Freeport-McMoRan (NYSE:FCX) Issues Quarterly 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05), Zacks reports. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%.

Freeport-McMoRan Trading Down 5.6 %

Shares of FCX opened at $36.90 on Thursday. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan has a twelve month low of $36.26 and a twelve month high of $55.24. The business’s 50-day moving average price is $41.01 and its 200-day moving average price is $44.08. The stock has a market cap of $53.02 billion, a PE ratio of 26.93, a P/E/G ratio of 2.44 and a beta of 1.87.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FCX. Scotiabank cut their target price on shares of 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. JPMorgan Chase & Co. dropped their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Raymond James lifted their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $52.42.

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.