Freeport-McMoRan (NYSE:FCX) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Freeport-McMoRan (NYSE:FCX) issued its earnings results on Tuesday. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01, Briefing.com reports. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 earnings per share.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $46.84 on Friday. The company has a fifty day moving average price of $45.93 and a 200-day moving average price of $47.85. The firm has a market cap of $67.29 billion, a price-to-earnings ratio of 41.45, a PEG ratio of 2.03 and a beta of 1.90. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. Freeport-McMoRan has a 1 year low of $32.83 and a 1 year high of $55.24.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FCX. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Raymond James upped their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday. JPMorgan Chase & Co. raised their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

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.