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Freeport-McMoRan (NYSE:FCX)‘s stock had its “neutral” rating restated by Zacks in a research note issued to investors on Monday. They currently have a $39.00 target price on the stock. Zacks‘s price objective points to a potential upside of 6.04% from the company’s current price.

Shares of Freeport-McMoRan (NYSE:FCX) traded up 0.84% during mid-day trading on Monday, hitting $37.09. 3,164,155 shares of the company’s stock traded hands. Freeport-McMoRan has a 52 week low of $28.91 and a 52 week high of $39.32. The stock has a 50-day moving average of $37.17 and a 200-day moving average of $34.3. The company has a market cap of $38.537 billion and a P/E ratio of 15.27. Freeport-McMoRan also was the target of a significant growth in short interest during the month of July. As of July 15th, there was short interest totalling 30,705,881 shares, a growth of 17.8% from the June 30th total of 26,063,741 shares. Approximately 3.0% of the company’s shares are short sold. Based on an average daily volume of 11,413,236 shares, the days-to-cover ratio is currently 2.7 days.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 23rd. The company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by $0.03. The company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter in the previous year, the company posted $0.49 earnings per share. The company’s revenue for the quarter was up 28.8% on a year-over-year basis. On average, analysts predict that Freeport-McMoRan will post $2.43 earnings per share for the current fiscal year.

A number of other analysts have also recently weighed in on FCX. Analysts at Macquarie reiterated an “outperform” rating on shares of Freeport-McMoRan in a research note on Monday, July 28th. They now have a $45.00 price target on the stock, up previously from $40.00. Separately, analysts at Cowen and Company reiterated an “outperform” rating on shares of Freeport-McMoRan in a research note on Friday, July 25th. Finally, analysts at Credit Suisse reiterated an “outperform” rating on shares of Freeport-McMoRan in a research note on Thursday, July 24th. They now have a $45.00 price target on the stock, up previously from $42.00. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $41.79.

Freeport-McMoRan Inc is a United States-based natural resources company with a global portfolio of mineral assets, including copper, gold, and molybdenum, in addition to oil and gas resources.

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