Scotiabank Increases Earnings Estimates for Freeport-McMoRan

Freeport-McMoRan Inc. (NYSE:FCX) – Scotiabank lifted their FY2026 earnings per share (EPS) estimates for shares of Freeport-McMoRan in a research note issued to investors on Thursday, June 18th. Scotiabank analyst O. Wowkodaw now forecasts that the natural resource company will post earnings per share of $2.60 for the year, up from their previous forecast of $2.07. Scotiabank currently has a “Sector Outperform” rating and a $77.00 target price on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $2.56 per share. Scotiabank also issued estimates for Freeport-McMoRan’s FY2027 earnings at $2.58 EPS.

A number of other analysts have also issued reports on the company. HSBC increased their target price on Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, May 22nd. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. Raymond James Financial decreased their price objective on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research report on Friday, April 24th. Finally, Wells Fargo & Company reduced their price target on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $67.81.

Freeport-McMoRan Trading Up 0.2%

Freeport-McMoRan stock opened at $68.80 on Monday. Freeport-McMoRan has a 52 week low of $35.15 and a 52 week high of $72.28. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The firm has a market capitalization of $98.90 billion, a price-to-earnings ratio of 36.60, a P/E/G ratio of 0.83 and a beta of 1.35. The company has a 50 day moving average price of $64.98 and a 200 day moving average price of $60.13.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.47 by $0.10. The business had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.Freeport-McMoRan’s revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.24 earnings per share.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were paid a $0.075 dividend. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan’s payout ratio is 15.96%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Pinnacle Bancorp Inc. grew its holdings in Freeport-McMoRan by 7.9% during the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock worth $118,000 after acquiring an additional 147 shares in the last quarter. Steph & Co. raised its holdings in shares of Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares in the last quarter. Essex Bank raised its holdings in shares of Freeport-McMoRan by 1.2% in the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock valued at $829,000 after purchasing an additional 163 shares in the last quarter. Leo Wealth LLC lifted its position in shares of Freeport-McMoRan by 2.5% in the 4th quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after purchasing an additional 170 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. lifted its position in shares of Freeport-McMoRan by 0.9% in the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock worth $1,098,000 after purchasing an additional 175 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.