Freeport-McMoRan Inc (NYSE:FCX) announced changes to its mining and oil and gas organizational structure to implement increased responsibilities for certain members of its senior management team. These changes reflect the professional growth and development of these senior managers and are designed to enhance the efficiency of the Freeport-McMoRan organization.
FCX is pleased to report that Harry M. “Red” Conger has been named President and Chief Operating Officer – Americas and Africa Mining. In this role, Red will continue to have operational responsibility for the Americas and will expand his responsibilities to include FCX’s Africa mining operations and the Climax Molybdenum business.
Mark J. Johnson will continue in his present role as FCX’s senior operating officer responsible for Indonesian operations as President and Chief Operating Officer – Indonesia and will continue his present responsibilities for global mine planning.
FCX is also pleased to announce that Doss R. Bourgeois has been named President and Chief Operating Officer for Freeport-McMoRan Oil & Gas. Doss has been a major part of the success of Freeport-McMoRan Oil & Gas and its predecessor companies.
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 an industry-leading position in the emerging Inboard Lower Tertiary/Cretaceous natural gas trend onshore in South Louisiana. Additional information about FCX is available on FCX’s website at “fcx.com.” (Original Source)
Shares of Freeport-McMoRan opened today at $16.73 and are currently trading up at $17.11. FCX has a 1-year high of $39.05 and a 1-year low of $16. The stock’s 50-day moving average is $19.07 and its 200-day moving average is $19.90.
On the ratings front, Freeport-McMoRan has been the subject of a number of recent research reports. In a report issued on April 28, Morgan Stanley analyst Paretosh Misra upgraded FCX to Buy, with a price target of $29, which represents a potential upside of 73.3% from where the stock is currently trading. Separately, on April 24, Citigroup’s Brian Yu maintained a Buy rating on the stock and has a price target of $24.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Paretosh Misra and Brian Yu have a total average return of -7.4% and 0.0% respectively. Misra has a success rate of 43.5% and is ranked #3368 out of 3702 analysts, while Yu has a success rate of 51.2% and is ranked #2703.
The street is mostly Bullish on FCX stock. Out of 4 analysts who cover the stock, 2 suggest a Buy rating , 1 suggest a Sell and one recommends to Hold the stock.
Freeport-McMoRan Inc, formerly Freeport-McMoRan Copper & Gold, deals in the mining of copper, gold and molybdenum.