Short Term Price Target on Freeport-McMoran (FCX)

Freeport-McMoran (NYSE:FCX) : The highest short term price target forecast on Freeport-McMoran (NYSE:FCX) is $15 and the lowest target price is $6. A total of 12 equity analysts are currently covering the company. The average price of all the analysts is $10.71 with a standard deviation of $2.52.

Freeport-McMoRan Inc. has dropped 5.35% in the last five trading days, however, the shares have posted positive gains of 5.09% in the last 4 weeks. Freeport-McMoRan Inc. is up 12.64% in the last 3-month period. Year-to-Date the stock performance stands at 64.55%. Also, Goldman Sachs initiates coverage on Freeport-McMoran (NYSE:FCX). The current rating of the shares is Neutral, according to the research report released by the firm. The brokerage firm announces the price target at $12 per share. The rating by the firm was issued on May 19, 2016.

Freeport-McMoran (NYSE:FCX) : 3 brokerage houses believe that Freeport-McMoran (NYSE:FCX) is a Strong Buy at current levels. 11 analysts believe that the current prices are in a balance with the stocks fundamentals, hence they propose Hold on Freeport-McMoran (NYSE:FCX). Zacks Investment Research suggests a Hold with a rank of 3. 1 others believe that the stock has run up ahead of its fundamentals and advise a Strong Sell on the stock.The median of all the 15 Wall Street Analysts endorse the stock as a Hold with a rating of 2.73.

Freeport-McMoran (NYSE:FCX): During Thursdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $10.85 and $10.61 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $11.18. The buying momentum continued till the end and the stock did not give up its gains. It closed at $11.14, notching a gain of 3.44% for the day. The total traded volume was 33,685,284 . The stock had closed at $10.77 on the previous day.

In an insider trading activity, Flores James C, (Vice Chairman of the Board) of Freeport-Mcmoran Inc had purchased 2,200,000 shares on September 4, 2015 in a transaction. The price per share was $9.7 and the total amount of the disclosed transaction was $21,340,000.The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing. This information is based on open market transaction at the market prices.

Freeport-McMoRan Inc. (FCX) is a natural resource company with an industry portfolio of mineral assets, oil and natural gas resources, and a production profile. FCX has organized its operations into six primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining, Molybdenum mines, and United States oil and gas operations. The Companys portfolio of assets includes the Grasberg minerals district in Indonesia, mining operations 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 North America. The Company is also engaged in operating copper conversion facilities located in North America, and a refinery, three rod mills and a specialty copper products facility. The Companys Atlantic Copper smelts and refines copper concentrates and markets refined copper and precious metals in slimes.

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