What Next for Freeport-McMoRan Inc Stock After Today’s Bearish Options Activity?

 What Next for Freeport McMoRan Inc Stock After Today's Bearish Options Activity?

In today’s session Freeport-McMoRan Inc (FCX) recorded an unusually high (964) contracts volume of put trades. Someone, most probably a professional was a very active buyer of the January, 2017 put, expecting serious FCX decrease. With 964 contracts traded and 143954 open interest for the Jan, 17 contract, it seems this is a quite bearish bet. The option with symbol: FCX170120P00020000 closed last at: $7.05 or 12.4% down. About 34.48M shares traded hands or 6.82% up from the average. Freeport-McMoRan Inc (NYSE:FCX) has risen 41.39% since April 11, 2016 and is uptrending. It has outperformed by 35.25% the S&P500.

Freeport-McMoRan Inc (NYSE:FCX) Ratings Coverage

Out of 18 analysts covering Freeport-McMoran Copper & Gold (NYSE:FCX), 6 rate it a “Buy”, 5 “Sell”, while 7 “Hold”. This means 33% are positive. $25 is the highest target while $5 is the lowest. The $11.48 average target is -15.84% below today’s ($13.64) stock price. Freeport-McMoran Copper & Gold has been the topic of 48 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The stock of Freeport-McMoRan Inc (NYSE:FCX) has “Underweight” rating given on Wednesday, September 14 by Morgan Stanley. The company was maintained on Friday, July 31 by Deutsche Bank. RBC Capital Markets maintained Freeport-McMoRan Inc (NYSE:FCX) on Friday, September 25 with “Sector Perform” rating. The firm earned “Buy” rating on Monday, October 3 by Deutsche Bank. On Monday, May 16 the stock rating was maintained by Cowen & Co with “Outperform”. The firm has “Outperform” rating by Macquarie Research given on Saturday, August 15. As per Tuesday, September 1, the company rating was downgraded by Citigroup. The stock of Freeport-McMoRan Inc (NYSE:FCX) earned “Sector Perform” rating by RBC Capital Markets on Monday, January 25. The stock has “Mkt Perform” rating given by FBR Capital on Thursday, December 10. The firm has “Buy” rating by Jefferies given on Tuesday, May 17.

According to Zacks Investment Research, “Freeport-McMoRan is engaged in mineral exploration and development, mining and milling of copper, gold, and silver in Indonesia, and the smelting and refining of copper concentrates in Spain and Indonesia. They are the world’s lowest-cost copper producer and one of the world’s largest producers of copper and gold. FCX’s operations are conducted through its subsidiaries, P.T. Freeport Indonesia (PT-FI), P.T. IRJA Eastern Minerals Corporation (Eastern Mining) and through Atlantic Copper, S.A. (Atlantic).”

Insitutional Activity: The institutional sentiment decreased to 0.79 in 2016 Q2. Its down 0.08, from 0.87 in 2016Q1. The ratio fall, as 87 funds sold all Freeport-McMoRan Inc shares owned while 221 reduced positions. 68 funds bought stakes while 175 increased positions. They now own 889.86 million shares or 5.15% more from 846.29 million shares in 2016Q1.
Beech Hill Inc reported 34,600 shares or 0.26% of all its holdings. Jane Street Group Limited Liability Company, a New York-based fund reported 220,042 shares. Tiaa Cref Invest Limited Com accumulated 3.63 million shares or 0.03% of the stock. Moreover, Dekabank Deutsche Girozentrale has 0.01% invested in Freeport-McMoRan Inc (NYSE:FCX) for 60,759 shares. Alliancebernstein Ltd Partnership owns 2.41 million shares or 0.02% of their US portfolio. Mount Vernon Assoc Md owns 28,931 shares or 0.69% of their US portfolio. Envestnet Asset Management accumulated 478,938 shares or 0.02% of the stock. Central Securities reported 150,000 shares or 0.39% of all its holdings. Moreover, Oppenheimer And has 0.06% invested in Freeport-McMoRan Inc (NYSE:FCX) for 195,568 shares. First Allied Advisory Service Inc holds 0.07% of its portfolio in Freeport-McMoRan Inc (NYSE:FCX) for 114,488 shares. Commerzbank Aktiengesellschaft Fi has 0.09% invested in the company for 1.20 million shares. Majedie Asset Management holds 6.11% of its portfolio in Freeport-McMoRan Inc (NYSE:FCX) for 3.32M shares. Zacks Invest holds 0.03% or 100,146 shares in its portfolio. Vanguard Gp owns 105.39M shares or 0.07% of their US portfolio. Great West Life Assurance Company Can, a Manitoba – Canada-based fund reported 940,540 shares.

Insider Transactions: Since October 27, 2016, the stock had 1 insider buy, and 0 insider sales for $1.61 million net activity. 150,000 shares with value of $1.61 million were bought by MATHER COURTNEY on Thursday, October 27.

Freeport-McMoRan Inc. is a natural resource firm with a portfolio of mineral assets, and oil and natural gas resources. The company has a market cap of $19.13 billion. The Company’s divisions include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining activities and the U.S. It currently has negative earnings. Oil & Gas Operations.

FCX Company Profile

Freeport-McMoRan Inc. (FCX), incorporated on November 10, 1987, is a natural resource firm with a portfolio of mineral assets, and oil and natural gas resources. The Company’s divisions include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining activities and the U.S. Oil & Gas Operations. FCX has organized its activities into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines. The Company’s portfolio of assets includes the Grasberg minerals district in Indonesia, mining activities in North and South America, the Tenke Fungurume (Tenke) minerals district in the Democratic Republic of Congo (DRC) in Africa, and oil and natural gas assets in the United States.

More recent Freeport-McMoRan Inc (NYSE:FCX) news were published by: Fool.com which released: “Better Buy: Freeport-McMoRan Inc. vs. Vale SA” on October 13, 2016. Also Schaeffersresearch.com published the news titled: “Freeport-McMoRan Inc (FCX) Calls Hot On Election Day Surge” on November 08, 2016. Schaeffersresearch.com‘s news article titled: “Most Active Weekly Options: AT&T Inc. and Freeport-McMoRan Inc” with publication date: October 31, 2016 was also an interesting one.

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