Zacks: Analysts Anticipate Freeport-McMoRan Inc (FCX) to Announce $0.60 Earnings Per Share

Brokerages expect Freeport-McMoRan Inc (NYSE:FCX) to report earnings of $0.60 per share for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Freeport-McMoRan’s earnings, with the lowest EPS estimate coming in at $0.51 and the highest estimate coming in at $0.72. Freeport-McMoRan reported earnings per share of $0.15 during the same quarter last year, which indicates a positive year-over-year growth rate of 300%. The company is scheduled to announce its next earnings report on Tuesday, April 24th.

On average, analysts expect that Freeport-McMoRan will report full year earnings of $2.19 per share for the current year, with EPS estimates ranging from $1.47 to $2.74. For the next fiscal year, analysts anticipate that the firm will post earnings of $1.61 per share, with EPS estimates ranging from $0.70 to $2.22. Zacks’ EPS averages are an average based on a survey of analysts that cover Freeport-McMoRan.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, January 25th. The natural resource company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. Freeport-McMoRan had a net margin of 11.08% and a return on equity of 16.57%. The firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $4.89 billion. During the same quarter in the previous year, the firm earned $0.25 EPS. The company’s quarterly revenue was up 15.2% compared to the same quarter last year.

A number of research analysts have recently issued reports on the stock. Stifel Nicolaus lifted their price objective on shares of Freeport-McMoRan from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Tuesday, February 6th. TheStreet raised shares of Freeport-McMoRan from a “c” rating to a “b-” rating in a research report on Thursday, January 25th. Bank of America reaffirmed an “underperform” rating and issued a $16.00 price objective (up previously from $15.00) on shares of Freeport-McMoRan in a research report on Friday, January 26th. CIBC downgraded shares of Freeport-McMoRan from a “sector outperform” rating to a “neutral” rating in a research report on Monday, January 22nd. Finally, B. Riley reaffirmed a “neutral” rating and issued a $18.00 price objective (up previously from $16.00) on shares of Freeport-McMoRan in a research report on Thursday, January 18th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $16.24.

In other Freeport-McMoRan news, VP C Donald Whitmire, Jr. sold 21,500 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $19.49, for a total transaction of $419,035.00. Following the sale, the vice president now owns 70,239 shares of the company’s stock, valued at approximately $1,368,958.11. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.29% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. American Beacon Advisors Inc. acquired a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $131,000. Thompson Davis & CO. Inc. lifted its stake in Freeport-McMoRan by 756.8% during the 4th quarter. Thompson Davis & CO. Inc. now owns 9,348 shares of the natural resource company’s stock valued at $177,000 after acquiring an additional 8,257 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Freeport-McMoRan during the 3rd quarter valued at approximately $140,000. Ballew Advisors Inc acquired a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $190,000. Finally, Sowell Financial Services LLC acquired a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $196,000. Institutional investors and hedge funds own 68.39% of the company’s stock.

Shares of Freeport-McMoRan (NYSE FCX) traded up $1.32 during trading on Wednesday, hitting $19.12. 35,124,522 shares of the stock were exchanged, compared to its average volume of 23,130,000. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.37 and a current ratio of 2.14. Freeport-McMoRan has a 52-week low of $11.05 and a 52-week high of $20.25. The stock has a market cap of $27,720.00, a P/E ratio of 15.93 and a beta of 2.48.

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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.

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

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