Raymond James Has Negative Outlook for FCX FY2024 Earnings

Freeport-McMoRan Inc. (NYSE:FCX) – Equities research analysts at Raymond James lowered their FY2024 earnings per share (EPS) estimates for shares of Freeport-McMoRan in a report released on Monday, January 6th. Raymond James analyst B. Macarthur now expects that the natural resource company will post earnings of $1.35 per share for the year, down from their prior forecast of $1.60. Raymond James currently has a “Outperform” rating and a $57.00 target price 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period in the previous year, the company earned $0.39 earnings per share. The company’s quarterly revenue was up 16.6% on a year-over-year basis.

Several other analysts have also issued reports on the company. Morgan Stanley lowered 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. Jefferies Financial Group dropped their price objective on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a report on Monday. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $51.00 to $46.00 in a research report on Tuesday. JPMorgan Chase & Co. boosted their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Finally, StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.96.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $39.77 on Thursday. The business’s 50 day simple moving average is $42.09 and its 200 day simple moving average is $44.74. Freeport-McMoRan has a 12 month low of $36.26 and a 12 month high of $55.24. The company has a market cap of $57.15 billion, a price-to-earnings ratio of 29.03, a PEG 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.

Freeport-McMoRan Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be issued a $0.15 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.51%. This is a boost from Freeport-McMoRan’s previous quarterly dividend of $0.08. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.90%.

Hedge Funds Weigh In On Freeport-McMoRan

A number of institutional investors have recently made changes to their positions in the stock. Hazlett Burt & Watson Inc. raised its stake in shares of Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC bought a new stake in Freeport-McMoRan in the second quarter worth $25,000. Matrix Trust Co bought a new position in Freeport-McMoRan during the 3rd quarter worth approximately $25,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Freeport-McMoRan in the second quarter worth approximately $27,000. Finally, Strategic Financial Concepts LLC bought a new stake in Freeport-McMoRan in the 2nd quarter worth $29,000. 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.