$0.03 EPS Expected for Freeport-McMoRan Inc (NYSE:FCX) This Quarter

Wall Street brokerages forecast that Freeport-McMoRan Inc (NYSE:FCX) will report earnings of $0.03 per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Freeport-McMoRan’s earnings, with estimates ranging from ($0.05) to $0.09. Freeport-McMoRan reported earnings of $0.11 per share during the same quarter last year, which suggests a negative year-over-year growth rate of 72.7%. The firm is scheduled to issue its next earnings report on Thursday, January 23rd.

On average, analysts expect that Freeport-McMoRan will report full year earnings of $0.03 per share for the current financial year, with EPS estimates ranging from ($0.05) to $0.09. For the next year, analysts forecast that the business will report earnings of $0.40 per share, with EPS estimates ranging from ($0.30) to $0.66. Zacks’ EPS calculations are a mean average based on a survey of research analysts that cover Freeport-McMoRan.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, October 23rd. The natural resource company reported ($0.01) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.01). The firm had revenue of $3.31 billion for the quarter, compared to analysts’ expectations of $3.49 billion. Freeport-McMoRan had a negative net margin of 0.22% and a positive return on equity of 0.90%. The business’s revenue was down 32.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.35 EPS.

Several research analysts have weighed in on FCX shares. Royal Bank of Canada raised shares of Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and increased their price target for the company from $12.00 to $14.00 in a report on Wednesday, July 24th. Morgan Stanley reissued an “overweight” rating and issued a $13.30 price target on shares of Freeport-McMoRan in a report on Thursday. B. Riley set a $13.00 price target on shares of Freeport-McMoRan and gave the company a “buy” rating in a report on Monday, October 21st. JPMorgan Chase & Co. lowered their price target on shares of Freeport-McMoRan from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. Finally, Barclays raised shares of Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price target on the stock in a report on Tuesday, July 16th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $13.03.

Large investors have recently made changes to their positions in the business. AdvisorNet Financial Inc grew its position in shares of Freeport-McMoRan by 908.6% during the 3rd quarter. AdvisorNet Financial Inc now owns 3,036 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 2,735 shares in the last quarter. Venturi Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $30,000. Citizens Financial Group Inc RI grew its position in shares of Freeport-McMoRan by 6,082.1% during the 3rd quarter. Citizens Financial Group Inc RI now owns 3,462 shares of the natural resource company’s stock worth $33,000 after purchasing an additional 3,406 shares in the last quarter. Rational Advisors LLC grew its position in shares of Freeport-McMoRan by 107.0% during the 2nd quarter. Rational Advisors LLC now owns 3,261 shares of the natural resource company’s stock worth $38,000 after purchasing an additional 1,686 shares in the last quarter. Finally, Flagship Harbor Advisors LLC grew its position in shares of Freeport-McMoRan by 63.9% during the 3rd quarter. Flagship Harbor Advisors LLC now owns 4,282 shares of the natural resource company’s stock worth $40,000 after purchasing an additional 1,669 shares in the last quarter. Hedge funds and other institutional investors own 72.95% of the company’s stock.

Freeport-McMoRan stock traded up $0.25 during trading hours on Thursday, hitting $11.52. The company had a trading volume of 24,074,272 shares, compared to its average volume of 21,553,258. The firm has a market cap of $15.83 billion, a PE ratio of 7.58 and a beta of 2.44. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.49 and a quick ratio of 1.17. Freeport-McMoRan has a one year low of $8.43 and a one year high of $14.68. The firm has a 50-day moving average of $9.82 and a 200 day moving average of $10.44.

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.74%. Freeport-McMoRan’s payout ratio is presently 13.16%.

Freeport-McMoRan Company Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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

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