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Company Update: Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) – Freeport-McMoRan Completes Sale of 13% Interest in Morenci Mine for $1.0 Billion in Cash

[Business Wire] – Freeport-McMoRan Inc. announced today that it has completed its previously announced sale of a 13 percent interest in its Morenci unincorporated joint venture to Sumitomo Metal Mining Co. Read more on this. Freeport-McMoRan Inc. (FCX) , with a current value of $14.16B, started trading this morning at $11.06. During the trading session, FCX traded between $11.03 to $11.50 and has traded between $3.52 and $21.17 over the past 12 months. Priced at 19.89x this year’s forecasted earnings, FCX shares are relatively expensive compared to the industry’s -71.58x forward p/e ratio. Consensus earnings for the current quarter by the 16 sell-side analysts covering the stock is an estimate of $-0.01 per share, which would be $0.14 better than the year-ago quarter and a $0.00 sequential decrease. Furthermore, our analysis shows the full-year EPS estimate to be $0.56, which would be a $0.64 improvement when compared to the last year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $3.72 Billion. If realized, that would be a 12.47% decrease over the year-ago quarter. In terms of ratings, Goldman Initiated FCX at Neutral (May 19, 2016). Previously, Jefferies upgraded FCX from Hold to Buy. The average price target for FCX shares is $10.91, which is 1.36% below where the stock opened this morning. See more in (NYSE:FCX) Similar Articles: Market Update: Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) – The Only Number That Matters to Freeport-McMoRan Inc. Investors Right Now Market Update: Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) – Freeport-McMoRan Announces New Organizational Structure for Oil & Gas Division Company Update: Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) – Freeport-McMoRan Elects Gerald J. Ford Non-Executive Chairman and Names James R. Moffett Chairman Emeritus
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