Freeport-McMoran, Inc. (NYSE:FCX) to Post Q2 2017 Earnings of $0.19 Per Share, FBR & Co Forecasts
Freeport-McMoran, Inc. (NYSE:FCX) – Equities research analysts at FBR & Co upped their Q2 2017 earnings per share (EPS) estimates for Freeport-McMoran in a note issued to investors on Tuesday. FBR & Co analyst L. Pipes now anticipates that the natural resource company will earn $0.19 per share for the quarter, up from their previous estimate of $0.16. FBR & Co currently has a “Mkt Perform” rating and a $12.00 price objective on the stock. FBR & Co also issued estimates for Freeport-McMoran’s Q3 2017 earnings at $0.26 EPS, Q4 2017 earnings at $0.32 EPS, FY2017 earnings at $0.92 EPS, Q1 2018 earnings at $0.22 EPS, Q2 2018 earnings at $0.21 EPS, Q3 2018 earnings at $0.21 EPS, Q4 2018 earnings at $0.21 EPS, FY2018 earnings at $0.86 EPS and FY2019 earnings at $0.59 EPS.
Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings results on Tuesday, April 25th. The natural resource company reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.01. The company had revenue of $3.34 billion during the quarter, compared to the consensus estimate of $3.51 billion. Freeport-McMoran had a net margin of 1.11% and a return on equity of 7.97%. Freeport-McMoran’s quarterly revenue was down 5.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.16) EPS. WARNING: This report was first published by American Banking News and is owned by of American Banking News. If you are reading this report on another site, it was illegally stolen and reposted in violation of United States & international copyright & trademark laws. The legal version of this report can be viewed at https://www.americanbankingnews.com/2017/07/20/freeport-mcmoran-inc-nysefcx-to-post-q2-2017-earnings-of-0-19-per-share-fbr-co-forecasts.html.
FCX has been the topic of several other reports. Zacks Investment Research lowered shares of Freeport-McMoran from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Deutsche Bank AG restated a “hold” rating and set a $13.00 price objective (down from $14.00) on shares of Freeport-McMoran in a report on Sunday, June 25th. BidaskClub upgraded shares of Freeport-McMoran from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Vetr lowered shares of Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.50 price objective on the stock. in a report on Tuesday, April 25th. Finally, ValuEngine lowered shares of Freeport-McMoran from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Five investment analysts have rated the stock with a sell rating, nine have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $13.77.
Freeport-McMoran (NYSE:FCX) opened at 13.11 on Thursday. The firm has a 50 day moving average price of $12.00 and a 200 day moving average price of $13.18. The company has a market cap of $18.97 billion, a PE ratio of 70.11 and a beta of 2.55. Freeport-McMoran has a 12-month low of $9.24 and a 12-month high of $17.06.
Several hedge funds have recently made changes to their positions in FCX. F&V Capital Management LLC bought a new stake in shares of Freeport-McMoran during the first quarter valued at approximately $280,000. Atalanta Sosnoff Capital LLC bought a new stake in shares of Freeport-McMoran during the first quarter valued at approximately $151,000. McQueen Ball & Associates Inc. increased its stake in shares of Freeport-McMoran by 30.0% in the first quarter. McQueen Ball & Associates Inc. now owns 217,783 shares of the natural resource company’s stock valued at $2,910,000 after buying an additional 50,199 shares during the last quarter. Highbridge Capital Management LLC increased its stake in shares of Freeport-McMoran by 16,285.1% in the fourth quarter. Highbridge Capital Management LLC now owns 163,851 shares of the natural resource company’s stock valued at $2,162,000 after buying an additional 162,851 shares during the last quarter. Finally, Searle & CO. bought a new stake in shares of Freeport-McMoran during the fourth quarter valued at approximately $288,000. 69.46% of the stock is owned by institutional investors and hedge funds.
Freeport-McMoran Company Profile
Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
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