Based in Phoenix, Arizona, Freeport-McMoRan Inc. (FCX) is a critical player in mining, specializing in producing copper, gold, and molybdenum. With a market cap of $71.49 billion, Freeport-McMoRan operates large-scale, geographically diverse mining assets, serving industries ranging from construction to electronics. The company is set to announce its Q3 earnings on Thursday, Oct. 17.
Ahead of the event, analysts expect FCX to report a profit of $0.42 per share, up 7.7% from $0.39 in the year-ago quarter. The company has surpassed Wall Street’s EPS estimates in its last four quarterly reports.
Its adjusted earnings of $0.46 per share for the last quarter surpassed the consensus estimate by 18%. Higher copper prices and increased sales volumes drove Freeport-McMoRan's positive earnings surprise.
For fiscal 2024, analysts expect FCX to report EPS of $1.61, up 4.6% from $1.54 in fiscal 2023.
FCX stock is up 16.9% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 19.5% gains. However, the stock has outperformed the iShares U.S. Basic Materials ETF’s (IYM) 7% returns over the same time frame.
Freeport-McMoRan shares rose 12.7% in September following China's economic stimulus measures to boost growth amidst a weakening housing market. On Jul. 23, FCX shares closed down more than 1% after the company reported its Q2 results. The company revenue of $6.62 billion beat Wall Street expectations of $5.99 billion.
The consensus opinion on FCX stock is moderately optimistic, with an overall “Moderate Buy” rating. Out of the 17 analysts covering the stock, nine advise a “Strong Buy” rating, two suggest a “Moderate Buy,” and six indicate a “Hold.” FCX’s average analyst price target is $55.50, implying an 11.5% potential upside from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
