B. Riley Comments on Freeport-McMoRan Inc’s FY2019 Earnings (FCX)

Freeport-McMoRan Inc (NYSE:FCX) – B. Riley boosted their FY2019 earnings per share estimates for Freeport-McMoRan in a report released on Thursday. B. Riley analyst L. Pipes now forecasts that the natural resource company will post earnings per share of $1.28 for the year, up from their previous estimate of $0.94. B. Riley has a “Neutral” rating and a $18.00 price objective on the stock. B. Riley also issued estimates for Freeport-McMoRan’s FY2020 earnings at $1.32 EPS.

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

A number of other research firms have also weighed in on FCX. Jefferies Group reissued a “buy” rating and set a $19.00 target price (down from $23.00) on shares of Freeport-McMoRan in a report on Wednesday, October 4th. Zacks Investment Research raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a report on Tuesday, October 10th. Royal Bank of Canada set a $14.00 target price on Freeport-McMoRan and gave the stock a “hold” rating in a report on Wednesday, October 11th. Deutsche Bank lowered Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $13.00 target price on the stock. in a report on Tuesday, October 17th. Finally, FBR & Co set a $12.00 target price on Freeport-McMoRan and gave the stock a “hold” rating in a report on Friday, October 20th. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Freeport-McMoRan currently has a consensus rating of “Hold” and an average target price of $15.89.

Freeport-McMoRan (NYSE:FCX) traded up $0.56 during trading hours on Monday, hitting $19.96. The company’s stock had a trading volume of 22,635,799 shares, compared to its average volume of 21,000,553. The firm has a market cap of $28,860.00, a price-to-earnings ratio of 27.72 and a beta of 2.51. Freeport-McMoRan has a 52-week low of $11.05 and a 52-week high of $20.16. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.02 and a quick ratio of 1.32.

Several hedge funds have recently made changes to their positions in the stock. IHT Wealth Management LLC lifted its position in shares of Freeport-McMoRan by 27.1% during the 2nd quarter. IHT Wealth Management LLC now owns 1,758 shares of the natural resource company’s stock worth $843,000 after buying an additional 375 shares during the last quarter. Guardian Capital Advisors LP raised its position in Freeport-McMoRan by 1.2% in the second quarter. Guardian Capital Advisors LP now owns 34,254 shares of the natural resource company’s stock valued at $427,000 after purchasing an additional 400 shares during the last quarter. Nordea Investment Management AB raised its position in Freeport-McMoRan by 1.3% in the second quarter. Nordea Investment Management AB now owns 57,003 shares of the natural resource company’s stock valued at $685,000 after purchasing an additional 746 shares during the last quarter. Thrivent Financial For Lutherans raised its position in Freeport-McMoRan by 4.2% in the second quarter. Thrivent Financial For Lutherans now owns 50,732 shares of the natural resource company’s stock valued at $609,000 after purchasing an additional 2,060 shares during the last quarter. Finally, First Allied Advisory Services Inc. raised its position in Freeport-McMoRan by 3.0% in the second quarter. First Allied Advisory Services Inc. now owns 93,006 shares of the natural resource company’s stock valued at $1,112,000 after purchasing an additional 2,730 shares during the last quarter. Institutional investors and hedge funds own 68.13% of the company’s stock.

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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.

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

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