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Freeport-McMoRan Inc. Message Board

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  • Reply to

    latest rig count

    by mullam4444 Jan 7, 2015 5:25 PM

    now down to 1633 as of Jan 23 -- lowest since August of 2010

  • last July FCX sold the Eagle Ford Shale assets for $3.1 BB. How smart is that looking in hindsight ? THey ended up buying some cheaper deep water Gulf sites with the proceeds. OIl is down, but the cost per barrel of getting oil from these assets is vastly different. It is possible that FCX would be in the red on production of the Eagle Ford at $50 oil. THe deep water sites will prove to be cheaper per barrel costs and thus contributing to overall profitability. FOr all the doomsday predictions, at least this one proved a positive. I think the recent discoveries of oil in and Gas in December, though not good for the industry as it is new supply, but it is lifeblood to FCX

    Bottom line -- FCX will weather the current storm as it does routinely thru commodity swings

  • Reply to

    Under water

    by pilingon007 Jan 23, 2015 8:55 PM
    richard_mantz@sbcglobal.net richard_mantz 9 hours ago Flag

    Looks like the company disagrees with you. For starters, they are expanding the Copper operations, so clearly they have a different future than you have.

    Second, they just purchased back the oil and gas division. That division has announced a major discovery and just last month finally created the engineering to bring in on production with decent results and an extremely low breakeven. There are several more wells to complete in the field with a substantial increase in GAS production on the way, and many more sites to drill should the company desire to drill more.

    This company is not scared of the commodity downturn, and possibly with good reason. The US economy has been growing for quite some time, and lately that growth has been accelerating. The German central banker gave an interview stating that his country's growth will probably surprise on the upside, etc....... So far from being an economic downturn, this looks more like a hiccup, and management appears to be running the company accordingly, leverage and all.

    Maybe they won't be right, but they have a lot of experience and I would not bet against them.

  • Reply to

    disconnect

    by mullam4444 16 hours ago

    Who at Morgan Stanley is the "seer"? Exactly who at GS "sees"? Everyone?
    Or are there a few cowards who hide their names behind their company's positions?
    Sloppy financial journalism is rampant on Wall Street. Assign responsibility for
    prognostications to individual employees making them, or don't report them at all.

    Also never buy commodity funds! Pure speculators don't belong in commodity markets
    which should be exclusively reserved for legitimate producers and consumers.

    Your faith in the $20 manipulated-value of FCX is obviously misplaced
    under the current circumstances, but it could prove useful to my plan.

    Sentiment: Strong Sell

  • You certainly aren't very sharp. Click on "Historical Prices" above.
    Select "Dividends Only". Do the math by adding up the total paid since 1995
    adjusted for the 2:1 split in 2011. Add in a little "cost" for distribution fees and
    much more for compound interest and loan fees paid to finance those dividents.
    Financially strong companies also tend to get better terms on credit, purchasing, etc.
    Imagine that FCX hadn't paid any dividends. What would be its financial picture today?
    How much more would its earnings be? How much greater would its true value be?
    The difference between that hypothetical situation and the current reality is the
    staggering cumulative financial COST.

    Sentiment: Strong Sell

  • Reply to

    disconnect

    by mullam4444 16 hours ago

    interesting remark from interview in Mineweb:

    2014 12 04 Gold will regain its shine in 2015
    Gold stocks will move first, and bullion will follow, says Jeff Mosseri of Greystone Asset Management. A Gold Report interview.
    4 December 2014 03:55
    TGR: If the price of copper rises, as many think it will, which companies besides HudBay would benefit?
    JM: The natural reaction of most institutions would be to buy Freeport-McMoRan Copper & Gold Inc. It’s a company they know already. I think they’ll be buying it for the wrong reasons, however, because the big leverage in Freeport will be when its gas properties really start paying off. That will happen in the next two to three years.

  • Reply to

    Investors liberation movement sounds like a

    by larryblake808 Jan 24, 2015 4:17 AM

    On the contrary, my investment experience extends over 3 decades.
    Your name-calling post doesn't refute any of my points, does it?

    Sentiment: Strong Sell

  • Morgan Stanley sees gold and copper going UP later this year. Goldman Sachs sees Gold and silver coming down still more later this year. And the marketplace, no clue. Look at where all the commodities have been in the last 6 months. All the greatest forecasters on the planet have been wrong -- big time. So how much faith should we have in the next prognostications ? not much.

    Oil is down 50% on a less than 5% supply overhang. Demand is actually UP over last year, just not as much as forecasted. Oil, like clockwork, has grown in demand nearly 1 MM bpd for the last 15 years running to todays 94 MM bpd.

    My belief is that the major price swings in commodities are driven largely by large hedge funds moving their positions around aggravating small moves in to large ones in vast momentum trades. No one wants to be the last seller so they all get out (and IN) at once. My belief is still that investors need to look at this as one of 2 things.
    1) the world is indeed crashing and all commodities are giving us a glimpse in to a grim future --- there is some case to be made from that --- except physical assets (Like commodities) get some play in those situations

    2) the other is that the whipsaw of trading activity is taking place right now looking for a bottom from which traders will return to reap the large rewards created by buying at the bottom and riding it up and no one wants to be the last buyer.

    I don't like Indonesia but I do like FCX at $20. Hang tough and see what management has in store for answers as they have weathered these types of storms before

  • Reply to

    Investors liberation movement sounds like a

    by larryblake808 Jan 24, 2015 4:17 AM

    You are the VILLAGE IDIOT by your own admission.

  • I may not be the sharpest knife in the drawer, but the dividend has nothing to do with cost.

  • On the contrary, radical fundamental change is required!

    Sentiment: Strong Sell

  • You propose inadequate half-measures, Bob.
    Drastic changes are clearly needed for FCX, not to mention Wall Street's usual
    financial malpractices. A "reduced" divident to support the current share-price
    is the wrong approach. Never mind the stock price, attend to fundamentals!
    The name of the game for equities is CAPITAL APPRECIATION not income.

    Sentiment: Strong Sell

  • Steady Eddie!!!!!

  • A good chance the dividend will be reduced to balance the payout ratio and provide support to the current share price. Keep in mind that they were paying out special extra dividends of $1.00 over the last several years, and 50 cent additional one time yearly dividends prior to the recession. These have already been eliminated.
    Current float is 1 billion shares x $1.25 yearly dividend. A partial or total cut in the dividend is not as important as capex reductions.
    One offset to these mining type of stocks is the new, much lower energy costs. Gas, diesel and natural gas costs are all a big component for mining production.
    Factor to consider:
    China has already started to lower their interest borrowing rates. They do have room to continue to cut their rates for a long time. At some point metal prices move higher.

    Sentiment: Strong Buy

  • Replace the financial advisor (presumed to be Merrill Lynch) with JPM
    unless there's a better choice
    because JPM held 3% of the equity at Sep 30, 2014 and presumably
    still has a substantial stake.
    Caveat: I don't care for the way JPM is being run,
    but they can probably execute my ideas competently.

    Sentiment: Strong Sell

  • Dismiss the CFO for cause and replace with #2 as Acting CFO
    unless there's a better candidate.

    Sentiment: Strong Sell

  • Reply to

    Wish They'd Sell Properties in Indonesia

    by bullseyecatnip Jan 24, 2015 9:27 AM

    I gave you thumbs up for a sincere wish however impractical. Who would buy at what price?
    If you mean slash debt by "streamline", that's definitely the correct strategy.
    The question is how. Selling non-core assets? Selling or abandoning troubled assets?
    I have much better suggestions but first the divident must be rescinded forthwith.
    I suggest making that announcement in the earnings report Tuesday.

    My ideas won't guarantee success, but they'll dramatically improve the odds.
    God's Acts can overwhelm all human plans.

    Sentiment: Strong Sell

  • Streamline company and focus elsewhere

  • Reply to

    Under water

    by pilingon007 Jan 23, 2015 8:55 PM

    The question is does FCX have its divident "covered". You sound supremely confident
    to the point of reckless arrogance, larryblake. Do you work for FCX or its advisor?
    Are you counseling Directors to commit a fraudulent conveyance so no one "worries"?
    Suppose its commodity prices decline further and stay low for a long time. Then what?

    Are FCX notes trading at a substantial discount to par yet?

    Sentiment: Strong Sell

FCX
19.24-0.78(-3.90%)Jan 23 4:03 PMEST

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