12.62 -0.25 (-1.94%)
Pre-Market: 8:51AM EST
|Bid||12.60 x 36200|
|Ask||12.72 x 40700|
|Day's Range||12.81 - 13.08|
|52 Week Range||8.43 - 14.68|
|Beta (5Y Monthly)||2.51|
|PE Ratio (TTM)||79.44|
|Earnings Date||Jan 22, 2020|
|Forward Dividend & Yield||0.20 (1.55%)|
|Ex-Dividend Date||Jan 12, 2020|
|1y Target Est||14.22|
Freeport-McMoRan (FCX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
The three major U.S. stock market indexes rose as investors looked ahead to Wednesday’s signing of the initial U.S.-China trade pact.
How far off is Freeport-McMoRan Inc. (NYSE:FCX) from its intrinsic value? Using the most recent financial data, we'll...
The 2019 scoreboard turned out great for equity bulls, but it was tumultuous for all markets. It's been a series of trading headline after headline -- making it difficult to have confidence on Wall Street. All sectors were affected, and toda,y we examine three such stocks to trade as we head into 2020.Freeport-McMoRan (NYSE:FCX), United States Steel Corporation (NYSE:X) and Nio Limited (NYSE:NIO) investors had to withstand big rallies and collapses throughout the year. Just recently, X fell off a cliff, Nio doubled in one day and FCX rallied 50% in a couple of months to salvage its year performance. * 7 'A'-Rated Stocks to Buy Under $10 With those types of performances, these clearly are stocks to trade into next year.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Stock Ready to Trade in 2020: Nio Limited (NIO) Click to Enlarge Source: Charts by TradingView Nio is a momentum stock like its competitor Tesla (NASDAQ:TSLA), meaning that it runs fast in both directions. Monday, it doubled on the positive reaction to its upside surprise in vehicle delivery report. While this sounds tremendous, the stock has fallen almost 90% since its highs in March; So, it's digging its way back out of an abyss.On the way down, it looked like it was headed to zero. So, this sudden upside burst is tempting to chase. But, before investors back up the truck and load up on Nio, they should consider that the giant rally sliced through all short-term levels too fast.The Monday high was exactly the ledge from which the stock collapsed in May. So, the first retest of it faces tremendous resistance. This is not the same as saying it will never happen -- but usually, the bulls need a few attempts before they retake prior accident scenes. $5 per share is in fact resistance until the buyers can prove they can retake it and use it for forward footing.Combine this enthusiasm with the recent adoration of Tesla stock, and you get a situation where sentiment has suddenly swung too far positive too fast. So, there will likely be better entry points into NIO stock than now -- especially if the goal is short-term profit.Nio now needs to hold $3.50 per share or else it risks filling the gap to $2.65. The problem with fast profits is that it creates a bunch of weak hands. Those make for shaky bases, so it needs a shake out of a few of them before the buyers can flex more muscle. This morning pop needs to hold so that the bulls have a chance at a new leg of the prior glory recovery. U.S. Steel (X) Click to Enlarge Source: Charts by TradingView In early December, U.S. Steel stock showed great technical promise. The chart was finally hinting at a big breakout, but then it all fell apart on a headline mid month when management hit the trifecta of bad news. They downgraded the outlook, cut the dividend and the buybacks. The investors panicked out of X stock in droves, and it is now 20% lower with almost no light at the end of the tunnel.However, this makes it so that there are few incremental sellers left. Everyone that wanted to sell did so already, so this leaves the upside potential in 2020 the more likely scenario. The Warren Buffet mentality applies here: Buy when everyone else is afraid. The trick is to make sure to set limits to potential losses because having solid stop loss levels makes for more successful trading. Otherwise, catching falling machetes like X stock would cause investors to lose many fingers. * 7 Stocks to Buy to Get 2020 Started the Right Way The U.S. Steel fans need to defend the recent lows, as it is imperative to stay double digits and not revisit the August lows. This will limit the damage done by the recent headline and the bulls can rebuild the upward momentum. The real battle would then be to breach through the $14 to $15 per share zone. The descending wedge still offers the best opportunity for X to recover by mid-2020. Freeport McMoRran (FCX) Click to Enlarge Source: Charts by TradingView Freeport-McMoRan stock is ending the year up as much as the S&P 500, but it wasn't all rosy. Most of the gains came from a late 50% rally off the October lows, and FCX stock is now trading inside a tight price range. This usually means that it will breakout soon from it, and the trade is to chase either side when it's breached.It is important to note that this is a trade more so than an investment. But, if the breakout happens to the upside, then FCX could use the momentum to take out the recent failure point near $15 per share and start another significant rally. So in a sense, this short-term trade could have long-term upside repercussions.This action in FCX is happening above a very long-term consolidation zone that dates back more than 15 years. Moreover, it bounced off the pivot levels from April of 2003. Back then, this served as a spring board to a 130% rally in a few months -- and then ultimately, ended up more that 500% at the highs of 2008.This alone doesn't mean that this rally here will have the same results, but it does suggest that FCX stock bulls have the benefit of strong support below. Responsibility is on the bears to find new reasons to go back to single digits.This also means that the bulls will have more than one attempt at breaching the resistance here and at $15 per share. Of course, for this to happen, management will have to avoid creating its own drama with balance sheet issues or strategic flubs.Nicolas Chahine is the managing director of SellSpreads.com. As of this writing, he did not hold a position in any of the aforementioned securities. Join his live chat room for free here. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 'A'-Rated Stocks to Buy Under $10 * 7 High-Yield Dividend Stocks for Growth and Income in the 2020s * 7 Tech Stocks to Buy As the Trade War Ends The post 3 Stocks To Trade That Are Ready to Move in 2020 appeared first on InvestorPlace.
We are still in an overall bull market and many stocks that smart money investors were piling into surged in 2019. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 57% each. Hedge funds' top 3 stock picks returned 44.6% this year and beat the S&P 500 ETFs by […]
Freeport-McMoRan (NYSE:FCX) stock finally seems to be moving convincingly higher from range-bound trade. In the last two-and-half months, FCX stock has surged by 50%.Source: MICHAEL A JACKSON FILMS / Shutterstock.com Importantly, the rally has been supported by strong fundamental developments. Moving into 2020, I believe that FCX stock has more legs in the current rally.Since FCX stock has already moved higher by 50% in the last few months, I want to first discuss the valuation. Freeport-McMoRan currently trades at a 2020 EV/EBITDA of 6.81. This is still attractive considering the point that Southern Copper Corporation (NYSE:SCCO) trades at a 2020 EV/EBITDA of 9.96. FCX stock can cool-off after a massive rally, but the uptrend is likely to remain intact in 2020.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Copper Will Trend Higher in 2020The primary reason for FCX stock surging higher is the fact that copper has been trending higher. Last week, copper touched a seven-month high on the London Metal Exchange. There are reasons to believe that the uptrend for copper will sustain in 2020. * 7 Stocks to Buy to Get 2020 Started the Right Way With the United States and China reaching a phase one deal, easing trade tensions can boost global GDP growth. The International Monetary Fund also expects emerging markets to grow at 4.6% in 2020 from 3.9% in 2019. If growth in China and India accelerates, the demand for copper will ensure that the commodity continues to move higher. This will be positive for FCX as EBITDA margin will expand along with growth in free cash flows.Another reason to be bullish on copper is the fact that the Federal Reserve has been pursuing a renewed expansionary policy. The central bank's assets have swelled from $3.8 trillion in September to $4.1 trillion in December.With easy money in the financial markets, depressed asset classes are likely to move higher. In the last ten years, commodities have been the most depressed asset class and the next decade can be different. Lower investments in mining expansion due to depressed prices have narrowed the demand-supply gap. It is expected that copper market will go from surplus to deficit in 2021.Clearly, fundamental factors support the bull story for copper and as the commodity trend higher, FCX stock will follow. Financial Flexibility Will Support GrowthFor 2020, Freeport-McMoRan expects to incur capital expenditure of $2.6 billion. With cash of $2.2 billion and undrawn credit facility of $3.5 billion, FCX is fully funded for 2020 and 2021.FCX also generated an operating cash flow of $1.3 billion for the first nine months of 2019. This implies an annualized OCF of $1.7 billion. Therefore, with copper prices trending higher, FCX is well-positioned to reduce its net debt position in 2020.In the last 24 months, deleveraging has ensured that credit metrics improve for FCX. With prospects of higher commodity prices, FCX stock is positioned to debt re-rating. In addition, dividends can possibly increase towards the end of 2020 or into 2021.I want to add here that the sale of gold will also add to cash flow in addition to copper sales. Freeport-McMoRan expects gold sales to increase from 0.87 million ozs in 2019 to 1.45 million ozs in 2021.Gold is trading near $1,500 an ounce and I am positive on gold as expansionary policies are bullish for the precious metal. Therefore, over the next 24 months, gold is likely to support EBITDA margin expansion and cash flow upside. My Final Thoughts on FCX stockIf we go back by 24 months to 3Q17, FCX had $14.8 billion in total debt. In addition, the company had a relatively uncertain outlook due to negotiations with the government in Indonesia. Currently, total debt has declined to $9.9 billion and there is a firm agreement with the Indonesian government. In addition, the outlook for copper is bullish and gold has been trending higher.Clearly, FCX has made significant progress in terms of sale of non-core assets, deleveraging. The next two years will be focused on production ramp-up, which will translate into EBITDA and cash flow upside.This makes FCX stock worth considering even after the strong rally in the last few months. However, investors can wait for some profit booking before fresh exposure for 2020.As of this writing, Faisal Humayun did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Stocks to Buy to Get 2020 Started the Right Way * 10 Best ETFs for 2020: The Competition Is Stacked Full of Potential * 4 Gold Stocks to Buy as the Yellow Metal Surges The post Rising Copper Prices Will Drive FDX Stock Higher in the New Year appeared first on InvestorPlace.
As the world increasingly becomes digitalized, I believe longer term that the case for commodities will only improve. Ironically, as technology advances, so will demand for the physical facilitation of those innovations. But over the past few years, this concept generally hasn't worked well for companies like Freeport-McMoRan (NYSE:FCX). During the trailing five-year period, FCX stock has dropped 44%.Source: MICHAEL A JACKSON FILMS / Shutterstock.com Why? Mostly, the commodities sector, particularly precious metals like gold and silver, peaked early this decade. Subsequent trades have attempted to push the physical assets market higher, only to be met with biting disappointment. Of course, that didn't suit Freeport-McMoRan stock well. The underlying company specializes in the industrial metals copper and molybdenum. It also has exposure to the gold market.Frankly, FCX stock was on track to be a disappointment this year as well. Up until late October, shares were down compared to January's opening price.InvestorPlace - Stock Market News, Stock Advice & Trading TipsHowever, Freeport-McMoRan stock experienced a dramatic resurgence the day after Halloween. Since the unofficial holiday, shares have jumped 33%. * The 10 Worst Dividend Stocks of the Decade Naturally, with such a strong spike, investors question if enough momentum remains for 2020 and beyond. If that's you, all I can say is, oh yeah! FCX stock is primed to rock and roll. Here are three reasons why: The Federal Reserve's Dovish StanceAmong the many people not on President Donald Trump's Christmas card list is probably Federal Reserve Chair Jerome Powell. Routinely, Trump has bitterly complained that Powell refuses to aggressively cut benchmark interest rates. Just in that context, that might not appear beneficial for Freeport-McMoRan stock.But the reality is that the Fed has been more than accommodating for the administration and the broader economy. Powell has several times noted that he and his team of central bankers will monitor economic conditions and act accordingly.Irrespective of executive pressure, Powell is doing the right thing, applying a balanced, rational but nevertheless dovish strategy. And the best news of all came recently. According to the Washington Post, Powell sees no need to raise interest rates anytime soon.It's not what Trump wanted. However, it's good news for him, the economy and FCX stock. At the end of the day, the Fed is still accommodative. Naturally, this provides inflationary upside for commodities, something that Freeport-McMoRan hasn't seen for some time. Copper Prices Will (Finally) Support FCX StockAs I briefly mentioned up top, Freeport-McMoRan is a major player in the copper market. Barring extremely unusual circumstances, high copper prices (demand) is always good for FCX stock.If you need math to convince you, consider this: from January 1995 to through November 2019, the correlation coefficient between Freeport-McMoRan and the copper price per metric ton stands at a whopping 88%. In other words, as copper demand goes, so too does FCX. Click to Enlarge Source: Chart by Josh Enomoto And that's very good news for stakeholders and prospective buyers, according to Capital Economics' commodities expert Ross Strachan. He wrote:Constrained supply growth and surging demand from electric vehicles mean that we think that the price of copper will rise by over 60%, to nearly $10,000 per tonne, by 2025 … This rally is almost three times higher than consensus estimates.Perhaps surprisingly to many readers, "green" technologies use substantial amounts of copper. Strachan notes that this is especially the case for "electric vehicles, which use a lot more copper than cars with internal combustion engines."But copper has conductivity and other vital attributes that are critical for most industries. Furthermore, as developing nations transition to developed status, copper (and other metal) demand will surely increase.That's positive for copper prices and therefore Freeport-McMoRan stock. Golden Bonus for Freeport-McMoRan StockAlthough the industrial metals are where FCX stock makes its most money, Freeport-McMoRan is nevertheless an important gold player. While gold has been a temptress - skyrocketing in the summer but shedding momentum in the fall - I believe this market will also turn around.Again, consider the Fed's dovish policy. While it doesn't meet the aggression standards of Trump and his goldbug followers, it's still aggressive enough. Apparently, we are going to get our inflation: the bickering is over the magnitude.Beyond monetary policy, I think investors are anxiously eyeing both U.S. politics and geopolitics. Like gold, a meaningful resolution to the U.S.-China trade war has seductively eluded investors until just recently. But even then, things can go from great to terrible in a blink of an eye under this administration.If any fissures develop, gold is back on the upswing. And I believe that the uncertainties of the 2020 election will help boost the precious metal. Either way, I think you're looking at a positive, inflationary environment for Freeport-McMoRan stock.As of this writing, Josh Enomoto is long gold and silver bullion. He is also considering a long position in FCX stock in the next 72 hours. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * The 10 Worst Dividend Stocks of the Decade * 7 Game-Changing Tech Stocks to Buy Now * 5 Chinese Stocks to Buy for the Big 2020 Rebound The post 3 Reasons Why Freeport-McMoRan Stock Is an Easy Buy appeared first on InvestorPlace.
Freeport-McMoRan Inc. (NYSE: FCX) today declared a cash dividend of $0.05 per share payable on February 3, 2020 to holders of record as of January 15, 2020 for its common stock.
Wall Street is slowly getting more bullish on mining stocks. Large mining stocks Barron’s tracks are down more than 50% from all-time highs, but the sector has bounced back some in 2019, up about 14% on average. The reason for improved sentiment is linked to iron ore and copper, two key metals for global miners.
Freeport McMoRan saw a positive improvement to its Relative Strength (RS) Rating on Tuesday, with an upgrade from 78 to 82. When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. IBD's unique RS Rating identifies technical performance by using a 1 (worst) to 99 (best) score that shows how a stock's price action over the last 52 weeks matches up against the rest of the market.
Freeport-McMoRan Inc (NYSE: FCX) shares have rallied 29.3% in the past three months as investors have become more bullish about the company’s growth strategy and focus on improving its balance sheet. On Monday, Benzinga Pro subscribers received 15 option alerts related to unusually large Freeport-McMoRan trades. From 9:03 a.m. to 9:04 a.m., a trader bought 6,267 Freeport-McMoRan call options with a $14 strike price expiring Feb. 21, 2020 near ask prices ranging from 31 cents to 32 cents.
With the 2010s officially drawing to a close, Yahoo Finance took a look at some of the biggest S&P 500 winners and losers of the past decade based on price returns.
With the first-quarter round of 13F filings behind us it is time to take a look at the stocks in which some of the best money managers in the world preferred to invest or sell heading into the second quarter. One of these stocks was Freeport-McMoRan Inc. (NYSE:FCX). Is Freeport-McMoRan Inc. (NYSE:FCX) a bargain? Hedge […]
While not a mind-blowing move, it is good to see that the Freeport-McMoRan Inc. (NYSE:FCX) share price has gained 26...
Freeport-McMoRan Inc. announced today that it has completed the previously announced sale of its cobalt refinery in Kokkola, Finland and related cobalt cathode precursor business to Umicore for total cash consideration of approximately $200 million, including approximately $50 million of working capital.
Freeport-McMoRan (FCX) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Freeport-McMoRan Inc (NYSE: FCX) is up 18.3% in the past three months as the company executes its growth strategy. On Thursday, Benzinga Pro subscribers received 13 option alerts related to unusually large Freeport-McMoRan trades. From 9:48 a.m. to 9:50 a.m. a trader bought 2,682 Freeport-McMoRan call options with a $13 strike price expiring on May 15, 2020 near ask prices ranging from 59 cents to 60 cents.
Miner Freeport-McMoRan Inc and three Chinese copper smelters on Thursday agreed a 23% cut in annual treatment and refining charges (TC/RCs) for 2020, pushing the industry benchmark to a nine-year low. Freeport settled with Jiangxi Copper, Tongling Nonferrous Metals and China Copper Corp in three separate deals at the same price, Javier Targhetta, president of Atlantic Copper and senior vice president for marketing and sales at Freeport told Reuters. The charges, paid by miners to smelters to process ore into refined metal, were set at $62 a tonne and 6.2 cents per pound, down from $80.80 a tonne and 8.08 cents per pound in 2019, reflecting tight concentrate supply and China's rising processing capacity.