Could Freeport-McMoRan Inc Change Direction After Today’s Bullish Options Activity?

 Could Freeport McMoRan Inc Change Direction After Today's Bullish Options Activity?

In today’s session Freeport-McMoRan Inc (FCX) registered an unusually high (1,270) contracts volume of call trades. Someone, most probably a professional was a very active buyer of the May, 2017 call, expecting serious FCX increase. With 1,270 contracts traded and 15334 open interest for the May, 17 contract, it seems this is a quite bullish bet. The option with symbol: FCX170519C00019000 closed last at: $0.9 or 21.7% down. About 4.75 million shares traded hands. Freeport-McMoRan Inc (NYSE:FCX) has risen 21.25% since April 28, 2016 and is uptrending. It has outperformed by 15.32% the S&P500.

Analysts await Freeport-McMoRan Inc (NYSE:FCX) to report earnings on January, 24. They expect $0.26 EPS, up 1,400.00% or $0.28 from last year’s $-0.02 per share. FCX’s profit will be $363.07 million for 15.13 P/E if the $0.26 EPS becomes a reality. After $0.13 actual EPS reported by Freeport-McMoRan Inc for the previous quarter, Wall Street now forecasts 100.00% EPS growth.

Freeport-McMoRan Inc (NYSE:FCX) Ratings Coverage

Out of 19 analysts covering Freeport-McMoran Copper & Gold (NYSE:FCX), 5 rate it a “Buy”, 6 “Sell”, while 8 “Hold”. This means 26% are positive. $25 is the highest target while $5 is the lowest. The $11.88 average target is -24.52% below today’s ($15.74) stock price. Freeport-McMoran Copper & Gold has been the topic of 51 analyst reports since July 28, 2015 according to StockzIntelligence Inc. On Saturday, August 15 the stock rating was maintained by Macquarie Research with “Outperform”. The company was maintained on Monday, November 21 by Cowen & Co. The firm has “Sell” rating by Berenberg given on Wednesday, November 30. The stock has “Outperform” rating given by Cowen & Co on Friday, July 24. The stock has “Neutral” rating given by Macquarie Research on Friday, January 8. Deutsche Bank maintained the stock with “Buy” rating in Saturday, August 29 report. The rating was maintained by FBR Capital on Thursday, December 10 with “Mkt Perform”. The company was maintained on Friday, September 25 by RBC Capital Markets. The company was downgraded on Wednesday, September 14 by Morgan Stanley. Goldman Sachs initiated it with “Neutral” rating and $12 target price in Thursday, May 19 report.

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 increased to 0.98 in 2016 Q2. Its up 0.19, from 0.79 in 2016Q1. The ratio increased, 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.
Allianz Asset Mgmt Ag last reported 0.02% of its portfolio in the stock. Swarthmore Grp Inc Inc has invested 0.02% of its portfolio in Freeport-McMoRan Inc (NYSE:FCX). Private Asset Mngmt owns 291,124 shares or 0.57% of their US portfolio. The Ontario – Canada-based Bank Of Montreal Can has invested 0.02% in Freeport-McMoRan Inc (NYSE:FCX). The Illinois-based Hightower Advsr Ltd Liability Corporation has invested 0.01% in Freeport-McMoRan Inc (NYSE:FCX). First Mercantile Tru has 0% invested in the company for 220 shares. Fayez Sarofim Commerce accumulated 245,462 shares or 0.01% of the stock. Hl Fincl Serv Ltd Liability Corp holds 0% of its portfolio in Freeport-McMoRan Inc (NYSE:FCX) for 12,327 shares. The Minnesota-based Stonebridge Cap Ltd Co has invested 0.04% in Freeport-McMoRan Inc (NYSE:FCX). Gsa Cap Prtnrs Limited Liability Partnership accumulated 0.02% or 38,389 shares. Bluefin Trading Lc holds 39,496 shares or 0.04% of its portfolio. The Massachusetts-based Loring Wolcott Coolidge Fiduciary Llp Ma has invested 0% in Freeport-McMoRan Inc (NYSE:FCX). Boston Private Wealth Ltd Llc has 0.07% invested in the company for 159,081 shares. Focused Wealth Mgmt Inc holds 0.13% of its portfolio in Freeport-McMoRan Inc (NYSE:FCX) for 26,275 shares. First Interstate Bancorp, a Montana-based fund reported 482 shares.

Insider Transactions: Since October 27, 2016, the stock had 1 insider purchase, and 0 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 $21.98 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 news for Freeport-McMoRan Inc (NYSE:FCX) were recently published by: Fool.com, which released: “Better Buy: Freeport-McMoRan Inc. vs. Hecla Mining” on November 21, 2016. Schaeffersresearch.com‘s article titled: “Analyst Downgrades: Arrowhead Pharmaceuticals Inc, Freeport-McMoRan Inc, and …” and published on November 30, 2016 is yet another important article.

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