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Freeport-McMoRan (NYSE:FCX) posted its quarterly earnings results on Thursday. The company reported ($0.06) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.07) by $0.01, Analyst Ratings.Net reports. The company had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $4.06 billion. During the same quarter last year, the company posted $0.48 earnings per share. Freeport-McMoRan’s revenue was down 16.7% compared to the same quarter last year.
Freeport-McMoRan (NYSE:FCX) traded down 1.969% during mid-day trading on Thursday, hitting $20.165. The stock had a trading volume of 15,690,633 shares. Freeport-McMoRan has a 1-year low of $16.430 and a 1-year high of $39.320. The stock has a 50-day moving average of $19.1 and a 200-day moving average of $23.1. The company’s market cap is $20.95 billion.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.97%. The ex-dividend date is Monday, April 13th.
Several analysts have recently commented on the stock. Analysts at Bank of America downgraded shares of Freeport-McMoRan from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $22.50 to $19.00 in a research note on Monday, April 13th. Analysts at Citigroup Inc. upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the stock from $19.00 to $23.00 in a research note on Monday, April 13th. Analysts at Deutsche Bank lowered their price target on shares of Freeport-McMoRan from $30.00 to $26.00 and set a “buy” rating on the stock in a research note on Monday, April 6th. Finally, analysts at JPMorgan Chase & Co. lowered their price target on shares of Freeport-McMoRan from $24.00 to $23.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 31st. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Freeport-McMoRan has a consensus rating of “Hold” and a consensus price target of $31.29.
Freeport-McMoRan Inc is a natural resource company with an industry portfolio of mineral assets, oil and natural gas resources and a production profile. The Company’s portfolio of assets includes the Grasberg minerals district in Indonesia, copper and gold deposits, mining operations in North and South America, the Tenke Fungurume (NYSE:FCX) minerals district in the Democratic Republic of Congo (DRC) in Africa and oil and natural gas assets in North America.
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