Freeport-McMoRan (NYSE:FCX) Releases Earnings Results, Misses Expectations By $0.05 EPS

Freeport-McMoRan (NYSE:FCX) issued its quarterly earnings results on Thursday. The natural resource company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05), Zacks reports. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%.

Freeport-McMoRan Price Performance

Shares of FCX stock traded down $2.58 on Thursday, reaching $36.51. The company’s stock had a trading volume of 4,101,134 shares, compared to its average volume of 12,150,418. The company has a market capitalization of $52.46 billion, a P/E ratio of 26.90, a PEG ratio of 2.44 and a beta of 1.87. Freeport-McMoRan has a 12-month low of $36.26 and a 12-month high of $55.24. The stock’s 50 day simple moving average is $41.01 and its 200-day simple moving average is $44.08. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Jefferies Financial Group reduced their price target on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Raymond James lifted their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. reduced their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Scotiabank lowered their target price on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Monday, January 6th. Finally, Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $52.42.

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.