Freeport-McMoRan Inc. (FCX), headquartered in Phoenix, Arizona, is a leading international metals company with the objective of being foremost in copper. With a market cap of $54.7 billion, the company mines mineral properties exploring copper, gold, molybdenum, silver, and other metals. The leading international metals company is expected to announce its fiscal fourth-quarter earnings for 2024 on Wednesday, Jan. 22.
Ahead of the event, analysts expect FCX to report a profit of $0.38 per share on a diluted basis, up 40.7% from $0.27 per share in the year-ago quarter. The company beat the consensus estimates in three of the last four quarters while missing the forecast on another occasion.
For the full year, analysts expect FCX to report EPS of $1.49, down 3.3% from $1.54 in fiscal 2023. However, its EPS is expected to rise 37.6% year over year to $2.05 in fiscal 2025.
FCX stock has underperformed the S&P 500’s ($SPX) 23.7% gains over the past 52 weeks, with shares down 10% during this period. Similarly, it underperformed the Materials Select Sector SPDR Fund’s (XLB) 2.6% losses over the same time frame.
On Oct. 22, FCX shares closed up more than 1% after reporting its Q3 results. Its adjusted EPS of $0.38 did not meet Wall Street expectations of $0.40. The company’s revenue was $6.8 billion, exceeding Wall Street forecasts of $6.5 billion.
Analysts’ consensus opinion on FCX stock is moderately bullish, with a “Moderate Buy” rating overall. Out of 18 analysts covering the stock, 10 advise a “Strong Buy” rating, two suggest a “Moderate Buy,” and six give a “Hold.” FCX’s average analyst price target is $55.29, indicating a potential upside of 46% from the current levels.
