Investors Purchase High Volume of Put Options on Freeport-McMoRan Copper & Gold (FCX)
Shares of Freeport-McMoRan Copper & Gold (NYSE:FCX) saw unusually large options trading on Thursday. Investors bought 27,136 put options on the company, AnalystRatings.Net reports. This is an increase of approximately 186% compared to the average daily volume of 9,492 put options.
FCX has been the subject of a number of recent research reports. Analysts at Barclays Capital upgraded shares of Freeport-McMoRan Copper & Gold (NYSE:FCX) from a “market weight” rating to an “overweight” rating in a research note to investors on Monday. Separately, analysts at Morgan Stanley reiterated an “overweight” rating on shares of Freeport-McMoRan Copper & Gold (NYSE:FCX) in a research note to investors on Tuesday, August 6th. Finally, analysts at JPMorgan Chase & Co. initiated coverage on shares of Freeport-McMoRan Copper & Gold (NYSE:FCX) in a research note to investors on Tuesday, July 30th. They set an “overweight” rating on the stock.
Five investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $37.31.
Freeport-McMoRan Copper & Gold (NYSE:FCX) traded up 0.97% during mid-day trading on Thursday, hitting $33.15. The stock had a trading volume of 19,503,468 shares. Freeport-McMoRan Copper & Gold has a 52-week low of $26.37 and a 52-week high of $43.65. The stock has a 50-day moving average of $30.49 and a 200-day moving average of $30.62. The company has a market cap of $34.406 billion and a price-to-earnings ratio of 11.70.
Freeport-McMoRan Copper & Gold (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $0.49 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.41 by $0.08. The company had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $4.28 billion. During the same quarter in the prior year, the company posted $0.74 earnings per share. The company’s quarterly revenue was down 4.2% on a year-over-year basis. Analysts expect that Freeport-McMoRan Copper & Gold will post $2.44 EPS for the current fiscal year.
Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) is an international mining company.
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