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

Freeport-McMoRan (NYSE:FCX) announced its quarterly earnings results on Tuesday. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05, Briefing.com reports. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The business had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the company earned $0.52 EPS. The business’s quarterly revenue was up 17.3% compared to the same quarter last year.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $48.24 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.38. The company has a market capitalization of $69.20 billion, a P/E ratio of 42.69, a P/E/G ratio of 2.20 and a beta of 2.04. The company’s 50-day simple moving average is $44.02 and its two-hundred day simple moving average is $40.14. Freeport-McMoRan has a one year low of $32.83 and a one year high of $52.42.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be paid a $0.15 dividend. The ex-dividend date is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.24%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Analysts Set New Price Targets

FCX has been the topic of a number of research reports. Bernstein Bank boosted their target price on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday. Raymond James boosted their target price on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a report on Thursday, January 25th. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a report on Tuesday, April 9th. Finally, Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price target for the company from $41.00 to $48.50 in a report on Monday, January 8th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $49.77.

About Freeport-McMoRan

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.