50.71 -0.42 (-0.82%)
Pre-Market: 9:02AM EDT
|Bid||50.80 x 800|
|Ask||50.91 x 800|
|Day's Range||51.10 - 52.14|
|52 Week Range||33.42 - 52.14|
|PE Ratio (TTM)||29.02|
|Forward Dividend & Yield||2.20 (4.76%)|
|1y Target Est||44.56|
According to recent regulatory filings, activist investor Carl Icahn cut his holdings in Freeport-McMoRan (FCX). Icahn built his position in Freeport-McMoRan in 2015, when miners including BHP Billiton (BHP), Glencore (GLNCY), and Rio Tinto (RIO) were battling a commodity price slowdown.
The following are the top stories on the business pages of British newspapers. Britain's chief accounting regulator singled out Carillion Plc for commendation as a model of good accounting practice only months before it began to implode. Martin Gilbert, co-chief executive of Standard Life Aberdeen , is taking a five-month leave of absence from commodities group Glencore Plc to give him more time to devote to his role as deputy chairman of Sky, which is at the centre of a takeover battle.
On April 4, SM Energy (SM) announced the sale of its noncore assets worth $292.3 million and its decision to continue its strategy of focusing on the Midland Basin and the Eagle Ford Shale play while reducing its debt. As a result, SM Energy estimates a reduction of 1.2 million boe (barrels of oil equivalent) in production this year from both transactions and roughly 3% of the company’s 2018 production guidance as of February 21. Year-to-date, SM Energy has announced the expected divestiture of ~$792 million of its noncore assets.
Freeport-McMoRan (FCX) operates the giant Grasberg mine in Indonesia (EIDO). Rio Tinto (RIO) is Freeport’s partner at the mine. Notably, Grasberg is the second largest copper mine globally after BHP Billiton (BHP) owned Escondida.
A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. BHP Billiton plc (LSE:BLT) has returned toRead More...
So far in this series, we’ve discussed Freeport-McMoRan’s (FCX) troubles in Indonesia and the stock’s valuation. In this part, we’ll discuss some of the bullish drivers for the stock.
BHP Billiton Ltd., the world’s biggest miner, forecasts reforms in China’s steel sector will continue to hand an advantage to suppliers of higher-quality iron ore and coking coal as consumption of the alloy keeps growing well into the next decade. Steel mills are likely to retain about two-thirds of the improvements in margins seen since a push began in China in late 2015 to reduce excess capacity and meet more stringent environmental standards, Chief Commercial Officer Arnoud Balhuizen said Monday in an interview with Bloomberg Television.
Freeport-McMoRan (FCX) operates the Grasberg mine in Indonesia. The Grasberg mine is the world’s second-largest mine after BHP Billiton’s (BHP) Escondida mine. Rio Tinto (RIO) (TRQ) is Freeport’s partner at the Grasberg mine. Despite Freeport-McMoRan agreeing to two of the key demands made by the Indonesian government, its problems are far from over.
So far, copper prices have been subdued in 2018. Copper has seen a sharp rally since 1Q16. Copper has been struggling to hold the $7,000 per metric ton price level this year. Ample supplies, highlighted by low treatment and refining charges and rising inventories, have been bearish drivers for copper prices. Trade friction between the US and China hasn’t helped copper’s cause either. Copper miners including Freeport-McMoRan (FCX) and Antofagasta (ANTO) have also followed copper lower. ...
BP Plc is weighing an acquisition of some of BHP Billiton Ltd.’s energy assets as the British oil major seeks more U.S. shale, according to people familiar with the matter. The London-based company is working with Morgan Stanley to advise on the plans, said the people, asking not to be identified as the matter is private. BP is weighing teaming up with other suitors or swapping conventional assets -- where oil and gas typically flow more easily to the surface than shale -- with BHP, they said.
Anglo American Plc, Glencore Plc and BHP Billiton Ltd. are generating the highest profits in years from their coal mines. Income for the 37 coal producers tracked in a Bloomberg Intelligence index was the highest in six years. It all comes down to the simplest equation in business: supply and demand.
When it comes to estimating demand for a commodity, considering a country that single-handedly consumes more than 70% of the commodity is imperative. We’re talking, of course, about seaborne-traded iron ore and China. It’s vital to track Chinese iron ore imports to gauge the direction of future prices.
Iron ore port inventories in China reflect the balance between demand and supply. Usually, if iron ore isn’t used up by steel mills, it piles up at ports. Because this indicator helps provide a sense of the direction of iron ore prices, it’s important to track.
As major seaborne iron ore exporters are in Australia and Brazil (EWZ), it’s imperative for iron ore investors to track iron ore exports from these countries. They serve as a key supply-side indicator.
In the week ended April 20, iron ore prices recorded their best weekly performance in 17 weeks, mostly supported by China’s announcement of a cut in bank reserve requirements. This move is expected to improve liquidity, boosting economic activity. Steel prices hinge on economic activity in a country. China’s falling steel inventories are also supporting iron ore prices.
The cash cost of goods sold for Cleveland-Cliffs’s (CLF) APIO division was $66.36 per ton in 1Q18, 78% higher YoY (year-over-year) and 49% higher sequentially. The increased costs were mainly due to the inclusion of accounting adjustments required for the planned closure of the operations.
Cleveland-Cliffs (CLF) has direct exposure to the seaborne iron ore trade through its APIO (Asia-Pacific Iron Ore) unit. The company announced on April 6 that it expects to close its Australian operations by June 30, 2018. Cliffs’s CEO had noted time and again that due to the strategies followed by seaborne iron ore miners (PICK) such as BHP Billiton (BHP), Vale (VALE), Rio Tinto (RIO), Fortescue Metals Group (FSUGY), and Roy Hill, the iron ore market is in rough shape.
Vale (VALE) released its 1Q18 results on April 25, 2018, after the markets closed. The company reported net earnings of $1.6 billion in 1Q18, 17% lower than what the consensus was expecting. Its earnings also dropped 36% year-over-year (or YoY) due to lower iron ore prices and higher costs.
Freeport-McMoRan (FCX) released its 1Q18 results yesterday. The company’s adjusted EPS (earnings per share) from continuing operations were $0.46 in 1Q18, compared with $0.13 in 1Q17.
Stock Monitor: Cleveland-Cliffs Post Earnings Reporting LONDON, UK / ACCESSWIRE / April 23, 2018 / Active-Investors.com has just released a free research report on BHP Billiton Ltd (NYSE: BHP ). If you ...
On April 18, BHP Billiton (BHP) released its operational review of the nine months ended March 2018. Iron ore (PICK) volumes are key to BHP Billiton’s revenues and earnings, as iron ore is the largest commodity produced by the company.
April 18, 2018, belonged to commodity stocks (COMT), some of which saw their highest one-day gains in months. Among the iron ore and diversified companies, Glencore (GLNCY) surged 7.7%, and Anglo American (AAUKY) saw price gains of 6.2%. BHP Billiton (BHP), Rio Tinto (RIO), Vale SA (VALE), and Cleveland-Cliffs (CLF) rose 3.3%, 4.0%, 4.2%, and 4.4%, respectively.