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Freeport-McMoRan Reports First-quarter Earnings, Revenue Misses

27 April 2017, 02:15 | Maryann Sutton



Shares in Freeport McMoRan Inc (NYSE:FCX), the world's second largest copper producer, raced out of the gate on Tuesday after the company released first quarter results that showed less damage from problems at its Indonesian operations than previously anticipated. Investors measure stock performance on the basis of a company's earnings power.

Several hedge funds have recently bought and sold shares of FCX. About 4,678 shares traded. Bank of The West increased its position in shares of Freeport-McMoRan by 27.4% in the third quarter. First-quarter 2017 copper sales were lower than first-quarter 2016 sales of 1.0 billion pounds, mainly reflecting lower volumes from North America and Indonesia.

Stock: Freeport shares climbed 2% in early trading on the stock market today. State Street Corp increased its stake in shares of Freeport-McMoRan by 4.9% in the fourth quarter. Analyst's mean target price for EFII is $56.70 while analysts mean recommendation is 1.50. Whittier Trust Of Nevada owns 9,502 shares. The stock now has Weekly Volatility of 3.15% and Monthly Volatility of 3.20%.

Freeport has said it will only agree to a new permit with the same fiscal and legal protection in its current contract. Moving averages are considered to be lagging indicators that simply take the average price of a stock over a certain period of time. Stock investors acquired 41,679 call options on the company. (FCX) produced 1.57 Billion profit. Adjusted earnings-per-share were 15 cents, compared with the FactSet consensus of 16 cents. According to these analysts, the Low Revenue Estimate for Freeport-McMoRan Inc.is 3.16 Billion and the High Revenue Estimate is 4.01 Billion. The Return on Investment (ROI) is at -14.2% while it's Return on Equity (ROE) value stands at -89.9%. The analysts offering Earnings Estimates for the company were believing that Freeport-McMoRan Inc.

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FCX has been the topic of a number of other reports.

Freeport-McMoRan Inc. (FCX) now has a consensus Price Target of $14.97. FBR & Co reissued a "hold" rating and issued a $13.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, April 5th.

The company's price to free cash flow for trailing twelve months is 16.29. Freeport-McMoRan Inc. got Upgrade on 22-Mar-17 where investment firm Berenberg Upgrade the stock from Sell to Hold. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the stock. The relative volume (ratio between current volume and 3-month average) is presently sitting at 0.95. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jon C/ Madonna sold 14,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 1st. The shares were sold at an average price of $15.42, for a total transaction of $888,500.40.

The TTM operating margin is -18.7%. The disclosure for this sale can be found here. The rating scale runs from 1 to 5 with 5 indicating a Strong Sell, 1 indicating a Strong Buy and 3 indicating a Hold. I tend to agree with the market and I expect that Freeport-McMoRan will find strong support above $12 unless copper prices dive below $2.50 per pound or we hear bad news from Indonesia. The Company's divisions include refined copper products, copper in concentrate, gold, molybdenum, oil and other.

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