The stock of Freeport-McMoRan Inc. (NYSE:FCX) is now priced at $15.61 and the shares are -0.04 points down or -0.26% lower compared to its previous closing price of $15.65. FCX shares have a float of 1440 million and although its performance was 7.21% over the week, it’s one to watch. Analysts have given the FCX stock a yearly average price target of $13.26 per share. It means the stock’s downside potential is -15.05% with the FCX share price recently placing at $15.485 to $15.89.
The shorts are running away from the Freeport-McMoRan Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the FCX shares have declined. Short interest in the stock represents just 2.41% of its float, but the volume has dropped by 0.
In the last trading session, Freeport-McMoRan Inc. (NYSE:FCX) raised by $1.05 over the week and gained $2.51 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $15.89. The stock recorded its established 52-week high on 08/31/20.
Since 03/19/20, the stock has traded to a low of $4.82 at 223.86%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.34. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Freeport-McMoRan Inc.’s two-week RSI is 69.83. This suggests that the stock is neutral at the moment and that FCX shares’ price movement remains stable. The stochastic readings are equally revealing at 86.19% meaning the FCX share price is currently in oversold territory.
The technical chart shows that the FCX stock will likely settle at between $15.84 and $16.07 per share. However, if the stock dips below $15.43, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $15.26.
Currently, the stock is trading in the green of MACD, with a reading of 0.48. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Morgan Stanley cut their recommendation for FCX from Overweight to Equal-Weight in August 04 review while maintai their target price of $12.5. Barclays analysts downgraded their recommendation of the stock from Overweight to Equal Weight while keeping its target price at $14 in a flash note released to investors on July 20. Scotiabank seeing the improvements upgraded the stock from Sector Perform to Sector Outperform on April 27, placing it at $12.5.
The average rating for the FCX equity is 2.1 and is currently gathering a bullish momentum. Of 20 analysts tracking Freeport-McMoRan Inc. polled by Reuters, 8 rated FCX as a hold. The remaining 12 analysts were split evenly. However, the split wasn’t equal as a majority (12) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the FCX stock price is 12.29X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 140.9. Freeport-McMoRan Inc. has its P/E ratio at 2.5, which means that the stock is currently trading at a premium relative to the 2.3 industry average.