Zacks Research Comments on Freeport-McMoRan Inc.'s FY2023 Earnings (NYSE:FCX)
Freeport-McMoRan Inc. (NYSE:FCX - Free Report) - Zacks Research lifted their FY2023 earnings per share (EPS) estimates for shares of Freeport-McMoRan in a research note issued to investors on Tuesday, October 10th. Zacks Research analyst A. Barman now forecasts that the natural resource company w Freeport-McMoRan Inc. recently released its quarterly earnings results, with Zacks Research predicting that the natural resource company will post earnings per share of $1.59 for the year, up from their previous forecast of $ 1.57. Other equities analysts have also commented on the company, with Sanford C. Bernstein and Stifel Nicolaus starting coverage on the stock in a research report on Thursday, June 29th. The company had revenue of $5.74 billion during the quarter, compared to analyst estimates of $0.58 EPS. Despite this, the stock currently has a debt-to-equity ratio of 0.36, a current ratio of 2.94 and a quick ratio of 1.72.
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Freeport-McMoRan Inc. (NYSE:FCX - Free Report) - Zacks Research lifted their FY2023 earnings per share (EPS) estimates for shares of Freeport-McMoRan in a research note issued to investors on Tuesday, October 10th. Zacks Research analyst A. Barman now forecasts that the natural resource company will post earnings per share of $1.59 for the year, up from their previous forecast of $1.57. The consensus estimate for Freeport-McMoRan's current full-year earnings is $1.60 per share. Zacks Research also issued estimates for Freeport-McMoRan's Q4 2023 earnings at $0.39 EPS, Q2 2024 earnings at $0.50 EPS, Q3 2024 earnings at $0.50 EPS, Q4 2024 earnings at $0.59 EPS, FY2024 earnings at $1.98 EPS and Q3 2025 earnings at $0.59 EPS.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, July 20th. The natural resource company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.01). Freeport-McMoRan had a net margin of 9.63% and a return on equity of 9.45%. The company had revenue of $5.74 billion during the quarter, compared to analyst estimates of $5.61 billion. During the same quarter last year, the business earned $0.58 EPS. The company's revenue for the quarter was up 5.9% compared to the same quarter last year.
A number of other equities analysts have also commented on FCX. StockNews.com initiated coverage on shares of Freeport-McMoRan in a research note on Thursday, October 5th. They issued a "hold" rating for the company. Sanford C. Bernstein started coverage on Freeport-McMoRan in a research report on Thursday, June 29th. They set a "market perform" rating and a $41.00 price target on the stock. 3M restated an "initiates" rating on shares of Freeport-McMoRan in a research report on Thursday, June 29th. Scotiabank dropped their target price on Freeport-McMoRan from $49.00 to $48.00 in a report on Tuesday, July 25th. Finally, Stifel Nicolaus decreased their price target on shares of Freeport-McMoRan from $49.00 to $48.00 and set a "buy" rating for the company in a report on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $42.45.
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Freeport-McMoRan stock opened at $37.29 on Wednesday. Freeport-McMoRan has a fifty-two week low of $27.50 and a fifty-two week high of $46.73. The firm's 50 day simple moving average is $39.34 and its 200-day simple moving average is $39.08. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.94 and a quick ratio of 1.72. The company has a market cap of $53.46 billion, a P/E ratio of 25.72, a price-to-earnings-growth ratio of 6.39 and a beta of 2.06.
A number of large investors have recently bought and sold shares of FCX. America First Investment Advisors LLC bought a new stake in shares of Freeport-McMoRan during the 1st quarter worth about $25,000. Fairfield Bush & CO. acquired a new stake in Freeport-McMoRan in the 1st quarter worth approximately $26,000. KB Financial Partners LLC bought a new stake in Freeport-McMoRan during the first quarter worth approximately $26,000. Retirement Group LLC grew its holdings in Freeport-McMoRan by 97.1% during the second quarter. Retirement Group LLC now owns 670 shares of the natural resource company's stock valued at $27,000 after purchasing an additional 330 shares during the last quarter. Finally, ICA Group Wealth Management LLC bought a new position in shares of Freeport-McMoRan in the fourth quarter valued at approximately $28,000. 77.96% of the stock is currently owned by institutional investors.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Friday, October 13th will be issued a dividend of $0.15 per share. The ex-dividend date is Thursday, October 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.61%. Freeport-McMoRan's dividend payout ratio is currently 20.69%.
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, as well as oil and gas. The company's 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 in Peru and El Abra in Chile.
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