Raymond James Raises Freeport-McMoRan (NYSE:FCX) Price Target to $51.00

Freeport-McMoRan (NYSE:FCX) had its price objective raised by equities researchers at Raymond James from $49.00 to $51.00 in a report released on Friday,Benzinga reports. The firm presently has an “outperform” rating on the natural resource company’s stock. Raymond James’ price target would suggest a potential upside of 75.00% from the stock’s current price. Raymond James also issued estimates for Freeport-McMoRan’s Q1 2025 earnings at $0.20 EPS, Q2 2025 earnings at $0.45 EPS, Q3 2025 earnings at $0.45 EPS, Q4 2025 earnings at $0.48 EPS and FY2025 earnings at $1.59 EPS.

Other analysts have also issued research reports about the company. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Monday, March 31st. BMO Capital Markets decreased their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Scotiabank reduced their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday, January 24th. Finally, Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price target for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.61.

Freeport-McMoRan Price Performance

NYSE FCX opened at $29.14 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The firm has a market capitalization of $41.88 billion, a price-to-earnings ratio of 22.59, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71. The company has a 50 day simple moving average of $37.75 and a 200-day simple moving average of $41.73. Freeport-McMoRan has a 52-week low of $28.49 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Equities research analysts predict that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Freeport-McMoRan

Institutional investors have recently made changes to their positions in the company. Asset Planning Inc bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $25,000. Mizuho Bank Ltd. acquired a new stake in Freeport-McMoRan in the fourth quarter valued at about $26,000. Vision Financial Markets LLC bought a new position in Freeport-McMoRan in the 4th quarter valued at approximately $27,000. Laurel Wealth Advisors LLC increased its holdings in Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 600 shares in the last quarter. Finally, Roxbury Financial LLC acquired a new stake in Freeport-McMoRan during the 4th quarter worth approximately $28,000. Institutional investors own 80.77% of the company’s stock.

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.