Friday, October 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 17.09%.

In related news, Director Courtney Mather sold 75,000 shares of the company’s stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $11.15, for a total transaction of $836,250.00. Following the completion of the sale, the director now owns 152,133 shares in the company, valued at $1,696,282.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.05% of the company’s stock.

A number of hedge funds have recently bought and sold shares of FCX. Bramshill Investments LLC purchased a new position in shares of Freeport-McMoRan during the 3rd quarter valued at $105,000. Belpointe Asset Management LLC purchased a new stake in Freeport-McMoRan during the 3rd quarter worth about $118,000. Parallel Advisors LLC lifted its holdings in Freeport-McMoRan by 165.5% during the 2nd quarter. Parallel Advisors LLC now owns 9,015 shares of the natural resource company’s stock worth $155,000 after purchasing an additional 5,619 shares in the last quarter. United Asset Strategies Inc. bought a new position in Freeport-McMoRan in the 3rd quarter worth about $142,000. Finally, Lido Advisors LLC bought a new position in Freeport-McMoRan in the 3rd quarter worth about $142,000. 71.52% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.

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Earnings History and Estimates for Freeport-McMoRan (NYSE:FCX)

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