Scotiabank Boosts Earnings Estimates for Freeport-McMoRan

Freeport-McMoRan Inc. (NYSE:FCX) – Equities researchers at Scotiabank raised their FY2026 earnings estimates for shares of Freeport-McMoRan in a research report issued on Tuesday, July 7th. Scotiabank analyst O. Wowkodaw now expects that the natural resource company will post earnings per share of $3.01 for the year, up from their previous estimate of $2.60. 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 $2.59 per share.

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

Several other analysts have also recently weighed in on the company. UBS Group lifted their price objective on Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. CICC Research dropped their price target on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research report on Tuesday, April 28th. Sanford C. Bernstein upped their price target on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research note on Wednesday, June 10th. Finally, Barclays assumed coverage on Freeport-McMoRan in a research note on Thursday, May 21st. They issued an “overweight” rating and a $77.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average target price of $68.50.

Freeport-McMoRan Price Performance

FCX stock opened at $57.45 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan has a 1 year low of $35.15 and a 1 year high of $72.28. The firm has a 50-day moving average of $63.71 and a 200 day moving average of $61.58. The company has a market cap of $82.58 billion, a P/E ratio of 30.56, a PEG ratio of 0.61 and a beta of 1.37.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 15.96%.

Hedge Funds Weigh In On Freeport-McMoRan

Several large investors have recently made changes to their positions in FCX. Brighton Jones LLC grew its stake in shares of Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after buying an additional 2,882 shares during the last quarter. Bison Wealth LLC raised its stake in Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after buying an additional 507 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in Freeport-McMoRan during the second quarter valued at $560,000. Brown Advisory Inc. boosted its holdings in Freeport-McMoRan by 27.0% in the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after acquiring an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC boosted its holdings in Freeport-McMoRan by 42.7% in the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after acquiring an additional 14,992 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan News Summary

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: Scotiabank raised its FY2026 EPS estimate for Freeport-McMoRan to $3.01 from $2.60, well above the current consensus of $2.59, while maintaining a Sector Outperform rating and a $77 price target.
• Positive Sentiment: Morgan Stanley lifted its price target on FCX to $70 from $66, reinforcing the view that the stock still has meaningful upside from current levels.
• Positive Sentiment: Articles focused on copper demand highlighted strong fundamentals from electrification, grid expansion, and data center growth, which support Freeport-McMoRan’s core copper business even as supply remains tight.
• Neutral Sentiment: Freeport-McMoRan declared a $0.15 per share cash dividend, which may attract income investors, but the headline was mostly framed as a valuation question rather than a clear catalyst. Freeport-McMoRan (FCX) Declared A Cash Dividend, Is It Still 19% Undervalued?
• Negative Sentiment: Reports noted output pressure at the key Grasberg mine, which could weigh on near-term production and raise concern about supply execution. Freeport McMoran (FCX) Faces Grasberg Output Pressure As Copper Demand Stays Strong
• Negative Sentiment: Recent commentary also suggested broader commodity forecasters are turning more cautious on metals, which could cap enthusiasm for FCX if copper prices soften.

Freeport-McMoRan Company Profile

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.