Freeport-McMoRan Target of Unusually Large Options Trading (FCX)
Shares of Freeport-McMoRan (NYSE:FCX) saw some unusual options trading activity on Thursday. Stock investors purchased 19,972 call options on the stock, American Banking and Market News reports. This is an increase of approximately 103% compared to the typical volume of 9,849 call options.
A number of research firms have recently commented on FCX. Analysts at Stifel Nicolaus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. They now have a $37.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at Bank of America upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Monday, August 11th. They now have a $42.00 price target on the stock. Finally, analysts at Argus upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Monday, August 11th. They now have a $42.00 price target on the stock. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Freeport-McMoRan currently has a consensus rating of “Buy” and an average target price of $41.67.
Shares of Freeport-McMoRan (NYSE:FCX) traded down 0.77% on Thursday, hitting $36.16. 7,635,746 shares of the company’s stock traded hands. Freeport-McMoRan has a one year low of $30.10 and a one year high of $39.32. The stock’s 50-day moving average is $37.43 and its 200-day moving average is $34.75. The company has a market cap of $37.572 billion and a price-to-earnings ratio of 15.13.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data 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. Analysts expect that Freeport-McMoRan will post $2.42 EPS for the current fiscal year.
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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