Freeport-McMoRan Inc to Post Q2 2020 Earnings of ($0.02) Per Share, B. Riley Forecasts (NYSE:FCX)
Freeport-McMoRan Inc (NYSE:FCX) – Analysts at B. Riley lifted their Q2 2020 earnings estimates for shares of Freeport-McMoRan in a research report issued on Monday, July 6th. B. Riley analyst L. Pipes now expects that the natural resource company will post earnings of ($0.02) per share for the quarter, up from their prior forecast of ($0.07). B. Riley has a “Buy” rating and a $19.00 price objective on the stock. B. Riley also issued estimates for Freeport-McMoRan’s FY2020 earnings at $0.02 EPS.
Several other research analysts have also recently issued reports on FCX. Zacks Investment Research upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Wednesday, June 24th. CIBC increased their price objective on shares of Freeport-McMoRan from $11.00 to $14.00 and gave the company an “outperform” rating in a report on Tuesday. Credit Suisse Group increased their price objective on shares of Freeport-McMoRan from $11.00 to $11.50 and gave the company a “neutral” rating in a report on Tuesday. Bank of America increased their target price on shares of Freeport-McMoRan from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Finally, Morgan Stanley increased their target price on shares of Freeport-McMoRan from $11.40 to $12.50 and gave the company an “overweight” rating in a research note on Tuesday, June 23rd. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $12.93.
Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Friday, April 24th. The natural resource company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.02. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.98 billion. Freeport-McMoRan had a negative net margin of 5.05% and a negative return on equity of 1.55%. Freeport-McMoRan’s quarterly revenue was down 26.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.05 EPS.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in FCX. Victory Capital Management Inc. boosted its position in Freeport-McMoRan by 8.4% during the fourth quarter. Victory Capital Management Inc. now owns 5,127,027 shares of the natural resource company’s stock valued at $67,267,000 after purchasing an additional 396,375 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Freeport-McMoRan by 3.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 475,711 shares of the natural resource company’s stock worth $6,241,000 after buying an additional 14,982 shares during the last quarter. Atria Investments LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter worth about $519,000. Panagora Asset Management Inc. lifted its position in shares of Freeport-McMoRan by 15.1% in the fourth quarter. Panagora Asset Management Inc. now owns 131,867 shares of the natural resource company’s stock worth $1,730,000 after buying an additional 17,313 shares during the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of Freeport-McMoRan by 93.3% in the fourth quarter. ProShare Advisors LLC now owns 519,203 shares of the natural resource company’s stock worth $6,812,000 after buying an additional 250,630 shares during the last quarter. 71.17% of the stock is owned by hedge funds and other institutional investors.
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.
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