Freeport-McMoRan (NYSE:FCX) Announces Quarterly Earnings Results

Freeport-McMoRan (NYSE:FCX) announced its earnings results on Tuesday. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05, Briefing.com reports. The business had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 EPS.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $48.00 on Wednesday. The stock has a 50-day simple moving average of $44.02 and a two-hundred day simple moving average of $40.14. The firm has a market capitalization of $68.85 billion, a P/E ratio of 37.80, a PEG ratio of 2.25 and a beta of 2.04. Freeport-McMoRan has a fifty-two week low of $32.83 and a fifty-two week high of $52.42. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.25%. Freeport-McMoRan’s payout ratio is currently 23.62%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their target price for the company from $41.00 to $48.50 in a research report on Monday, January 8th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research report on Tuesday, April 9th. Bernstein Bank raised their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, HSBC raised their price objective on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $49.15.

Freeport-McMoRan Company Profile

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