Revenue Update on Freeport-McMoRan Inc(NYSE:FCX)

Freeport-McMoRan Inc(NYSE:FCX) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during Pre-market on Jul 26, 2016. Company reported revenue of $3.33B. Analysts estimated a revenue of $3.69B. Earnings per share were $-0.02. Analysts had estimated an EPS of $-0.02.

In a different note, Goldman Sachs said it Initiates Coverage on Freeport-McMoRan Inc, according to a research note issued on May 19, 2016. The shares have been rated ‘Neutral’ by the firm. On May 17, 2016, Jefferies said it Upgrades its rating on Freeport-McMoRan Inc. In the research note, the firm Raises the price-target to $12.50 per share. The shares have been rated ‘Buy’ by the firm.

Freeport-McMoRan Inc (FCX) made into the market gainers list on Fridays trading session with the shares advancing 0.15% or 0.02 points. Due to strong positive momentum, the stock ended at $12.96, which is also near the day’s high of $13.035. The stock began the session at $12.76 and the volume stood at 2,89,56,254 shares. The 52-week high of the shares is $14.2 and the 52 week low is $3.52. The company has a current market capitalization of $16,228 M and it has 1,25,21,41,500 shares in outstanding.

Several Insider Transactions has been reported to the SEC. On Sep 8, 2015, James C Flores (Vice Chairman of the Board) purchased 2,200,000 shares at $9.70 per share price.Also, On Aug 31, 2015, James R Moffett (Chairman of the Board) purchased 100,000 shares at $10.57 per share price.

Freeport-McMoRan Inc. (FCX) is a natural resource company with an industry portfolio of mineral assets oil and natural gas resources and a production profile. FCX has organized its operations into six primary divisions: North America copper mines South America mining Indonesia mining Africa mining Molybdenum mines and United States oil and gas operations. The Company’s portfolio of assets includes the Grasberg minerals district in Indonesia mining operations in North and South America the Tenke Fungurume (Tenke) minerals district in the Democratic Republic of Congo (DRC) in Africa and oil and natural gas assets in North America. The Company is also engaged in operating copper conversion facilities located in North America and a refinery three rod mills and a specialty copper products facility. The Company’s Atlantic Copper smelts and refines copper concentrates and markets refined copper and precious metals in slimes.

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