Freeport-McMoRan Inc (FCX) is Downgraded by Berenberg to Sell

Freeport-McMoRan Inc (FCX) was Downgraded by Berenberg to ” Sell”. Earlier the firm had a rating of “Hold ” on the company shares. Berenberg advised their investors in a research report released on Nov 30, 2016.

Many Wall Street Analysts have commented on Freeport-McMoRan Inc. Company shares were Reiterated by Cowen on Nov 21, 2016 to “Outperform”, Firm has raised the Price Target to $ 20 from a previous price target of $15 .Deutsche Bank Downgraded Freeport-McMoRan Inc on Nov 17, 2016 to ” Hold”, Price Target of the shares are set at $13.80.Freeport-McMoRan Inc was Resumed by BofA/Merrill to “Underperform” on Oct 17, 2016.

On the company’s financial health, Freeport-McMoRan Inc reported $0.13 EPS for the quarter, missing the analyst consensus estimate by $ -0.06 based on the information available during the earnings call on Oct 25, 2016. Analyst had a consensus of $0.19. The company had revenue of $3877.00 million for the quarter, compared to analysts expectations of $3956.58 million. The company’s revenue was up 14.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.15 EPS.

Freeport-McMoRan Inc closed down -0.81 points or -5.13% at $14.97 with 4,08,57,509 shares getting traded on Tuesday. Post opening the session at $15.24, the shares hit an intraday low of $14.85 and an intraday high of $15.47 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

In a different news, on Sep 8, 2015, James C Flores (Vice Chairman of the Board) purchased 2,200,000 shares at $9.70 per share price. According to the SEC, on Aug 31, 2015, James R Moffett (Chairman of the Board) purchased 100,000 shares at $10.57 per share price.

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 Company’s 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 Company’s Atlantic Copper smelts and refines copper concentrates and markets refined copper and precious metals in slimes.

Freeport-McMoRan Inc

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Freeport-McMoRan Inc - Is it time to Sell?

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