With the current price of $14.7, the stock of Freeport-McMoRan Inc. (NYSE:FCX) concluded the trading session seeing its price drop by -0.24 points or at a loss of -1.61% compared to its previous day’s closing price of $14.94. About 13.74 million shares of the stock changed hands on the day. The trading volume of FCX’s shares during the past session compares with the stock’s average daily trading volume of 21.656 million shares. On the other hand, a float of 1440 million shares and a weekly performance of 6.6% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $13.26 for FCX’s share which suggests that the stock, price of which is currently buoying between $14.5002 and $14.8, is prone to a loss of -9.8%.
The latest data released on July 31, 2020 shows that the short float in the Freeport-McMoRan Inc.’s stock is trending downward as short interest in FCX shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the FCX is currently comprised of 2.5% of the float.
After concluding the day’s trading, price of Freeport-McMoRan Inc. (NYSE:FCX) is up $0.91 over the week and it is $1.38 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $15.19 that was attained on 08/19/20.
The stock has traded as low as $4.82 in past 52-week, and its current price is 204.98% above from that 52-week low price mark recorded on 03/19/20, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 2.34. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 64.48 as 14-days RSI of Freeport-McMoRan Inc. This means that the FCX is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 86.06%, implying stock’s share price is buoying in an oversold state.
Technical chart is showing 1st resistance point of $14.83 for the FCX’s share while placing it at a 2nd resistance point of $14.97 to be settled at. But if the stock takes a plunge lower than the 1st support price of $14.53 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $14.37.
MACD oscillator is showing a reading of 0.46 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
Morgan Stanley lowered its recommendation for FCX stock from Overweight to Equal-Weight in a review note dated August 04, and moved the price target down at $12.5. The stock gets its recommendation downgraded from Overweight to Equal Weight from the analysts at Barclays who assigned a target price of $14 in their July 20 note to investors.Scotiabankanalysts upgraded their recommendation from Sector Perform to Sector Outperform on April 27, while assigning a price target of $12.5.
The average rating of 2.1 for FCX is placing the stock in bullish category at the moment. In a poll by Reuters including 20 analysts in it who kept tracking the Freeport-McMoRan Inc., 8 rated the stock as hold. Others were in different opinions for the FCX. Out of remaining 12 analysts, 12 rated the stock as a buy or strong buy. 0 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that FCX stock is ahead of earnings per share estimates with a forward price-to-earnings ratio of 11.84. Stock’s current price-to-sales (P/S) ratio of 0 is at the rear of industry’s average P/S ratio of 134.6. A comparison of Freeport-McMoRan Inc.’s trailing 12-months P/E ratio of 2.4 implies that it is trading above the industry’s average P/E ratio, which currently is 2.2.
Projection by Zacks Consensus Estimates suggests that Freeport-McMoRan Inc. (NYSE:FCX) will see its current-quarter revenues rise by nearly 20.71% to be increased to about $3480 million. Full-year revenue of the company is however forecasted to be fell to nearly -9.31% to bring $13100 million in revenues against last year revenue of $14400 million. Earnings, after adjustments, are likely to fell by -1400% to post an EPS of $0.13, while estimate for company’s full year earnings is $0.23 per share with a growth rate of 1050%.