Freeport-McMoRan Inc. [FCX] Stock trading around $27.33 per share: What’s Next?

Freeport-McMoRan Inc. [NYSE: FCX] closed the trading session at $27.33 on 09/30/22. The day’s price range saw the stock hit a low of $27.29, while the highest price level was $28.42. The company report on September 26, 2022 that Freeport-McMoRan Publishes Updated Climate Report.

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Freeport-McMoRan Inc. (NYSE: FCX) today announced the publication of its updated Climate Report, which outlines FCX’s ongoing initiatives to reduce its greenhouse gas (GHG) emissions, improve energy efficiency, evaluate and integrate the use of lower carbon and renewable energy sources and enhance its resilience to future climate-related risks.

Richard C. Adkerson, Chairman and Chief Executive Officer, said, “Freeport aspires to participate in — and positively contribute to — a 2050 net zero economy. As the global energy system continues to evolve, we play a vital role in progressing a low-carbon future. The copper we produce is essential to new and existing technologies that will support global efforts to decarbonize. We are proud of our industry leading position and are dedicated to the responsibility that comes with it. This includes continuing to advance our climate strategy, demonstrating momentum toward our goals and innovating in order to take practical, responsible steps towards an eventual net zero mining future.”.

The stocks have a year to date performance of -34.11 percent and weekly performance of 2.44 percent. The stock has been moved at -44.81 percent over the last six months. The stock has performed -7.67 percent around the most recent 30 days and changed -6.14 percent over the most recent 3-months.

If compared to the average trading volume of 18.97M shares, FCX reached to a volume of 16098653 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Freeport-McMoRan Inc. [FCX]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for FCX shares is $37.79 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on FCX stock is a recommendation set at 2.30. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Exane BNP Paribas have made an estimate for Freeport-McMoRan Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on July 13, 2022. While these analysts kept the previous recommendation, Citigroup dropped their target price from $48 to $28. The new note on the price target was released on July 13, 2022, representing the official price target for Freeport-McMoRan Inc. stock. On June 09, 2022, analysts increased their price target for FCX shares from 32 to 38.

The Average True Range (ATR) for Freeport-McMoRan Inc. is set at 1.40, with the Price to Sales ratio for FCX stock in the period of the last 12 months amounting to 1.66. The Price to Book ratio for the last quarter was 2.66, with the Price to Cash per share for the same quarter was set at 6.44. Price to Free Cash Flow for FCX in the course of the last twelve months was 5.85 with Quick ratio for the last quarter at 1.90.

FCX stock trade performance evaluation

Freeport-McMoRan Inc. [FCX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.44. With this latest performance, FCX shares dropped by -7.67% in over the last four-week period, additionally sinking by -44.81% over the last 6 months – not to mention a drop of -15.47% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for FCX stock in for the last two-week period is set at 42.02, with the RSI for the last a single of trading hit 40.27, and the three-weeks RSI is set at 43.30 for Freeport-McMoRan Inc. [FCX]. The present Moving Average for the last 50 days of trading for this stock 29.76, while it was recorded at 27.35 for the last single week of trading, and 37.91 for the last 200 days.

Freeport-McMoRan Inc. [FCX]: An insightful look at the core fundamentals

Freeport-McMoRan Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.90 and a Current Ratio set at 2.70.

Freeport-McMoRan Inc. [FCX]: Insider Ownership positions

There are presently around $30,655 million, or 80.00% of FCX stock, in the hands of institutional investors. The top three institutional holders of FCX stocks are: FMR LLC with ownership of 120,018,577, which is approximately -5.871% of the company’s market cap and around 0.52% of the total institutional ownership; VANGUARD GROUP INC, holding 117,262,392 shares of the stock with an approximate value of $3.2 billion in FCX stocks shares; and BLACKROCK INC., currently with $2.92 billion in FCX stock with ownership of nearly -0.047% of the company’s market capitalization.

591 institutional holders increased their position in Freeport-McMoRan Inc. [NYSE:FCX] by around 79,157,953 shares. Additionally, 655 investors decreased positions by around 90,083,157 shares, while 129 investors held positions by with 952,431,419 shares. The mentioned changes placed institutional holdings at 1,121,672,529 shares, according to the latest SEC report filing. FCX stock had 137 new institutional investments in for a total of 21,338,199 shares, while 243 institutional investors sold positions of 19,257,195 shares during the same period.


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