B.Riley FBR analyst Lucas Pipes maintained a Buy rating on Freeport-McMoRan (NYSE: FCX) today and set a price target of $18. The company’s shares opened today at $13.93.
Pipes observed:
“Freeport-McMoRan (FCX) is scheduled to report 3Q results on Wednesday, October 24. We believe that one of the key issues for investors will be an operational update for the DMLZ, where Freeport is deploying hydraulic fracturing technology for the first time. The procedure has led to some nervousness in the market, but we note that the practice has been successfully utilized for over two decades. On the regulatory front, following the positive settlement of the divestiture agreement on September 27, we expect the company to address two remaining questions in 4Q: (1) the final tax and royalty structure and (2) the clearance of environmental demands. FCX has agreed to contribute to the construction of a new smelter within five years of the finalization of the agreement.”
According to TipRanks.com, Pipes is a 4-star analyst with an average return of 7.0% and a 59.6% success rate. Pipes covers the Basic Materials sector, focusing on stocks such as Peabody Energy Corporation Comm, Newmont Mining Corporation, and Novagold Resources Inc New.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Freeport-McMoRan with a $17.90 average price target.
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Freeport-McMoRan’s market cap is currently $20.13B and has a P/E ratio of 7.06. The company has a Price to Book ratio of 2.12.
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Freeport-McMoRan, Inc. engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
