Freeport-McMoRan's Q1 2017 Earnings Review: Favorable Copper Pricing Environment Boosts Earnings

A list of benefits Indonesia gets from an operating Grasberg mine
Both Freeport and Indonesia benefit when Grasberg is up and running. Image source Freeport-McMoRan Inc
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27 April, 2017

We'll likely hear more about the Indonesian issue in the future, but for now the key catalysts for Freeport-McMoRan will be the price of copper and the general direction of the USA stock market (NYSEARCA:SPY), which is near record highs.

A number of other brokerages have also issued reports on FCX. Zacks Investment Research lowered Freeport-McMoRan from a buy rating to a hold rating in a research report on Monday, January 30th.

Freeport-McMoran mine in West Papua. Deutsche Bank AG lowered Freeport-McMoRan from a "hold" rating to a "sell" rating and reduced their price objective for the company from $14.00 to $12.50 in a research report on Tuesday, February 21st. Price Target plays a critical role when it comes to the analysis of a Stock.

Berenberg Upgrade its coverage for Freeport-McMoRan Inc. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Jefferies Group LLC set a $16.00 target price on shares of Freeport-McMoRan and gave the company a "buy" rating in a report on Tuesday, January 3rd.

A price target is the projected price level of a financial security stated by an investment analyst.

Looking at shares of Freeport-McMoRan Inc. Likewise, the positive performance for the quarter was recorded as 11.70% and for the year was -3.62%, while the YTD performance remained at 17.92%. The stock touched its high share price of $17.06 on Jan 24, 2017 and the stock also touched its Lowest price in the last 52-weeks of trading on April 7, 2016 as $8.76.

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If you look at the company's income statement over the past years, you will see that the company is constantly posting gross profit: In 2014, FCX earned gross profit of 5.24 Billion, in 2015 321 Million gross profit, while in 2016 Freeport-McMoRan Inc. The natural resource company reported $0.15 earnings per share (EPS) for the quarter, missing the Zacks' consensus estimate of $0.16 by $0.01. The Return on Equity (ROE) value stands at -89.9%. According to these analysts, the Low Revenue Estimate for Freeport-McMoRan Inc.is 3.16 Billion and the High Revenue Estimate is 4.01 Billion.

The company reported an impressive total revenue of 14.83 Billion in the last fiscal year. Freeport-McMoRan's revenue for the quarter was down 5.3% compared to the same quarter previous year.

In case of Revenue Estimates, 3470000 analysts have provided their consensus Average Revenue Estimates for Freeport-McMoRan Inc.as 10000.

TRADEMARK VIOLATION NOTICE: "Freeport-McMoRan Inc (FCX) Downgraded to "Buy" at Vetr Inc." was originally posted by Transcript Daily and is the sole property of of Transcript Daily. If you are accessing this report on another publication, it was illegally stolen and republished in violation of United States and global trademark and copyright legislation. They now have a United States dollars 14 price target on the stock. Robert Novy-Marx has provided investors with insights on finding high-quality value stocks. 1,287 were accumulated by Tradewinds Cap Ltd. L And S Advsrs Inc invested in 0.61% or 203,200 shares. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Harry M. Iv Conger sold 77,500 shares of the firm's stock in a transaction dated Thursday, February 16th. The disclosure for this sale can be found here. Insiders have sold a total of 151,645 shares of company stock worth $2,340,571 in the last ninety days. The difference between the expected and actual EPS was $-0.09/share, which represents an Earnings surprise of -26.5%. QUANTRES ASSET MANAGEMENT Ltd boosted its position in shares of Freeport-McMoRan by 300.9% in the third quarter. Checchi Capital Advisers LLC boosted its stake in shares of Freeport-McMoRan by 30.2% in the third quarter. They now have a $14.64 price objective on the natural resource company's stock.


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