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Yahoo
a day ago
- Business
- Yahoo
Are Wall Street Analysts Bullish on Freeport-McMoRan Stock?
Valued at a market cap of $62.9 billion, Freeport-McMoRan Inc. (FCX) is a leading mining company headquartered in Phoenix, Arizona. It is primarily engaged in the extraction of copper, gold (GCZ25), molybdenum, silver (SIU25), and other metals and plays a critical role in supplying key metals essential for global infrastructure, renewable energy, and advanced technologies. Shares of this mining company have lagged behind the broader market over the past 52 weeks. FCX stock declined 2.6% over this time frame, while the broader S&P 500 Index ($SPX) has soared 16.6%. Nonetheless, on a YTD basis, the stock is up 13.5%, outpacing SPX's 8.3% gain. More News from Barchart Here's What Happened the Last Time Novo Nordisk Stock Was This Oversold Earnings Will Be 'Worse Than Expected' for UnitedHealth. How Should You Play UNH Stock Here? As SoFi Raises 2025 Guidance, Should You Buy, Sell, or Hold SOFI Stock Here? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Narrowing the focus, FCX has underperformed the Ishares Copper And Metals Mining ETF's (ICOP) 5.4% return over the past 52 weeks and 18.3% uptick on a YTD basis. Freeport-McMoRan dropped a solid beat on July 23 - Q2 revenue jumped 14.5% year over year (YoY) to $7.6 billion, and EPS climbed 17.4% annually to $0.54, both ahead of Wall Street's targets. Stronger copper and gold prices, plus higher sales volumes, gave the quarter a solid lift. But the market was not impressed. Shares slid 2.1% post-earnings, as traders zoomed in on what's next – not what's done. Despite bullish catalysts like the 50% copper tariffs and a solid gold sales boost, Q3 guidance remained flat. Copper sales are expected to hold steady, while gold and molybdenum projections took a hit. For the current fiscal year, ending in December, analysts expect FCX's EPS to grow 22.3% YoY to $1.81. The company's earnings surprise history is mixed. It met or surpassed the consensus estimates in three of the last four quarters, while missing on one occasion. Among the 18 analysts covering the stock, the consensus rating is a 'Moderate Buy.' That's based on 10 'Strong Buys,' two "Moderate Buys,' and six 'Hold' ratings. This configuration is more bullish than two months ago, when nine analysts suggested a 'Strong Buy' rating. On July 23, Sam Crittenden from RBC Capital maintained a 'Hold' rating on FCX stock, with a price target of $54, which indicates a 24.9% potential upside from the current levels. The mean price target of $51.64 represents a 19.5% premium from FCX's current price levels, while the Street-high price target of $57 suggests an upside potential of 31.9%. On the date of publication, Neharika Jain 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. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24-07-2025
- Business
- Yahoo
Morgan Stanley, UBS, and JPMorgan Raise their PT on Freeport-McMoRan Inc. (FCX)
Due to strong hedge fund interest, Freeport-McMoRan Inc. (NYSE:FCX) is among the . Copyright: tomas1111 / 123RF Stock Photo Several analysts have raised their price target on Freeport-McMoRan Inc. (NYSE:FCX), amid a mixed outlook for copper. On July 15, 2025, Morgan Stanley increased its price target on FCX from $45 to $54. However, it downgraded its rating from 'Equal Weight' to 'Overweight'. The analyst attributed the downgrade to a weaker outlook on copper equities following their recent outperformance over the past few months. Meanwhile, on July 11, 2025, UBS downgraded Freeport-McMoRan Inc. (NYSE:FCX) from 'Buy' to 'Neutral' and raised its price target from $45 to $50. The analyst expects demand to soften in the near future, with fundamentals potentially driving prices down over the next six months. Furthermore, on July 9, 2025, JPMorgan, maintaining an 'Overweight' rating on Freeport-McMoRan Inc. (NYSE:FCX), increased its price target from $42 to $56, citing higher copper price targets and easing recession risk. Headquartered in Phoenix, Arizona, Freeport-McMoRan Inc. (NYSE:FCX) runs mineral mining operations in North America, South America, and Indonesia, exploring for copper, gold, molybdenum, silver, and other metals. It is included in our list of the Best Material Stocks. While we acknowledge the potential of FCX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and 11 Best Mineral Stocks to Buy According to Hedge Funds. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
24-07-2025
- Business
- Business Insider
Freeport-McMoRan (FCX): New Buy Recommendation for This Basic Materials Giant
In a report released today, Katja Jancic from BMO Capital maintained a Buy rating on Freeport-McMoRan, with a price target of $54.00. The company's shares closed today at $44.84. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. According to TipRanks, Jancic is a 4-star analyst with an average return of 12.5% and a 66.25% success rate. Jancic covers the Basic Materials sector, focusing on stocks such as Nucor, Algoma Steel Group, and Freeport-McMoRan. In addition to BMO Capital, Freeport-McMoRan also received a Buy from Bank of America Securities's Lawson Winder in a report issued today. However, on the same day, Morgan Stanley reiterated a Hold rating on Freeport-McMoRan (NYSE: FCX). The company has a one-year high of $52.61 and a one-year low of $27.66. Currently, Freeport-McMoRan has an average volume of 13.1M. Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of FCX in relation to earlier this year. Last month, Ellie L. Mikes, the CAO of FCX sold 8,584.00 shares for a total of $343,445.84.
Yahoo
23-07-2025
- Business
- Yahoo
Freeport-McMoRan Copper And Gold Volumes Shine, CEO Touts China, India As Major Demand Driver
Freeport-McMoRan Inc. (NYSE:FCX) reported better-than-expected second-quarter results on Wednesday, driven by strong copper and gold sales volumes, lower costs, and favorable pricing. The company also marked a major operational milestone with the start-up of its new copper smelter in Indonesia. The company posted adjusted earnings of 54 cents per share, beating the consensus estimate of 44 cents. Revenue was $7.58 billion, topping expectations of $7.09 billion. Net income attributable to common stock totaled $772 million, or 53 cents per share, while adjusted net income was $790 million, or 54 cents, after excluding net charges of $18 million. Also Read: Second-Quarter Production And Sales Volumes Copper production totaled 963 million pounds, with sales of 1.0 billion pounds Gold production was 317,000 ounces, with sales of 522,000 ounces Molybdenum production and sales both totaled 22 million pounds All sales volumes exceeded Freeport's April 2025 guidance. Higher U.S. milling rates and refined gold sales timing helped offset weaker ore grades in Indonesia and South America. During the period, average realized prices stood at $4.54 per pound for copper, $3,291 per ounce for gold, and $21.10 per pound for molybdenum. Unit net cash costs for copper averaged $1.13 per pound, well below guidance of $1.50 and down from $1.73 a year earlier, primarily due to stronger by-product credits and higher copper sales. Tariffs And Market Premiums Freeport said that the recently announced U.S. tariffs on copper imports, set to take effect on August 1, had not yet significantly impacted Q2 costs. However, the company warned that supplier pass-throughs could increase input costs by roughly 5%. Following the July tariff announcement, COMEX copper prices surged to a 28% premium over LME, potentially enhancing Freeport's domestic sales margins. The company estimates that each $0.10 increase in the COMEX premium over LME could boost second-half 2025 cash flows by $70 million. Freeport launched start-up activities at its new Indonesian smelter in May and expects to produce first copper cathode in July. The company continues to invest in innovative copper leaching and organic growth projects across its portfolio. View more earnings on FCX Capital expenditures for the quarter totaled $1.3 billion, including $600 million for major mining projects and $300 million for PT Freeport Indonesia's downstream facilities. Full-year capital spending is expected to total $4.9 billion. Freeport repurchased 1.5 million shares during the quarter at an average price of $33.94, bringing its year-to-date total to 2.9 million shares for $107 million. As of June 30, Freeport-McMoRan held $4.5 billion in cash and equivalents, with total debt of $9.3 billion and net debt of $1.5 billion, excluding $3.2 billion related to its Indonesian downstream facilities. The company also had $3 billion available under its corporate revolving credit facility and $1.85 billion in combined credit availability at its PT Freeport Indonesia and Cerro Verde operations. 'As a leading copper producer, our role is increasingly important in providing essential metals to a growing market,' stated President and CEO Kathleen Quirk. 'We are well positioned for the future, both domestically, as America's copper champion, and internationally with large-scale production, a strong balance sheet, and a portfolio of attractive growth opportunities.' 2025 Outlook Full-year sales are expected to reach 3.95 billion pounds of copper, 1.3 million ounces of gold, and 82 million pounds of molybdenum. Q3 sales guidance: 1.0 billion pounds of copper, 350,000 ounces of gold, and 18 million pounds of molybdenum Full-year unit net cash costs: projected at $1.55 per pound of copper Operating cash flows are projected to be approximately $7.0 billion for the full year, or $7.9 billion, including the projected $1.25 per pound premium on U.S. copper sales in the second half of 2025. Key Takeaways From Earnings Call Quirk addressed the impending 50% U.S. copper tariff, stating the company is awaiting further details and is unaware of any exemptions. While Q2 costs were not significantly impacted, future tariffs could increase U.S. purchase costs by approximately 5%. Regarding Indonesian copper, the company anticipates continuing to primarily sell in Asia in the near term, but will evaluate the feasibility of shipping to the United States. Expanding the Miami, Arizona copper smelter is under consideration, though building a new U.S. smelter is deemed 'very challenging.' Chairman Richard Adkerson expressed satisfaction with the recent Indonesia-United States trade agreement, while Quirk highlighted China's continued role as a major copper demand driver and identified India as an important growth market. Price Action: FCX shares are trading lower by 0.74% at $45.50 at the last check on Wednesday. Read Next:Image by Siwakorn TH via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? FREEPORT-MCMORAN (FCX): Free Stock Analysis Report This article Freeport-McMoRan Copper And Gold Volumes Shine, CEO Touts China, India As Major Demand Driver originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
San Francisco Chronicle
23-07-2025
- Business
- San Francisco Chronicle
Freeport-McMoRan: Q2 Earnings Snapshot
PHOENIX (AP) — PHOENIX (AP) — Freeport-McMoRan Inc. (FCX) on Wednesday reported second-quarter earnings of $772 million. The Phoenix-based company said it had net income of 53 cents per share. Earnings, adjusted for non-recurring costs, were 54 cents per share. The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share. The mining company posted revenue of $7.58 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $7.12 billion. _____
