The shares of Freeport-McMoRan Inc (NYSE:FCX)currently has mean rating of 2.9 while 2 analyst have recommended the shares as ‘BUY’ ,1 recommended as ‘OUTPERFORM’ and 16 recommended as ‘HOLD’.The rating score is on a scale of 1 to 5 where 1 stands for strong buy and 5 stands for sell
The mean price target for the shares of Freeport-McMoRan Inc (NYSE:FCX)is at $10.91 while the highest price target suggested by the analysts is $15.00 and low price target is $8.00. The mean price target is calculated keeping in view the consensus of 14 brokerage firms.
The company’s mean estimate for sales for the current quarter ending Jun 16 is 3.69B by 8 analysts. The means estimate of sales for the year ending Dec 16 is 16.25B by 16 analysts.
The average estimate of EPS for the current fiscal quarter for Freeport-McMoRan Inc (NYSE:FCX)stands at $-0.03 while the EPS for the current year is fixed at $0.54 by 16.00 analysts
The next one year’s EPS estimate is set at 1.02 by 19.00 analysts while a year ago the analysts suggested the company’s EPS at $0.54. The analysts also projected the company’s long-term growth at -38.43% for the upcoming five years
In its latest quarter ended on 31 Mar 2016 , Freeport-McMoRan Inc (NYSE:FCX)reported earnings of $-0.16. The posted earnings topped the analyst’s consensus by $0.02 with the surprise factor of 11.10%. In the matter of earnings surprises, the term ‘Cockroach Effect’ is often implied. Cockroach Effect is a market theory that suggests that when a company reveals bad news to the public, there may be many more related negative events that have yet to be revealed. In the case of earnings surprises, if a company is suggesting a negative earnings surprise it means there are more to come.
Freeport-McMoRan Inc (NYSE:FCX) traded up +2.52% during trading on Friday, hitting $11.93 . The stock had a trading volume of 21.1 M shares. The firm has a 50 day moving average of $11.10 and a 200-day moving average of $8.72. The stock has a market cap of $14.76B. On Jun 26, 2015 the shares registered one year high at $20.06 and the one year low was seen on Jan 20, 2016.
On June 13, 2016 Freeport-McMoRan Inc (NYSE:FCX) announced they have reached an agreement with Freeport-McMoRan Nevada LLC (“Freeport Nevada”) to extend the current Stage 2 of Freeport Nevada’s option to acquire an interest in the Company’s Yerington Copper Project in Nevada for up to two years by Freeport Nevada making option payments totalling $5.75 million. Freeport Nevada is a wholly owned subsidiary of Freeport Minerals Corporation, which in turn is a wholly owned subsidiary of Freeport-McMoRan Inc. (FCX).
In terms of agreement, Stage 2 of Freeport Nevada’s earn-in option, which commenced in June last year, can be extended for up to four additional periods of six months each by Freeport Nevada making the following payments to SPS: $1.8 million on June 13, 2016; $1.25 million on December 13, 2016; $1.35 million on June 13, 2017; and $1.35 on December 13, 2017. (All amounts are expressed in U.S. dollars).
SPS intends to use the Freeport Nevada’s option payments for property maintenance, G&A and environmental compliance at its Yerington Copper Project. Freeport Nevada will have the right to terminate the agreement at any time with 60 days’ notice.
During the two-year extension period, SPS may propose special exploration programs, including work plans and budgets, to be undertaken with Freeport Nevada’s agreement under an annual drilling program. These programs will be funded by Freeport Nevada, at its discretion, through accelerated option payments. The Stage 2 extension option payments and any accelerated option payments will reduce the payments required for Freeport Nevada to earn its initial 55% interest in SPS.
SPS will continue to initiate and self-fund desktop studies to assess the over-all development potential at Yerington, and surface work including geophysical surveys to better understand the Bear porphyry copper deposit, one of three known copper deposits on the Company’s 51-square mile Yerington land package. Geophysical surveys will also assist in future drill site selection. Freeport Nevada has the option to participate in these studies as part of due diligence.
“We welcome the opportunity to continue working with Freeport Nevada at Yerington and appreciate its confidence and continued support for our efforts,” says Quaterra Chief Executive Officer Thomas Patton. “The ability for the company, under the extension agreement, to propose special exploration programs provides us with a strong incentive to identify compelling drill targets.”