FCX - Freeport-McMoRan Inc.
| Previous Close | 8.99 |
| Open | 9.09 |
| Bid | 8.95 x 900 |
| Ask | 9.17 x 43500 |
| Day's Range | 8.98 - 9.24 |
| 52 Week Range | 8.78 - 14.96 |
| Volume | 18,372,116 |
| Avg. Volume | 19,505,119 |
| Market Cap | 13.203B |
| Beta (3Y Monthly) | 1.73 |
| PE Ratio (TTM) | 13.34 |
| EPS (TTM) | 0.68 |
| Earnings Date | Oct 22, 2019 - Oct 28, 2019 |
| Forward Dividend & Yield | 0.20 (2.22%) |
| Ex-Dividend Date | 2019-07-12 |
| 1y Target Est | 13.45 |
- InvestorPlace
3 Big Stock Charts for Friday: Freeport-McMoRan, Microsoft and Coca-Cola
It could have been worse. At one point on Thursday, the S&P 500 was down as much as 0.5% before rallying back to end the session up a quarter of a percent. Investors entertained doubts about the idea that the recent yield curve inversion has to lead to a recession.Source: Shutterstock Walmart (NYSE:WMT) gets the bulk of the credit for yesterday's gain. Shares of the retailer jumped more than 60% after the company delivered second-quarter numbers that exceeded expectations. E-commerce revenue remains particularly impressive for the world's biggest retailer.Yet, though the broad market made gains, the number of advancers was only slightly higher than the number of decliners, and bearish volume was actually greater than buying volume.InvestorPlace - Stock Market News, Stock Advice & Trading TipsWeighing stocks back more than any other name was General Electric (NYSE:GE), down more than 11% on accusations that it has been doctoring its accounting statements in a way that covers up a great number of liabilities that will cost the company billions. Cisco Systems (NASDAQ:CSCO) plunged nearly 9% after serving up lackluster guidance stemming from the tariff war underway with China. * 10 Cheap Dividend Stocks to Load Up On As the last trading day of the week kicks off, however, it's the stock charts of Freeport-McMoRan (NYSE:FCX), Microsoft (NASDAQ:MSFT) and Coca-Cola (NYSE:KO) that merit the closest looks. Here's why. Freeport-McMoRan (FCX)Although most stocks bounced back from recent weakness on Thursday, it's not surprising that Freeport-McMoRan didn't. Shares have been trapped in a downtrend for years, and that selloff was renewed at the beginning of last year when a rising support line was snapped.It's possible, however, yesterday's 4% tumble may have also served as a capitulation that ends up becoming the low point of the current bearish swing. That dip pulled the stock back to an established floor, forcing the bulls and the bears -- if not both -- to finally make a commitment. * Click to EnlargeAlthough you have to go back to 2017 to see the initial low that serves as the first node of a falling support line, plotted in blue on both stock charts, it's clear that FCX has been getting pushed toward the tip of a converging wedge pattern. * The weekly chart also indicates Freeport-McMoRan shares broke below what had been a technical floor at $9.50, marked in yellow on the weekly chart that also plots the rising support line, in red, that snapped in the middle of last year to let a new pullback take shape. * Although technically weak and suffering from bearish momentum, Thursday's kiss of the lower boundary of a descending wedge pattern opens the door to the possibility FCX could attempt to rebound from here. The upper boundary of the wedge, in white, remains intact though. Microsoft (MSFT)Giving credit where it's due, Microsoft shares have impressively stood up to marketwide weakness that started to seriously undermine other stocks late last month. Since peaking in July, MSFT shares have only fallen less than 6%. The S&P 500 is also still decidedly below most of its key moving average lines, while Microsoft is still above its key lines, or only modestly below the ones it's under.Microsoft shares are slowly slipping into a funk, however, putting pressure on key support levels, and failing to find support at others. One, perhaps two, more bearish days could push MSFT over the proverbial cliff and pull the rug out from underneath this name that has rallied about as far as it can feasibly go for the time being. * 15 Growth Stocks to Buy for the Long Haul * Click to EnlargeThe key floor now under attack is the straight-line span connecting February's, June's and now this month's low, plotted as a light blue line on the daily chart. * Zooming out to the weekly chart of Microsoft it becomes clear that this year's rally has pushed MSFT stock to the upper edge of a rising bullish channel, where it has started to fade. Notice the weekly chart's MACD line is now below zero, after several weeks of lower lows. * Assuming history will repeat itself, MSFT shares are now positioned to slide back to the lower edge of that range plotted with a yellow line on the weekly chart. It now stands at $111.70, but is rising quickly. Coca-Cola (KO)Finally, Coca-Cola shares have been on a rampage since March, rallying more than 20% for the five-month stretch. More than that though, the advance has pushed KO stock out of a long-term trading range and into uncharted waters. Although overbought, shares even confirmed the strength of this breakout thrust by pulling back, finding support at a key line in the sand and then bouncing back above a long-term technical ceiling.While the momentum is undeniable, the scope of the rally thus far is unnerving. The risk of a wave of profit-taking is abnormally high. The good news is, the make-or-break line in the sand has already been identified and verified. * Click to EnlargeThe support level in question is the 50-day moving average line, plotted in purple on the daily chart. That line prompted the reversal that materialized two weeks ago, and is highlighted on the daily chart. * Backing out to a weekly chart, the basis of the worry becomes clear. Just in the past few weeks, KO stock has broken above a technical ceiling that has kept shares in check since 2013. It's plotted in white. * Although there's plenty of risk of a pullback that would bring Coca-Cola stock back to the trading range's floor near $46, marked in yellow, there has been an impressive amount of buying volume persistently through this unparalleled advance.At the time of this writing, James Brumley did not hold a position in any of the aforementioned securities. To learn more about James, visit his site at jamesbrumley.com, or follow him in twitter at @jbrumley. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Cheap Dividend Stocks to Load Up On * The 10 Biggest Losers from Q2 Earnings * 5 Dependable Dividend Stocks to Buy The post 3 Big Stock Charts for Friday: Freeport-McMoRan, Microsoft and Coca-Cola appeared first on InvestorPlace.
- Business Wire
Freeport-McMoRan Completes Sale of $1.2 Billion of Senior Notes and Announces Results of Offers to Purchase Certain Outstanding Senior Notes
Freeport-McMoRan Inc. (FCX) announced today that it has completed the sale of $600 million aggregate principal amount of its 5.00% Senior Notes due 2027 and $600 million aggregate principal amount of its 5.25% Senior Notes due 2029. FCX intends to use the net proceeds from the $1.2 billion senior notes offering to fund its previously announced make-whole redemption of all of its outstanding $728 million aggregate principal amount of 6.875% Senior Notes due 2023, the purchase of approximately $404.9 million aggregate principal amount of its 4.00% Senior Notes due 2021 (the 2021 Notes) and $12.3 million aggregate principal amount of its 3.55% Senior Notes due 2022 (the 2022 Notes) tendered as of 5:00 p.m., New York City time, on August 14, 2019 (the Early Tender Deadline) pursuant to its cash tender offers, and the payment of accrued and unpaid interest, premiums, fees and expenses in connection therewith.
- Zacks
Southern Copper's Tia Maria Construction License Suspended
Southern Copper Corporation's (SCCO) Tia Maria copper mine put on hold following protests owing to environmental concerns.
- Simply Wall St.
How Should Investors Feel About Freeport-McMoRan Inc.'s (NYSE:FCX) CEO Pay?
Richard Adkerson has been the CEO of Freeport-McMoRan Inc. (NYSE:FCX) since 2003. This analysis aims first to contrast...
- GuruFocus.com
Ken Fisher Curbs Total, ING Groep Stakes
The guru's largest sales of the 2nd quarter Continue reading...
- Business Wire
Freeport-McMoRan Prices $1.2 Billion of Senior Notes
Freeport-McMoRan Inc. announced today that it has priced $1.2 billion of senior notes . Following is a summary of the two tranches of debt:
- Moody's
Freeport-McMoRan Inc. -- Moody's assigns Ba1 rating to FCX's new notes
Moody's Investors Service ("Moody's") assigned a Ba1 rating to Freeport-McMoRan Inc's (FCX) new guaranteed senior unsecured notes due in 2027 and 2029. The notes will be issued under the company's well-known seasoned issuer shelf registration ("WKSI"), rated (P)Ba1 for senior unsecured debt securities. Proceeds will be used to redeem the 6.875% senior unsecured notes due 2023 and to tender for portions of the 4% senior unsecured notes due 2021, the 3.55% senior unsecured notes due 2022, and the 3.875% senior unsecured notes due 2023.
- InvestorPlace
Freeport-McMoRan Stock Can Be a Long-Term Portfolio Catalyst
I am of the opinion that Freeport-McMoRan stock (NYSE:FCX) is a "Buy and Hold" with an investment horizon of 24 to 36 months. This article will discuss FCX stock upside triggers for this diversified commodity major.Before talking about company-specific factors, I want to point out that over the last 20 years, the average annual return for commodities has been a negative of 2.5%. In the last 10 years, the average annual return for commodities has been a negative of 5.2%.Commodities therefore still remain undervalued even as liquidity and fundamentals have triggered a bull market in several asset classes globally.InvestorPlace - Stock Market News, Stock Advice & Trading TipsI believe that with renewed prospects of expansionary monetary policies, commodities are due for a rally and Freeport-McMoRan stock is well-positioned to leverage on the upside. * 7 Stocks to Buy With Over 20% Upside From Current Levels In addition, years of depressed commodity price have translated into lower investment in the mining sector. I believe a tight demand-supply scenario will translate into upside for copper and other industrial commodities.Besides industrial commodities, I am also bullish on gold as the precious metal is likely to trend higher on potential catalysts. This includes expansionary monetary policies, central banks mopping up gold, and higher geopolitical tensions.The bullish view on industrial commodities and gold forms the basis of my positive view on Freeport-McMoRan stock. FCX Stock Fundamentals Remain StrongAs of June 2019, Freeport-McMoRan reported cash and equivalents of $2.6 billion. Further, with an undrawn credit facility of $3.5 billion, the company's total liquidity buffer stands at $6.1 billion.With planned capital expenditure of $5.2 billion for 2019 and 2020 combined, FCX is fully financed for the next 24 months.In addition, Freeport-McMoRan reported operating cash flow of $1.1 billion for 1H19. This implies an annual operating cash flow in the range of $2 billion to $2.2 billion. Therefore, the capital expenditure for the next 24 months can be largely funded through internal cash flows. In other words, the company's leverage is unlikely to increase.It is also worth noting that for the last 12 months ended June 2019, Freeport-McMoRan reported EBITDA of $4 billion. For the same period, the company's interest expense was $930 million. With EBITDA interest coverage of 4.3, debt servicing is likely to remain smooth.Importantly, high coverage implies that Freeport-McMoRan has the financial headroom to leverage if the company wants to accelerate capital expenditure in the coming years.The key point from the financial analysis is that Freeport-McMoRan has navigated challenging times with a relatively healthy balance sheet.I don't see any financial concerns. On the other hand, if copper and gold start trending higher, the company's leverage will decline further. FCX Copper and Gold Production GrowthFreeport-McMoRan expects copper production to increase from 3.3 billion lbs in 2019 to 4.2 billion lbs in 2021.I believe that copper prices will trend higher during this period and translate into revenue and EBITDA growth. No major copper discoveries in the past decade, lower investments, and declining copper grade are factors that support commodity price upside.For 2Q19, Freeport-McMoRan reported price realization of $2.78 per lb. For the same period, the net unit cash cost was $1.85 per lb. As price trends higher and cost declines (company guidance), there is clear visibility for higher operating cash flows over the next 24 to 36 months.Freeport-McMoRan is likely to deliver gold production of 0.8 million ounces for 2019. Production is expected to increase to 1.5 million ounces in 2021.Gold has been trending higher after a long consolidation in the range of $1,100 to $1,300 an ounce. If expansionary monetary policies are pursued in the United States, it is a strong reason for dollar weakening and gold surging. Even the broad industrial commodity space will trend higher on dollar weakness.Therefore, with a bullish outlook for copper and gold, Freeport-McMoRan stock is attractive for the medium- to long-term.A counter argument is that copper can remain weak on sluggish global growth expected for 2019 and 2020. However, the slowdown factor is discounted in copper prices and tight market fundamentals will dictate the price trend. Concluding Words on Freeport-McMoRan StockFreeport-McMoRan is a leaner organization than it was a few years ago.The sale of oil and gas assets has been a positive. The company's financial flexibility allows for higher-than-planned capital investment if economic prospects brighten.FCX stock has been largely sideways amidst volatility in the last 12-months. I am of the opinion that this is a good time to accumulate the stock.Higher copper and gold production coupled with higher commodity prices can take the stock significantly higher in the next 24-36 months. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Small-Cap Stocks to Buy Before They Grow Up * 7 Stocks to Buy With Over 20% Upside From Current Levels * 7 Marijuana Penny Stocks to Consider for Those Who Can Handle Risk The post Freeport-McMoRan Stock Can Be a Long-Term Portfolio Catalyst appeared first on InvestorPlace.
- Thomson Reuters StreetEvents
Edited Transcript of FCX earnings conference call or presentation 24-Jul-19 2:00pm GMT
Q2 2019 Freeport-McMoRan Inc Earnings Call
- GuruFocus.com
Wall Street Retreats Thursday
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- Market Realist
Trump’s Trade War: Freeport Finds Itself at a Crossroads
Yesterday, Freeport-McMoRan (FCX), the leading US-based copper miner, released its second-quarter earnings.
Motley FoolFreeport-McMoRan Inc (FCX) Q2 2019 Earnings Call Transcript
FCX earnings call for the period ending June 30, 2019.
- Barrons.com
Freeport Earnings Hit By Falling Copper Prices But Beat Expectations
Mining company Freeport-McMoRan swung to a loss in the second quarter as production and copper prices fell, but narrowly beat expectations.
- Zacks
Freeport (FCX) Beats Q2 Earnings, Trails Sales Estimates
Lower copper prices and production hurt Freeport's (FCX) performance in Q2.
- Zacks
Freeport-McMoRan (FCX) Reports Q2 Loss, Lags Revenue Estimates
Freeport-McMoRan (FCX) delivered earnings and revenue surprises of 20.00% and -1.26%, respectively, for the quarter ended June 2019. Do the numbers hold clues to what lies ahead for the stock?
- Benzinga
Freeport-McMoRan Reports Q2 Earnings Beat
Freeport-McMoRan (NYSE: FCX) reported second-quarter losses of 4 cents per share, which beat the analyst consensus estimate of a 5 cent loss. The company reported quarterly sales of $3.546 billion, which beat the analyst consensus estimate of $3.54 billion by 0.17%. Freeport-McMoRan shares were trading down 1% at $11.53 in Wednesday’s pre-market session.
- Reuters
UPDATE 3-Freeport swings to quarterly loss as copper, gold output drops
Freeport-McMoRan Inc, the world's largest publicly traded copper producer, posted a quarterly loss on Wednesday as costs spiked and production of gold and copper plunged at a key Indonesian mine. While the loss, the company's first since 2016, wasn't as steep as analysts had expected, it comes as Freeport is spending billions of dollars to expand Indonesia's Grasberg copper and gold mine underground, a two-year process that is vital to the company's future. Freeport reported a second-quarter net loss of $72 million, or 5 cents a share, after earning a net profit of $869 million, or 59 cents per share, a year earlier.
- MarketWatch
Freeport-McMoRan swings to loss in second quarter
Freeport-McMoRan Inc. said Wednesday it swung to a net loss of $72 million, or 5 cents a share, in the second quarter, after income of $869 million, or 59 cents a share, in the year-earlier period. The mining company said its adjusted per-share loss was just 4 cents, better than the 5 cents loss consensus of FactSet analysts. Revenue fell to $3.546 billion from $5.168 billion, edging ahead of the FactSet consensus of $3.543 billion. Consolidated sales totaled 807 million pounds of copper, 189 thousand ounces of gold and 24 million pounds of molybdenum. The company is expecting full-year consolidated sales to come to 3.3 billion pound of copper, 0.8 million ounces of gold and 94 million pounds of molybdenum, including 830 million pounds of copper, 230 thousand ounces of gold and 25 million pounds of molybdenum in third-quarter 2019, it said in a statement. The company said it succeeded in ramping up underground production in the Grasberg minerals district, which is expected to produce big quantities of copper and gold in future years. Shares fell 1.7% premarket, but have gained 13% in 2019, while the S&P 500 has gained 20%.
- Business Wire
Freeport-McMoRan Reports Second-Quarter and Six-Month 2019 Results
Freeport-McMoRan Inc. :
- Simply Wall St.
Looking At Freeport-McMoRan Inc. (NYSE:FCX) From All Angles
I've been keeping an eye on Freeport-McMoRan Inc. (NYSE:FCX) because I'm attracted to its fundamentals. Looking at the...
- Market Realist
What to Expect from Freeport-McMoRan’s Q2 Earnings
Freeport-McMoRan (FCX), the largest publicly traded copper miner, is expected to release its second-quarter earnings results on June 24.
- GuruFocus.com
Stocks Trending Higher Friday
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- Zacks
Will Lower Copper Prices Dent Freeport's (FCX) Q2 Earnings?
Lower copper prices and higher costs are likely to hurt Freeport's (FCX) results in Q2.
- Zacks
Earnings Preview: Freeport-McMoRan (FCX) Q2 Earnings Expected to Decline
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.
