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FCX

Freeport McMoRan

$9.92

0.1 (1.02%)

08:02
10/23/19
10/23
08:02
10/23/19
08:02

Freeport McMoRan reports Q3 adjusted EPS (1c), consensus 0c

Reports Q3 revenue $3.31B, consensus $3.53B. Consolidated sales totaled 795 million pounds of copper, 243 thousand ounces of gold and 22 million pounds of molybdenum in third-quarter 2019. Consolidated production totaled 864 million pounds of copper and 333 thousand ounces of gold in third-quarter 2019. Richard C. Adkerson, President and CEO, said, "Our global team has established strong momentum on our three major initiatives to build value for shareholders. We are effectively executing our plans to establish large-scale production from our significant high-grade, low-cost and long-lived underground ore bodies at Grasberg; advance the Lone Star project in Arizona as a new cornerstone asset in the U.S.; and progress our innovation initiatives to enhance productivity and grow our Americas operations with low capital intensity. These initiatives are expected to significantly enhance our cost position, cash flow and the long-term value of our premier copper portfolio, providing opportunities for increased returns to shareholders. We are pleased with our progress to date and remain focused on successful execution of our plans, which would enable us to increase copper production by 30 percent, gold production by 70 percent, reduce unit net cash costs by 25 percent and more than double operating cash flows in 2021 from 2019 levels."

  • 23

    Oct

FCX Freeport McMoRan
$9.92

0.1 (1.02%)

07/24/19
07/24/19
UPGRADE
Target $14

Sector Perform
Freeport McMoRan upgraded to Sector Perform at RBC Capital on copper view
As previously reported, RBC Capital analyst Sam Crittenden upgraded Freeport McMoRan to Sector Perform and raised his price target to $14 from $12. The analyst says he is turning more "cautiously optimistic" on copper heading into 2020 and believes the stock could follow that rally. Crittenden adds that while risks around the transition to block caving at Grasberg remain, some "solid progress" has been made thus far.
07/25/19
07/25/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. UPS (UPS) upgraded to Buy from Neutral at BofA/Merrill with analyst Ken Hoexter saying the "e-commerce revolution" continues to drive airfreight industry growth. 2. AT&T (T) upgraded to Neutral from Underperform at Credit Suisse with analyst Douglas Mitchelson saying he believes video subscriber losses peaked in Q2/Q3 and he does not see risk to consensus 2019 estimates. Additionally, AT&T's valuation is supported by its 6.1% dividend yield, said Mitchelson. 3. Freeport McMoRan (FCX) upgraded to Sector Perform from Underperform at RBC Capital with analyst Sam Crittenden saying he is turning more "cautiously optimistic" on copper heading into 2020 and believes the stock could follow that rally. 4. Activision Blizzard (ATVI) upgraded to Buy from Neutral at BofA/Merrill with analyst Ryan Gee saying the stock is on the "verge of inflection" after a period of investment in people and content set up its "potent" content slate. 5. Etsy (ETSY) upgraded to Buy from Neutral at BTIG with analyst Marvin Fong saying a number of new catalysts has led to a "meaningful" increase in its intrinsic value. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/20/19
EXAN
09/20/19
INITIATION
Target $13.2
EXAN
Outperform
Freeport McMoRan initiated with an Outperform at Exane BNP Paribas
Exane BNP Paribas started Freeport McMoRan with an Outperform rating and $13.20 price target.
10/10/19
UBSW
10/10/19
UPGRADE
Target $12
UBSW
Buy
Freeport McMoRan upgraded to Buy from Neutral at UBS
UBS analyst Andreas Bokkenheuser upgraded Freeport McMoRan to Buy from Neutral with a price target of $12, down from $13. The analyst believes the market is overly focused on lower near-term copper prices versus the company's growth trajectory. Bokkenheuser, who lowered his copper estimates, believes Freeport is oversold at current share levels. The company's "disproportionally high" gold exposure and 10% annual production growth should drive outperformance relative to peers, contends the analyst.

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