Freeport McMoRan Shares Rise 2.39%
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2d ago
0mins
Should l Buy FCX?
Moderately bullish activity in Freeport McMoRan (FCX), with shares up $1.42, or 2.39%, near $60.63. Options volume relatively light with 15k contracts traded and calls leading puts for a put/call ratio of 0.56, compared to a typical level near 0.54. Implied volatility (IV30) dropped 0.79 near 53.88, in the highest 10% of observations over the past year, suggesting an expected daily move of $2.06. Put-call skew flattened, suggesting a modestly bullish tone.
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Analyst Views on FCX
Wall Street analysts forecast FCX stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for FCX is 52.40 USD with a low forecast of 44.00 USD and a high forecast of 68.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
15 Analyst Rating
14 Buy
1 Hold
0 Sell
Strong Buy
Current: 59.220
Low
44.00
Averages
52.40
High
68.00
Current: 59.220
Low
44.00
Averages
52.40
High
68.00
About FCX
Freeport-McMoRan Inc. is an international metals company focused on copper. The Company operates geographically diverse assets with significant proven and probable mineral reserves of copper, gold and molybdenum. The Company's segments include the Morenci and Cerro Verde copper mines, the Indonesia operations (including the Grasberg minerals district and PT-FI’s downstream processing facilities), the Rod & Refining operations and Atlantic Copper Smelting & Refining. Its operations include North America, South America and Indonesia. In North America, it manages seven copper operations: Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico, and two molybdenum mines: Henderson and Climax in Colorado. It also operates a copper smelter in Miami, Arizona. In South America, it manages two copper operations: Cerro Verde in Peru and El Abra in Chile. In addition to copper, the Grasberg minerals district also produces gold and silver.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Put Option Appeal: The current bid for the $51.00 put option is 72 cents, and if an investor sells-to-open this contract, they commit to buying the stock at $51.00, resulting in an effective cost basis of $50.28, which represents a 13% discount to the current price of $58.64, making it attractive for those looking to enter at a lower cost.
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- Call Option Returns: The $63.00 call option has a current bid of $2.90, and if an investor buys FCX shares at $58.64 and sells this call, they could achieve a total return of 12.38% if the stock is called away at expiration, providing an additional revenue opportunity.
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