James R. Moffett Buys 100000 Shares of Freeport-McMoRan Stock (FCX)

But its programme of cuts which sent its share price soaring in New York after the news ran into trouble on Monday.

Unfortunately, even the energy industry is getting crushed by dramatically lower prices and Freeport-McMoRan is being dragged down by its twin anchors of Plains Exploration and McMoRan Exploration.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, July 23rd.

Plunging commodities prices have given a hard time to mining companies like Freeport-McMoRan. Freeport-McMoRan now has a consensus rating of “Hold” and an average target price of $22.24. Jefferies Group reiterated a “buy” rating and issued a $28.00 price target on shares of Freeport-McMoRan in a research report on Monday, May 18th.

8/28/2015 – Freeport-McMoRan had its “sell” rating reaffirmed by analysts at TheStreet. 4 analysts have rated the company at hold.

Freeport-McMoRan announced cost cutting efforts last week, including slashing production at El Abra mine in half, to deal with falling copper prices. In comparing the stock’s current level to its extended history, the stock is trading -72.7617% away from its 52-week high of 36.2200 and +27.1353% away from the stock’s low point over the past 52 weeks, which was 7.7600.

8/20/2015 – Freeport-McMoRan was downgraded by analysts at Zacks from a “hold” rating to a “strong sell” rating. Since its stock is approximately 65% down in 2015, the burning question is why is it preparing to circulate around $1 billion in shares? The stock was bought at an average price of $9.94 per share, with a total value of $9,940,000.00. S&P 500 has rallied 0.67% during the last 52-weeks.

On a technical level the stock has a 50 Day Moving Average of 11.8514. They now have a $25.00 price target on the stock. Of those twenty, thirteen have a Buy rating, five have a Hold rating and two have a Sell rating. The stock’s market capitalization is $10.54 billion. The natural resource company reported $0.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.07. During the same period in the prior year, the firm earned $0.58 EPS. In 2016, Freeport-McMoRan expects to reduce mining capital expenditures by 25%, or $700 million.

On a different note, The Company has disclosed insider buying and selling activities to the Securities Exchange, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the (Vice Chairman of the Board) of Freeport-Mcmoran Inc, Flores James C, had purchased 60,000 shares in a transaction dated on June 3, 2015. The company’s revenue for the quarter was down 23.1% on a year-over-year basis. Following the completion of the acquisition, the chairman now directly owns 300,000 shares of the company’s stock, valued at $3,171,000.

Freeport-McMoRan Inc.is a United States-based natural resources company with a global portfolio of mineral assets, including copper, gold, and molybdenum, in addition to oil and gas resources. 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.