Ratings Don’t Lie: Is Freeport-McMoRan (FCX) a Sell? Berenberg Downgrades It

November 30, 2016 - By Linda Rogers

Ratings Don't Lie: Is Freeport McMoRan (FCX) a Sell? Berenberg Downgrades It

Freeport-McMoRan (FCX) Downgrade

Freeport-McMoRan (FCX)‘s rating was lowered by equity analysts at Berenberg from a “Hold” rating to a “Sell” rating in an analyst note revealed to investors on 30 November.

Freeport-McMoRan Inc (NYSE:FCX) Ratings Coverage

Out of 3 analysts covering Freeport-McMoRan (FCX), 2 rate it a “Buy”, 1 “Sell”, while 0 “Hold”. This means 67% are positive. $20.0 is the highest target while $12.5 is the lowest. The $16.25 average target is 6.49% above today’s ($15.26) stock price. Freeport-McMoRan has been the topic of 3 analyst reports since September 14, 2016 according to StockzIntelligence Inc. The company was downgraded on Wednesday, September 14 by Morgan Stanley. The stock of Freeport-McMoRan Inc (NYSE:FCX) earned “Outperform” rating by Cowen & Co on Monday, November 21. Deutsche Bank upgraded the shares of FCX in a report on Monday, October 3 to “Buy” rating.

About 11.39M shares traded hands. Freeport-McMoRan Inc (FCX) has risen 18.34% since April 27, 2016 and is uptrending. It has outperformed by 13.11% the S&P500.

Analysts await Freeport-McMoRan Inc (NYSE:FCX) to report earnings on January, 24. They expect $0.26 earnings per share, up 1,400.00% or $0.28 from last year’s $-0.02 per share. FCX’s profit will be $335.82 million for 14.67 P/E if the $0.26 EPS becomes a reality. After $0.13 actual earnings per share reported by Freeport-McMoRan Inc for the previous quarter, Wall Street now forecasts 100.00% EPS growth.

Insitutional Activity: The institutional sentiment increased to 0.98 in 2016 Q2. Its up 0.19, from 0.79 in 2016Q1. The ratio increased, as 87 funds sold all Freeport-McMoRan Inc shares owned while 221 reduced positions. 68 funds bought stakes while 175 increased positions. They now own 889.86 million shares or 5.15% more from 846.29 million shares in 2016Q1.

Bluefin Trading Ltd Com, a New York-based fund reported 39,496 shares. Amica Pension Fund Board Of Trustees last reported 79,164 shares in the company. U S Glob Incorporated, a Texas-based fund reported 33,300 shares. Sigma Inv Counselors, a Michigan-based fund reported 11,700 shares. Da Davidson And Co last reported 0.07% of its portfolio in the stock. Janney Montgomery Scott Lc last reported 0.01% of its portfolio in the stock. Raymond James Na last reported 30,948 shares in the company. Qs Lc has 0% invested in the company for 31,612 shares. Citadel Advsrs Ltd Llc, a Illinois-based fund reported 4.12M shares. High Point National Bank & Trust And Communications holds 186 shares or 0% of its portfolio. Babson Capital Management Limited Liability Corporation holds 0.03% of its portfolio in Freeport-McMoRan Inc (NYSE:FCX) for 89,868 shares. Woodstock holds 22,163 shares or 0.05% of its portfolio. Cap One National Association holds 0.01% or 11,509 shares in its portfolio. Sii Invs Wi holds 0.02% or 18,071 shares in its portfolio. Rodgers Brothers has 34,939 shares for 0.16% of their US portfolio.

Insider Transactions: Since October 27, 2016, the stock had 1 insider buy, and 0 insider sales for $1.61 million net activity. Another trade for 150,000 shares valued at $1.61 million was made by MATHER COURTNEY on Thursday, October 27.

Freeport-McMoRan Inc. is a natural resource firm with a portfolio of mineral assets, and oil and natural gas resources. The company has a market cap of $19.71 billion. The Company’s divisions include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining activities and the U.S. It currently has negative earnings. Oil & Gas Operations.

According to Zacks Investment Research, “Freeport-McMoRan is engaged in mineral exploration and development, mining and milling of copper, gold, and silver in Indonesia, and the smelting and refining of copper concentrates in Spain and Indonesia. They are the world’s lowest-cost copper producer and one of the world’s largest producers of copper and gold. FCX’s operations are conducted through its subsidiaries, P.T. Freeport Indonesia (PT-FI), P.T. IRJA Eastern Minerals Corporation (Eastern Mining) and through Atlantic Copper, S.A. (Atlantic).”

FCX Company Profile

Freeport-McMoRan Inc. (FCX), incorporated on November 10, 1987, is a natural resource firm with a portfolio of mineral assets, and oil and natural gas resources. The Company’s divisions include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining activities and the U.S. Oil & Gas Operations. FCX has organized its activities into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines. The Company’s portfolio of assets includes the Grasberg minerals district in Indonesia, mining activities in North and South America, the Tenke Fungurume (Tenke) minerals district in the Democratic Republic of Congo (DRC) in Africa, and oil and natural gas assets in the United States.

Another recent and important Freeport-McMoRan Inc (NYSE:FCX) news was published by Fool.com which published an article titled: “Better Buy: Freeport-McMoRan Inc. vs. Hecla Mining” on November 21, 2016.

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