Raymond James Weighs in on Freeport-McMoRan Inc.’s Q1 2022 Earnings (NYSE:FCX)


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Freeport-McMoRan Inc. (NYSE:FCX) – Raymond James issued their Q1 2022 earnings per share (EPS) estimates for shares of Freeport-McMoRan in a report issued on Monday, April 5th. Raymond James analyst B. Macarthur expects that the natural resource company will post earnings per share of $0.83 for the quarter. Raymond James has a “Outperform” rating and a $41.00 price objective on the stock. Raymond James also issued estimates for Freeport-McMoRan’s Q2 2022 earnings at $0.96 EPS.

FCX has been the topic of several other research reports. TheStreet raised Freeport-McMoRan from a “c” rating to a “b-” rating in a report on Tuesday, January 26th. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $36.00 price target on the stock in a report on Tuesday, February 16th. Johnson Rice began coverage on Freeport-McMoRan in a report on Wednesday, December 16th. They issued a “buy” rating on the stock. Morgan Stanley reissued an “equal weight” rating on shares of Freeport-McMoRan in a report on Tuesday, March 30th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Freeport-McMoRan from $20.00 to $33.00 and gave the stock a “buy” rating in a report on Wednesday, January 13th. Four research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. Freeport-McMoRan has an average rating of “Buy” and a consensus target price of $24.38.

NYSE:FCX opened at $33.98 on Thursday. The business’s 50-day moving average price is $34.81 and its two-hundred day moving average price is $26.15. Freeport-McMoRan has a twelve month low of $7.30 and a twelve month high of $39.10. The stock has a market cap of $49.56 billion, a P/E ratio of -377.51 and a beta of 2.27. The company has a quick ratio of 1.35, a current ratio of 2.61 and a debt-to-equity ratio of 0.57.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Monday, January 25th. The natural resource company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Freeport-McMoRan had a positive return on equity of 1.56% and a negative net margin of 0.73%. The firm had revenue of $4.50 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter last year, the firm posted $0.02 EPS. The company’s revenue was up 14.9% compared to the same quarter last year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 3rd. Stockholders of record on Thursday, April 15th will be given a $0.075 dividend. The ex-dividend date is Wednesday, April 14th. This is an increase from Freeport-McMoRan’s previous quarterly dividend of $0.05. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.88%.

In related news, Director Gerald J. Ford sold 55,554 shares of the company’s stock in a transaction dated Monday, March 8th. The shares were sold at an average price of $35.04, for a total value of $1,946,612.16. Following the transaction, the director now owns 21,622 shares in the company, valued at approximately $757,634.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gerald J. Ford sold 2,020,000 shares of the company’s stock in a transaction dated Wednesday, March 3rd. The shares were sold at an average price of $34.93, for a total transaction of $70,558,600.00. Insiders sold a total of 2,128,794 shares of company stock worth $74,168,434 over the last ninety days. Insiders own 1.00% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC lifted its stake in Freeport-McMoRan by 15.4% during the 4th quarter. FMR LLC now owns 56,365,482 shares of the natural resource company’s stock valued at $1,466,630,000 after acquiring an additional 7,504,643 shares during the period. Itau Unibanco Holding S.A. lifted its stake in Freeport-McMoRan by 736,350.9% during the 4th quarter. Itau Unibanco Holding S.A. now owns 53,760,919 shares of the natural resource company’s stock valued at $2,731,000 after acquiring an additional 53,753,619 shares during the period. Fisher Asset Management LLC lifted its stake in Freeport-McMoRan by 5.9% during the 4th quarter. Fisher Asset Management LLC now owns 42,857,825 shares of the natural resource company’s stock valued at $1,115,161,000 after acquiring an additional 2,403,986 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Freeport-McMoRan by 45.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 34,978,663 shares of the natural resource company’s stock valued at $910,145,000 after acquiring an additional 10,954,358 shares during the period. Finally, Morgan Stanley lifted its stake in shares of Freeport-McMoRan by 42.9% in the 4th quarter. Morgan Stanley now owns 13,652,639 shares of the natural resource company’s stock worth $355,241,000 after purchasing an additional 4,096,921 shares during the period. Institutional investors and hedge funds own 72.30% of the company’s stock.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

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

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