Freeport-McMoRan Inc (NYSE:FCX) Expected to Post Earnings of $0.23 Per Share

Wall Street brokerages predict that Freeport-McMoRan Inc (NYSE:FCX) will announce $0.23 earnings per share for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Freeport-McMoRan’s earnings, with estimates ranging from $0.13 to $0.31. Freeport-McMoRan reported earnings of ($0.01) per share in the same quarter last year, which indicates a positive year over year growth rate of 2,400%. The company is scheduled to report its next quarterly earnings report before the market opens on Thursday, October 22nd.

According to Zacks, analysts expect that Freeport-McMoRan will report full year earnings of $0.46 per share for the current year, with EPS estimates ranging from $0.25 to $0.63. For the next year, analysts expect that the company will report earnings of $1.77 per share, with EPS estimates ranging from $1.03 to $2.26. Zacks Investment Research’s EPS calculations are an average based on a survey of research analysts that cover Freeport-McMoRan.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.06. Freeport-McMoRan had a negative return on equity of 0.98% and a negative net margin of 4.28%. The business had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.06 billion. During the same quarter in the prior year, the company earned ($0.04) earnings per share. The company’s revenue was down 13.9% on a year-over-year basis.

A number of research firms have recently weighed in on FCX. Raymond James set a $17.00 price objective on Freeport-McMoRan and gave the stock a “market perform” rating in a research report on Friday, October 16th. Deutsche Bank Aktiengesellschaft started coverage on Freeport-McMoRan in a report on Thursday, October 1st. They issued a “buy” rating on the stock. BMO Capital Markets increased their target price on Freeport-McMoRan from $15.00 to $17.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $12.50 to $19.00 in a report on Wednesday, September 23rd. Finally, Barclays lowered Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and set a $14.00 target price on the stock. in a report on Monday, July 20th. They noted that the move was a valuation call. Six analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $15.57.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC boosted its stake in Freeport-McMoRan by 79.7% in the third quarter. CWM LLC now owns 4,894 shares of the natural resource company’s stock valued at $77,000 after acquiring an additional 2,171 shares in the last quarter. Flagship Harbor Advisors LLC boosted its stake in shares of Freeport-McMoRan by 185.8% during the second quarter. Flagship Harbor Advisors LLC now owns 5,713 shares of the natural resource company’s stock worth $66,000 after buying an additional 3,714 shares during the period. Cullen Frost Bankers Inc. boosted its stake in shares of Freeport-McMoRan by 111.6% during the second quarter. Cullen Frost Bankers Inc. now owns 5,943 shares of the natural resource company’s stock worth $69,000 after buying an additional 3,134 shares during the period. Global Retirement Partners LLC boosted its stake in shares of Freeport-McMoRan by 27.8% during the second quarter. Global Retirement Partners LLC now owns 7,050 shares of the natural resource company’s stock worth $82,000 after buying an additional 1,534 shares during the period. Finally, Ameritas Investment Company LLC boosted its stake in shares of Freeport-McMoRan by 19.8% during the first quarter. Ameritas Investment Company LLC now owns 7,302 shares of the natural resource company’s stock worth $49,000 after buying an additional 1,209 shares during the period. Institutional investors own 69.59% of the company’s stock.

Shares of Freeport-McMoRan stock traded up $0.24 during trading hours on Friday, reaching $17.85. 720,174 shares of the company were exchanged, compared to its average volume of 24,411,355. Freeport-McMoRan has a 1 year low of $4.82 and a 1 year high of $17.87. The stock’s fifty day moving average is $16.26 and its 200 day moving average is $12.27. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.15 and a current ratio of 2.46. The firm has a market cap of $25.57 billion, a PE ratio of -44.70 and a beta of 2.31.

Freeport-McMoRan Company Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

Featured Story: Cost of Equity For A Business, Investors

Get a free copy of the Zacks research report on Freeport-McMoRan (FCX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.