Published On: Thu, Sep 15th, 2016

Freeport-McMoran Copper & Gold Inc. (FCX) Forecasted to Post FY2017 Earnings of $0.74 Per Share

Freeport-McMoran Copper & Gold Inc. (NYSE:FCX) – Investment analysts at Credit Agricole SA cut their FY2017 earnings per share estimates for shares of Freeport-McMoran Copper & Gold in a research note issued on Monday. Credit Agricole SA analyst D. Lipschitz now expects that the firm will earn $0.74 per share for the year, down from their prior estimate of $1.00. Credit Agricole SA also issued estimates for Freeport-McMoran Copper & Gold’s FY2018 earnings at $0.24 EPS.
A number of other research analysts have also recently weighed in on the stock. Macquarie reaffirmed a “neutral” rating and issued a $10.00 price objective on shares of Freeport-McMoran Copper & Gold in a report on Tuesday, June 21st. Morgan Stanley cut shares of Freeport-McMoran Copper & Gold from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $9.00 to $7.00 in a report on Wednesday. They noted that the move was a valuation call. HSBC reaffirmed a “buy” rating on shares of Freeport-McMoran Copper & Gold in a report on Thursday, July 7th. Vetr raised shares of Freeport-McMoran Copper & Gold from a “buy” rating to a “strong-buy” rating and set a $14.36 price objective for the company in a report on Tuesday, August 2nd. Finally, BMO Capital Markets reaffirmed a “hold” rating on shares of Freeport-McMoran Copper & Gold in a report on Wednesday, July 27th. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $10.94.
Shares of Freeport-McMoran Copper & Gold (NYSE:FCX) traded up 0.31% on Thursday, hitting $9.83. 35,991,857 shares of the company were exchanged. The stock’s market capitalization is $13.06 billion. The firm’s 50-day moving average is $11.58 and its 200-day moving average is $11.10. Freeport-McMoran Copper & Gold has a 52-week low of $3.52 and a 52-week high of $14.20.

This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/15/freeport-mcmoran-copper-gold-inc-fcx-forecasted-to-post-fy2017-earnings-of-0-74-per-share.html

Freeport-McMoran Copper & Gold (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $0.01. Freeport-McMoran Copper & Gold had a negative net margin of 87.70% and a negative return on equity of 3.68%. The business earned $3.33 billion during the quarter, compared to the consensus estimate of $3.70 billion. During the same period in the previous year, the business posted $0.14 EPS. The firm’s revenue was down 15.3% on a year-over-year basis.
Institutional investors have recently modified their holdings of the company. guardian investment management raised its position in shares of Freeport-McMoran Copper & Gold by 0.3% in the first quarter. guardian investment management now owns 38,986 shares of the natural resource company’s stock valued at $402,000 after buying an additional 121 shares in the last quarter. Holderness Investments Co. raised its position in shares of Freeport-McMoran Copper & Gold by 0.7% in the second quarter. Holderness Investments Co. now owns 16,782 shares of the natural resource company’s stock valued at $187,000 after buying an additional 121 shares in the last quarter. Nippon Life Insurance Co. raised its position in shares of Freeport-McMoran Copper & Gold by 1.2% in the second quarter. Nippon Life Insurance Co. now owns 41,112 shares of the natural resource company’s stock valued at $458,000 after buying an additional 472 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV raised its position in shares of Freeport-McMoran Copper & Gold by 3.0% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 17,000 shares of the natural resource company’s stock valued at $189,000 after buying an additional 500 shares in the last quarter. Finally, First Dallas Securities Inc. raised its position in shares of Freeport-McMoran Copper & Gold by 0.4% in the second quarter. First Dallas Securities Inc. now owns 143,013 shares of the natural resource company’s stock valued at $1,593,000 after buying an additional 520 shares in the last quarter. Hedge funds and other institutional investors own 67.77% of the company’s stock.
Freeport-McMoran Copper & Gold Company Profile
Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.

Receive News & Ratings for Freeport-McMoran Copper & Gold Inc. Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Freeport-McMoran Copper & Gold Inc. and related companies with MarketBeat.com’s FREE daily email newsletter.

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>