B. Riley Weighs in on Freeport-McMoRan Inc’s FY2017 Earnings (FCX)

Freeport-McMoRan Inc (NYSE:FCX) – Analysts at B. Riley increased their FY2017 earnings estimates for Freeport-McMoRan in a report issued on Thursday. B. Riley analyst L. Pipes now expects that the natural resource company will post earnings of $1.13 per share for the year, up from their previous forecast of $1.08. B. Riley has a “Neutral” rating and a $18.00 price target on the stock. B. Riley also issued estimates for Freeport-McMoRan’s Q4 2017 earnings at $0.48 EPS, Q1 2018 earnings at $0.49 EPS, Q2 2018 earnings at $0.47 EPS, Q3 2018 earnings at $0.41 EPS, Q4 2018 earnings at $0.41 EPS and FY2018 earnings at $1.79 EPS.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.03. Freeport-McMoRan had a net margin of 6.20% and a return on equity of 13.35%. The business had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.06 billion. During the same quarter in the prior year, the firm posted $0.13 earnings per share. The business’s revenue for the quarter was up 11.2% on a year-over-year basis.

Several other equities research analysts also recently weighed in on the stock. Jefferies Group reissued a “buy” rating and issued a $19.00 target price (down previously from $23.00) on shares of Freeport-McMoRan in a research note on Wednesday, October 4th. Zacks Investment Research upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Tuesday, November 14th. FBR & Co restated a “hold” rating and issued a $12.00 price target on shares of Freeport-McMoRan in a report on Thursday, October 26th. Deutsche Bank cut shares of Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $13.00 price target on the stock. in a report on Tuesday, October 17th. Finally, ValuEngine upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, October 26th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $15.89.

Shares of Freeport-McMoRan (NYSE:FCX) opened at $19.40 on Friday. Freeport-McMoRan has a 12 month low of $11.05 and a 12 month high of $20.07. The firm has a market cap of $28,618.85, a price-to-earnings ratio of 26.22 and a beta of 2.53. The company has a quick ratio of 1.32, a current ratio of 2.02 and a debt-to-equity ratio of 1.23.

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in Freeport-McMoRan by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock worth $1,675,425,000 after acquiring an additional 6,510,840 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Freeport-McMoRan by 18.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 24,292,902 shares of the natural resource company’s stock worth $341,073,000 after acquiring an additional 3,724,271 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Freeport-McMoRan by 5.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 12,110,654 shares of the natural resource company’s stock worth $170,081,000 after acquiring an additional 589,638 shares in the last quarter. BT Investment Management Ltd grew its holdings in Freeport-McMoRan by 6.4% during the 3rd quarter. BT Investment Management Ltd now owns 8,402,905 shares of the natural resource company’s stock worth $118,048,000 after acquiring an additional 507,722 shares in the last quarter. Finally, Contrarius Investment Management Ltd grew its holdings in Freeport-McMoRan by 74.3% during the 3rd quarter. Contrarius Investment Management Ltd now owns 6,176,460 shares of the natural resource company’s stock worth $86,717,000 after acquiring an additional 2,633,409 shares in the last quarter. Institutional investors own 68.06% of the company’s stock.

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About Freeport-McMoRan

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.

Earnings History and Estimates for Freeport-McMoRan (NYSE:FCX)

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