Freeport-McMoRan Inc. (FCX) To Go Ex-Dividend on January 15th

Freeport-McMoRan Inc. (NYSE:FCX) declared a quarterly dividend on Wednesday, December 17th. Stockholders of record on Thursday, January 15th will be given a dividend of 0.075 per share by the natural resource company on Monday, February 2nd. This represents a c) dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Thursday, January 15th.

Freeport-McMoRan has raised its dividend payment by an average of 0.2%annually over the last three years. Freeport-McMoRan has a payout ratio of 13.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Freeport-McMoRan to earn $2.16 per share next year, which means the company should continue to be able to cover its $0.30 annual dividend with an expected future payout ratio of 13.9%.

Freeport-McMoRan Stock Up 3.8%

Shares of FCX opened at $58.69 on Tuesday. The business’s 50 day moving average is $46.28 and its 200 day moving average is $44.08. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. Freeport-McMoRan has a 12-month low of $27.66 and a 12-month high of $58.83. The company has a market capitalization of $84.27 billion, a PE ratio of 41.33, a price-to-earnings-growth ratio of 0.73 and a beta of 1.45.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.09. The business had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.38 EPS. Research analysts expect that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on FCX shares. Morgan Stanley reiterated an “overweight” rating and issued a $53.00 price target on shares of Freeport-McMoRan in a report on Monday, December 15th. Wells Fargo & Company restated an “overweight” rating on shares of Freeport-McMoRan in a research report on Tuesday. JPMorgan Chase & Co. boosted their target price on Freeport-McMoRan from $58.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, January 8th. Johnson Rice cut their price target on Freeport-McMoRan from $55.00 to $48.00 in a report on Monday, September 29th. Finally, Citigroup upped their price objective on Freeport-McMoRan from $48.00 to $67.00 and gave the stock a “buy” rating in a report on Monday. Three analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $52.63.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.