Barclays Sticks to Their Hold Rating for Freeport-McMoRan (FCX)


Barclays analyst Matt Murphy maintained a Hold rating on Freeport-McMoRan (FCX) on October 19 and set a price target of $16.00. The company’s shares closed last Tuesday at $17.61.

According to TipRanks.com, Murphy is a 4-star analyst with an average return of 10.0% and a 66.3% success rate. Murphy covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals, First Quantum Minerals, and Hudbay Minerals.

Freeport-McMoRan has an analyst consensus of Moderate Buy, with a price target consensus of $18.25, representing a 4.9% upside. In a report issued on October 12, Citigroup also downgraded the stock to Hold.

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Based on Freeport-McMoRan’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $3.05 billion and net profit of $53 million. In comparison, last year the company earned revenue of $3.55 billion and had a GAAP net loss of $72 million.

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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. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona; and Chino and Tyrone in New Mexico. The South America Mining segment includes Cerro Verde in Peru and El Abra in Chile. The Indonesia Mining segment handles the operations of Grasberg minerals district that produces copper concentrate that contains significant quantities of gold and silver. The Molybdenum Mines segment includes the Henderson underground mine and Climax open-pit mine, both in Colorado. The Rod and Refining segment consists of copper conversion facilities located in North America, and includes a refinery, rod mills, and a specialty copper products facility. The Atlantic Copper Smelting and Refining segment smelts and refines copper concentrate and markets refined copper and precious metals in slimes. The Corporate, Other, and Eliminations segment consists of other mining and eliminations, oil and gas operations, and other corporate and elimination items. The company was founded by James R. Moffett on November 10, 1987 and is headquartered in Phoenix, AZ.

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