Freeport-McMoRan (FCX) exceeded revenue expectations in its Q3 2024 earnings, but missed slightly on EPS. While analysts are optimistic about the company’s future prospects, concerns remain about its Indonesian smelter and the potential impact on production. Learn more about the mixed reactions and the outlook for FCX.
Despite recent copper price declines, Michael Ballanger of GGM Advisory Inc. believes Freeport-McMoRan Inc. (FCX) remains a buy. He highlights the potential for a short-term copper rally and a long-term bull market in gold, both of which could benefit FCX. Ballanger recommends a strategy of buying FCX November $40 call options, citing favorable technical indicators and a potential for significant upside.
Freeport-McMoRan Inc. (FCX) reported solid first-quarter results, with revenue and earnings per share (EPS) surpassing analysts’ estimates. The company’s copper sales surged by 33% year-over-year (Y/Y) on higher production and ore grades, while gold sales more than doubled. Despite the positive results, FCX shares declined in the market due to broader market weakness. The company announced that Kathleen L. Quirk will assume the role of President and Chief Executive Officer (CEO) in June 2024. Freeport-McMoRan provided an optimistic outlook for the rest of the year, with expectations of strong sales volumes and cash flows.
Whales have been showing a bearish stance on Freeport-McMoRan (FCX) lately. Analyzing options trades over the past 30 days reveals that 81% of investors have opened bearish trades, indicating a negative sentiment. Projected price targets for FCX range from $48.0 to $60.0. Significant trades include a bullish put trade expiring on 05/17/24 with a strike price of $50.00 and a bearish call trade expiring on 04/26/24 with a strike price of $48.00.
