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FCX

Freeport McMoRan

$15.12

0.61 (4.20%)

08:05
11/23/16
11/23
08:05
11/23/16
08:05

Freeport McMoRan raises $1.5B in gross proceeds from at-the-market offering

Freeport-McMoRan announced the completion of its at-the-market offering of common stock announced on July 27. FCX raised $1.5B in gross proceeds through the sale of 116.5M shares of FCX common stock in open market transactions since July 28. The shares were issued pursuant to FCX's shelf registration statement. After giving effect to this offering, FCX will have approximately 1.44B shares of common stock outstanding. President and CEO Richard Adkerson said, "The completion of this offering, together with $6.6B in previously announced asset sale transactions, enables us to restore our balance sheet strength and achieve our stated debt reduction targets. This important milestone represents the successful completion of our plan to generate proceeds for debt repayment through asset sales and the issuance of equity. Our plan was executed in a manner to enable us to retain our industry leading portfolio of high quality, long-lived copper assets. We remain focused on executing our operating plans to generate significant free cash flow and to building long-term values for shareholders."

FCX Freeport McMoRan
$15.12

0.61 (4.20%)

10/17/16
10/17/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Freeport McMoRan (FCX) reinstated with an Underperform at BofA/Merrill. 2. Novan (NOV) initiated with an Overweight at Piper Jaffray, an Outperform at Wedbush, and an Outperform at JMP Securities. 3. CapStar Financial (CSTR) initiated with a Market Perform at Keefe Bruyette, a Hold at Sandler O'Neill, and an Outperform at Raymond James. 4. Trade Desk (TTD) initiated with a Buy at Jefferies, an Outperform at RBC Capital, a Buy at Citi, a Buy at Needham, and an Outperform at Raymond James. 5. e.l.f. Beauty (ELF) initiated with a Neutral at JPMorgan, an Overweight at Piper Jaffray, a Market Perform at Wells Fargo, an Outperform at William Blair, a Hold at Stifel, a Buy at SunTrust, an Outperform at Cowen, and an Equal Weight at Morgan Stanley. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/14/16
MACQ
11/14/16
NO CHANGE
Target $13
MACQ
Outperform
Freeport McMoRan price target raised to $13 from $9 at Macquarie
Macquarie analyst Anthony Young raised Freeport's price target to $13 from $9 in conjunction with the Commodities' team increase in copper price forecast by 17% in 2017 to $2.43/lb and 16% in 2018 to $2.13/lb. The analyst likes Freeport's leverage to the price of copper and expects the company to ultimately reach an agreement with the Indonesia government on the company's permit to export. Young has an Outperform rating on Freeport shares.
11/17/16
DBAB
11/17/16
DOWNGRADE
Target $12.5
DBAB
Hold
Freeport McMoRan downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Chris Terry downgraded Freeport McMoRan to Hold citing valuation following the recent rally in the shares. The analyst keeps a $12.50 price target for the stock.
11/21/16
COWN
11/21/16
NO CHANGE
Target $20
COWN
Outperform
Freeport McMoRan price target raised to $20 from $15 at Cowen
Cowen analyst Anthony Rizzuto raised his price target on Freeport McMoRan to $20 from $15 as the company has regained its status as the "go-to" coper investment vehicle after the impressive action taken by management to right-size the balance sheet. Rizzuto reiterated his Outperform rating on Freeport McMoRan shares.

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