Traders Purchase High Volume of Call Options on Freeport-McMoRan Copper & Gold (FCX)
Freeport-McMoRan Copper & Gold (NYSE:FCX) was the target of some unusual options trading activity on Wednesday. Traders purchased 52,487 call options on the company, Analyst Ratings Network.com reports. This represents an increase of 127% compared to the average volume of 23,130 call options.
A number of research firms have recently commented on FCX. Analysts at Credit Suisse raised their price target on shares of Freeport-McMoRan Copper & Gold from $38.00 to $39.00 in a research note to investors on Tuesday. They now have an “outperform” rating on the stock. Separately, analysts at Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Freeport-McMoRan Copper & Gold in a research note to investors on Tuesday. Finally, analysts at Morgan Stanley cut their price target on shares of Freeport-McMoRan Copper & Gold from $43.00 to $41.00 in a research note to investors on Monday. They now have an “overweight” rating on the stock. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $37.66.
Freeport-McMoRan Copper & Gold (NYSE:FCX) opened at 32.88 on Thursday. Freeport-McMoRan Copper & Gold has a 52 week low of $26.37 and a 52 week high of $42.89. The stock’s 50-day moving average is $32.50 and its 200-day moving average is $30.74. The company has a market cap of $34.125 billion and a P/E ratio of 11.60.
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. On average, analysts predict that Freeport-McMoRan Copper & Gold will post $2.46 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, November 1st. Stockholders of record on Tuesday, October 15th will be paid a dividend of $0.31 per share. This represents a $1.25 annualized dividend and a dividend yield of 3.80%. The ex-dividend date is Thursday, October 10th.
Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) is an international mining company.
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