Zacks Research Comments on Freeport-McMoRan Inc.’s FY2023 Earnings (NYSE:FCX)
Freeport-McMoRan Inc. (NYSE:FCX – Free Report) – Stock analysts at Zacks Research increased their FY2023 EPS estimates for Freeport-McMoRan in a 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 […] Zacks Research has increased their FY2023 EPS estimates for Freeport-McMoRan Inc. to $1.59 per share for the year, up from their previous estimate of $ 1.57. The company reported $0.35 earnings per share and had revenue of $5.74 billion during the quarter, compared to analysts’ expectations of $ 5.61 billion. Other analysts have also recently issued research reports about the stock, with one rating of “Hold” and four issuing a buy rating. Freeport McMoRans currently has a debt-to-equity ratio of 0.36, a quick ratio of 1.72 and a current ratio of 2.94. The stock has a market capitalization of $53.26 billion and a 1 year low of $27.46.
प्रकाशित : 2 साल पहले द्वारा Defense World Staff में Finance
Freeport-McMoRan Inc. (NYSE:FCX – Free Report) – Stock analysts at Zacks Research increased their FY2023 EPS estimates for Freeport-McMoRan in a 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 estimate 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 announced its quarterly earnings results on Thursday, July 20th. The natural resource company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). The business had revenue of $5.74 billion during the quarter, compared to analysts’ expectations of $5.61 billion. Freeport-McMoRan had a net margin of 9.63% and a return on equity of 9.45%. Freeport-McMoRan’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.58 EPS.
Other analysts have also recently issued research reports about the stock. StockNews.com assumed coverage on shares of Freeport-McMoRan in a research note on Thursday, October 5th. They set a “hold” rating for the company. Morgan Stanley increased their target price on Freeport-McMoRan from $38.50 to $44.00 and gave the company an “equal weight” rating in a report on Thursday, September 21st. Stifel Nicolaus lowered their price target on Freeport-McMoRan from $49.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, August 22nd. Scotiabank decreased their price objective on Freeport-McMoRan from $49.00 to $48.00 in a report on Tuesday, July 25th. Finally, Sanford C. Bernstein initiated coverage on shares of Freeport-McMoRan in a research report on Thursday, June 29th. They issued a “market perform” rating and a $41.00 target price for the company. One 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 data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $42.45.
Get Our Latest Stock Analysis on Freeport-McMoRan
Freeport-McMoRan stock opened at $37.15 on Wednesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.72 and a current ratio of 2.94. The company’s fifty day moving average price is $39.23 and its 200 day moving average price is $39.07. The stock has a market capitalization of $53.26 billion, a P/E ratio of 25.62, a P/E/G ratio of 6.39 and a beta of 2.06. Freeport-McMoRan has a 1 year low of $27.50 and a 1 year high of $46.73.
A number of large investors have recently added to or reduced their stakes in the company. America First Investment Advisors LLC purchased a new stake in Freeport-McMoRan during the first quarter worth about $25,000. Fairfield Bush & CO. acquired a new position in shares of Freeport-McMoRan in the first quarter valued at approximately $26,000. KB Financial Partners LLC purchased a new stake in Freeport-McMoRan during the 1st quarter worth approximately $26,000. Retirement Group LLC lifted its holdings in Freeport-McMoRan by 97.1% during the 2nd quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock worth $27,000 after buying an additional 330 shares in the last quarter. Finally, ICA Group Wealth Management LLC purchased a new position in Freeport-McMoRan in the 4th quarter valued at approximately $28,000. 77.96% of the stock is currently owned by institutional investors and hedge funds.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Friday, October 13th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend is Thursday, October 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is 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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विषय: Markets, NYSE