Freeport-McMoRan Inc (NYSE:FCX) announced that it has entered into an agreement with Carl C. Icahn and his affiliates. In connection with this agreement, Andrew Langham and Courtney Mather have been appointed to FCX’s Board of Directors. With these additions, the FCX Board is comprised of eleven directors, nine independent directors and two executive directors.
Andrew Langham has been General Counsel of Icahn Enterprises L.P. since January 2015 and was previously Assistant General Counsel since 2005. Courtney Mather has served as a Managing Director of Icahn Capital LP since April 2014.
Carl C. Icahn, together with his affiliates, beneficially owns approximately 100 million shares of FCX common stock, which represents approximately 8.8% of FCX’s outstanding shares.
FCX is a premier U.S.-based natural resources company with an industry-leading global portfolio of mineral assets, significant oil and gas resources and a growing production profile. FCX is the world’s largest publicly traded copper producer.
FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; significant mining operations in the Americas, including the large-scale Morenci minerals district in North America and the Cerro Verde operation in South America; the Tenke Fungurume minerals district in the DRC; and significant U.S. oil and natural gas assets in the Deepwater GOM, onshore and offshore California and in the Haynesville natural gas shale, and a position in the Inboard Lower Tertiary/Cretaceous natural gas trend onshore in South Louisiana. (Original Source)
Shares of Freeport-McMoRan are currently up 12.05% to $13.26. FCX has a 1-year high of $32.42 and a 1-year low of $7.76. The stock’s 50-day moving average is $10.22 and its 200-day moving average is $16.16.
On the ratings front, FCX has been the subject of a number of recent research reports. In a report released yesterday, Citigroup analyst Brian Yu maintained a Hold rating on FCX. Separately, on October 5, Deutsche Bank’s Jorge Beristain downgraded the stock to Hold and has a price target of $11.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Brian Yu and Jorge Beristain have a total average return of 1.3% and -14.4% respectively. Yu has a success rate of 53.5% and is ranked #1678 out of 3769 analysts, while Beristain has a success rate of 35.7% and is ranked #3737.
The street is mostly Bullish on FCX stock. Out of 8 analysts who cover the stock, 5 suggest a Buy rating and 3 recommend to Hold the stock. The 12-month average price target assigned to the stock is $19.00, which represents a potential upside of 60.6% from where the stock is currently trading.
Freeport-McMoRan Inc, formerly Freeport-McMoRan Copper & Gold, deals in the mining of copper, gold and molybdenum.