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

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

Freeport-McMoRan Stock Performance

NYSE FCX opened at $48.53 on Wednesday. The firm has a market cap of $69.71 billion, a P/E ratio of 42.95, a P/E/G ratio of 2.03 and a beta of 1.90. Freeport-McMoRan has a 52-week low of $32.83 and a 52-week high of $55.24. The business’s 50-day moving average price is $45.74 and its 200 day moving average price is $47.86. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be issued a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.62%. Freeport-McMoRan’s payout ratio is 26.55%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on FCX shares. Scotiabank lifted their price objective on Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 8th. Morgan Stanley decreased their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Raymond James boosted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. Finally, StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.92.

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.