Short interest for Freeport-McMoRan gives investors a sense of the degree to which investors are betting on the decline of Freeport-McMoRan's stock. Short interest data is updated every two weeks.

Freeport-McMoRan Stock (NYSE:FCX), Short Interest Report

Freeport-McMoRan

Freeport-McMoRan Inc is an international mining company. It has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines. Its reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting and Refining. It derives key revenue from the sale of Copper.

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Penny Stocks

Commodities

Markets

Trading Ideas

AMEGF

FTZFF

TCKRF

VMSSF

Source: Michael Ballanger 04/30/2024

Michael Ballanger of GGM Advisory Inc. shares his view on the current state of the copper market and shares some copper stocks in his portfolio.

Will Copper Enter a Structural Deficit?

jim_cramer_shutterstock

Media

ROKU

Cramer likes Delta Air Lines, United Airlines Holdings. &#34;Now, remember, they&#39;re very inexpensive stocks, but they trade wildly. But I do like Delta,&#34; he added.

Jim Cramer: These Airline Stocks &#39;Trade Wildly,&#39; Edwards Lifesciences &#39;At The Right Level To Buy&#39;

IVPAF

NVDA

Source: Michael Ballanger 04/22/2024

Michael Ballanger of GGM Advisory Inc. shares his thoughts on the current state of the stock market and reviews AI stock Nvidia and two copper stocks.

In Praise of Contrarian Speculation

Freeport-McMoRan Inc

First Capital REIT

Source: <a href="https://www.streetwisereports.com/article/2024/04/30/will-copper-enter-a-structural-deficit.html?utm_medium=feed">Michael Ballanger 04/30/2024</a>
Michael Ballanger of GGM Advisory Inc. shares his view on the current state of the copper market and shares some copper stocks in his portfolio.
While I was dabbling in the Li and U3O8 trades, I was quietly but steadily accumulating a basket of juniors that were not considered to be seen as &quot;trades&quot; but rather long-term positions with either excellent projects or discoveries and all of them are now fully funded and awaiting the commencement of drill programs in the hunt for or development of the one metal that is used universally the world over &mdash; copper.
I told subscribers in late 2022 that the two metals for the decade were copper and gold, with copper being the comprehensive answer to the electrification movement as whatever else happens with the establishment of new energy sources (like nuclear&#39;s revival), the current global transmission grid would need to be expanded to accommodate all this new electricity being pumped out of all these new modular nuclear reactors.
Then, along comes another Millennial narrative called &quot;artificial intelligence&quot; and as the mania of the decade fixes its grip on the investment world, they suddenly realize that all of this new computing power brought about by &quot;AI&quot; will require a boatload of additional electricity to power all of those new computers that will allow kindergarten kiddies to compose operatic symphonies with their iPhones driven by the magic of &quot;AI&quot;!
At this point in the weekly missive, I draw your attention to the earlier part where I spoke of an &quot;epiphany of sorts&quot; and that I was forced to &quot;pinch myself&quot; rather than revel in the glory of the 2024 performances of my two favorite metals. I would draw your attention firstly to copper, which just took out the June 2022 high at $4.57 while sporting a near-vertical ascent during the past month. It is now sporting an RSI at around 75, and while there is still a MACD &quot;buy signal&quot; in place, a couple of corrective days could trigger a reversal.
Up until mid-February, the ascent in copper had been gradual, but since then, the rise has moved to vertical. As I have written countless times, &quot;any market whose trend moves from gradual to vertical is approaching a reversal of the prior trend.&quot;
So, copper is now overbought and in full vertical regalia, which means it may be like a bug in search of a windshield strictly from a technical perspective.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202442992310_1.png" style="height:639px; width:700px" />
Now, when I make remarks such as these on a metal that is surely going to enter into a &quot;structural deficit&quot; within the next several quarters, the market appears to be discounting any likelihood of a global slowdown. I will exercise caution in chasing the big copper names. I have owned Freeport-McMoRan Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fcx#NYSE">FCX</a>) since $38 and will continue to hold it (at $50.50).
Despite the possibility of a correction, I see $75-100 by the end of 2025. A copper-gold leviathan, it is a core holding in any growth portfolio looking for the leadership of the cyclical names to replace technology as the next mania.
As for the juniors, I hold Fitzroy Minerals Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ftzff#OTC">FTZFF</a>) on the strength and promise of good things happening in their Chilean copper and Argentinian gold endeavors. I hear that field results are yielding some very interesting new revelations, and while they will be constrained by the South American winter, aggressive marketing of the new drill targets should set up an interesting drill program in the fall.
I also own American Eagle Gold Corp. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/amegf#OTC">AMEGF</a>), a very interesting little junior with a new copper-gold porphyry discovery in B.C. and an eager partner in Teck Resources Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tckrf#OTC">TCKRF</a>) who at last glance own 19.9% of the company.
Their NAK discovery reported last January took the stock from under a dime to a high of CA$0.74 and is a solid &quot;Buy&quot; at around CA$0.60. I also added a brand new junior &mdash; Vortex Metals Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vmssf#OTC">VMSSF</a>) by way of the recently announced (and upsized) placement at CA$0.09 (last at CA$0.13).
They are about to receive regulatory approval on a project located near the town of Illapel in north-central Chile, where a very interesting copper prospect exists. I listened to VMS director and ex-BHP country manager John Larson describe in minute detail the prospective nature of the multiple targets that exist. Also of extreme interest to me are the two Oaxaca (Mexico) prospects believed to be volcanogenic massive sulfide targets that were actually described to me by the late, great mine finder David Jones the year before he passed away.
A world-renowned expert in the exploration and exploitation of collapsed calderas (volcanos), he discovered Fortuna&#39;s San Jose Gold Mine using techniques similar to what attracted him to the two Vortex targets. Chairman Michael Williams has brought investors a great deal of success with Underworld Resources (sold for $139 million to Kinross in 2009) and, more recently, Aftermath Silver, which subscribers know all too well from 2020. I am told that with the good graces of regulators and drill availability, Larson could be drilling Illapel by the end of next month.
With AE and VMS about to drill in May and with FTZ busy preparing for a fall start-up, 2024 is proving to be an interesting year with lots of irons in the fire hunting for the hottest metal on the planet.
Important Disclosures:
<ol>
<li>As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of American Eagle Gold Corp. and Vortex Metals Inc.</li>
<li>Michael Ballanger: I, or members of my immediate household or family, own securities of: All. I determined which companies would be included in this article based on my research and understanding of the sector.</li>
<li>Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>
Michael Ballanger Disclosures
This letter makes no guarantee or warranty on the accuracy or completeness of the data provided. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. This letter represents my views and replicates trades that I am making but nothing more than that. Always consult your registered advisor to assist you with your investments. I accept no liability for any loss arising from the use of the data contained on this letter. Options and junior mining stocks contain a high level of risk that may result in the loss of part or all invested capital and therefore are suitable for experienced and professional investors and traders only. One should be familiar with the risks involved in junior mining and options trading and we recommend consulting a financial adviser if you feel you do not understand the risks involved.

On CNBC's &#8220;Mad Money Lightning Round,&#8221; Jim Cramer said the new product line of Edwards Lifesciences Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EW#NYSE">EW</a>) is &#8220;pulling back here.&#8221; &#8220;That may be the right level to buy it. They are doing <a href="https://www.benzinga.com/news/earnings/24/02/36987439/these-analysts-boost-their-forecasts-on-edwards-lifesciences-following-q4-results">very well now,&#8221; he added</a>.
On April 25, Edwards Lifesciences posted better-than-expected results for its first quarter. The company said it sees FY24 adjusted EPS of $2.70 to $2.80 on revenue of $6.3 billion to $6.6 billion.
When asked about Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), he said, &#8220;I want it to come in first, it's been straight up. I do not like parabolic moves.&#8221;
On April 23, Freeport-McMoRan reported first-quarter FY24 results. Revenue stood at $6.32 billion, beating the consensus of $5.66 billion. Adjusted EPS was 32 cents, beating the consensus of 27 cents.
The &#8220;Mad Money&#8221; host said he likes Delta Air Lines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) very much and likes United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) too. &#8220;I think they're both good. Now, remember, they're very inexpensive stocks, but they trade wildly. But I do like Delta,&#8221; he added.
On April 10, Delta Air Lines reported better-than-expected first-quarter earnings. Delta reported a first-quarter 2024 operating revenue growth of 8% year-over-year to $13.748 billion and adjusted operating revenue of $12.563 billion (+6% YoY), beating the consensus of $12.57 billion. Adjusted EPS was 45 cents, above the consensus of 36 cents, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
The Trade Desk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>) is doing &#8220;fantastically,&#8221; Cramer said. &#8220;Jeff Green [CEO of The Trade Desk] is doing a remarkable job, and lot of people prefer it to Google. So I will tell you that even though it's a very expensive stock, it is a good stock. And I would not sell it, I'm more inclined to buy it below the 80 level.&#8221;
On April 30, Roku, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>) announced plans for a new data-driven TV streaming partnership with Trade Desk to equip advertisers with better planning, buying, and <a href="https://www.benzinga.com/markets/equities/24/04/38530299/roku-inks-pact-with-the-trade-desk-whats-going-on">measurement of TV streaming media.</a>
Price Action:
<ul>
<li>Edwards LifeSciences shares fell 1.5% to settle at $84.67 on Tuesday.</li>
<li>Delta shares fell 0.8% to close at $50.07 on Tuesday.</li>
<li>Freeport-McMoRan shares fell 4.7% to settle at $49.94 on Tuesday.</li>
<li>Trade Desk shares fell 2% to settle at $82.85 during Tuesday's session.</li>
</ul>
Read Next: <a href="https://www.benzinga.com/news/24/04/38519021/top-4-tech-stocks-you-may-want-to-dump-in-q2">Top 4 Tech Stocks You May Want To Dump In Q2</a>

Jim Cramer: These Airline Stocks 'Trade Wildly,' Edwards Lifesciences 'At The Right Level To Buy'

WIIM

SCCO

Shares of copper companies are trading lower amid a drop in copper prices, with traders reportedly assessing China demand outlook.

Freeport-McMoRan shares are trading higher amid a rise in copper prices.

Source: <a href="https://www.streetwisereports.com/article/2024/04/22/in-praise-of-contrarian-speculation.html?utm_medium=feed">Michael Ballanger 04/22/2024</a>
Michael Ballanger of GGM Advisory Inc. shares his thoughts on the current state of the stock market and reviews AI stock Nvidia and two copper stocks.
<img alt="" class="float_left" src="https://www.theaureport.com/images/auto_up/202442281354_1.png" style="height:378px; width:1000px" />
Last October, I began posting a number of charts that would suggest that the average investor was rapidly approaching that point in the cycle where they usually throw in the towel and jettison that last remaining remnant of a hemorrhaging portfolio in what the behavioral psychologists have referred to as a &quot;capitulation bottom.&quot;
While anything that comes from the CNBC &quot;research department&quot; cannot usually be trusted, their &quot;Greed-Fear Indicator&quot; is usually a halfway decent tool for discerning investor sentiment. I first found it in the Market Laboratory section of Barron&#39;s magazine and was granted the right to display it by the late Citigroup Strategist and founder Tobias Levkovitch. I have been using the indicator since the turn of the 1990s, and up until the Great Financial Bailout in 2008, it was a fairly useful market timing and risk management tool.
After working quite well at the late-October lows, it was sitting at for most of the latter part of February and most of March as the AI-driven tech stocks finally flattened out and gravity took hold. Here is a repeat of a rare Sunday email alert sent to subscribers on April 7:
&quot;Last week was one of the few down weeks since the rally in stocks began in late October of last year. It marked the fourth week of the past twenty-four that was down in a period that has been one of the strongest performances for stocks in history.&quot;
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202442281426_2.png" style="height:312px; width:700px" />
The S&amp;P 500 is up 21.37% for the period October 27, 2023 until April 5, 2024 while the NASDAQ is ahead by 22.91% for the same period.
Advances in these amplitudes are not only rare; they reek of extreme intervention and manipulation.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202442281516_3.png" style="height:312px; width:700px" />
The Relative Strength Index sitting at 55 is no longer overbought bought looking back to December, one can see that it is now in full decline which indicates a serious loss of momentum.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202442281534_4.png" style="height:173px; width:674px" />
Just before the March month-end, there was a bearish MACD crossover that constitutes a &quot;sell signal&quot; and while this has been unreliable unto itself since the rally began when coupled with declining RSI and the declining Money Flow Indicator (&quot;MFI&quot;), you get the sense that some serious erosion has suddenly taken place in the rally&#39;s resilience.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202442281603_5.png" style="height:214px; width:676px" />
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202442281617_6.png" style="height:312px; width:700px" />
Note the above chart that has the S&amp;P500 essentially &quot;hugging&quot; the 20-dma all the way up from the October 27th lows, with the only break being the fake-out during the first week of the year when tax-related issues triggered larger-than-normal outflows. Since then, only very brief skirmishes have occurred, with last week being the most serious.
<h2>Nvidia </h2>
Lastly, the market leader, Nvidia (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) &mdash; the company that launched artificial intelligence into the limelight for the new meme in technology stocks &mdash; has rolled over with a trendline break, a 20-dma failure, a bearish MACD crossover, and an MFI reversal. There might be rotation into other sectors but when the leaders begin to roll over, there is usually a sharp correction before new leadership leads stocks higher.
Hence, I see a correction on the near-term horizon.
Now, that said, despite all of these indicators that have worked admirably in prior times, they have not been working since October, with what appears to be an &quot;invisible hand&quot; rescuing stocks every time they look ready to cave in. I have a small put option position in the DIA June $375 puts at $3.50 in an attempt to recapture the drawdowns from January and April, where my attempts to top-pick the Dow were soundly thrashed. I do not trust any of the data being spewed out by any of the government departments in either the U.S. or Canada, but what I do trust is the bond market.
Note how the 10-year yield has not only reversed the downdraft that triggered the stock market advance last October but has also taken out the February and March highs around 4.30%. In fact, the 10-year yield penetrated the 4.40% level Friday before backing away, which tells me that while the stock junkies are convinced that Jerome Powell is going to launch a series of rate cuts before the November elections, the bond market is believing none of it.
In fact, bonds are looking for a rate increase in response to economic data that continues to reveal stronger than expected growth, stronger than expected employment gains, and hotter than expected prices, three conditions that do not lead to Fed easing.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202442281647_7.png" style="height:530px; width:700px" />
So, take away the arrival of easier credit conditions and hotter CPI numbers, and you will have the perfect recipe for a serious Wile E. Coyote moment where the over-leveraged traders suddenly find themselves without a net.
Sentiment is also uber-bullish (which is actually uber-bearish), as you can see from institutional positioning. The American Association of Individual Investors (known as the &quot;AAII&quot;) shows the bull-bear ratio approaching historic highs, which is in itself an indication that investors and traders are now &quot;all-in.&quot;
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202442281710_8.png" style="height:530px; width:700px" />
Margin debt is also now higher than it was prior to the 2008 Great Financial Bailout Crisis, which only means that the more leverage out there underpinning stocks, the greater the volatility once that leverage is forced to be unwound, as we saw in 2008 and 2020 as well as 2022.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202442281735_9.png" style="height:613px; width:1000px" />
Needless to say, that was a timely email alert because if one fast-forwards to today (Friday), note the weekly S&amp;P 500 chart that has clearly broken down.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202442281802_10.png" style="height:421px; width:700px" />
Now take a quick look at the chart of market darling and narrative provider NVidia Corp., whose price fell a full 10% today in what has to be the curtain call for the tech stocks, punctuating one of the most obscenely politicized ramp-jobs in market history, all designed to lure the American electorate into thinking that all is well with their debt-engorged economy and deeply split social fabric.
When the market leader and general-in-charge of &quot;all-things-equity&quot; &mdash; NVidia &mdash; literally crashes down through 20-dma and 50-dma inside of nineteen days and is now heading into month-end reeling from multiple body blows and about to get downgraded by the legions of portfolio managers that have made billions off its epic run, you just know markets are in trouble.
This is not going to be a pretty month-end, especially when everyone wakes up and realizes that they are going into that oh-so-famous &quot;Worst Six Months&quot; period that forces these portfolio managers to &quot;Sell in May or go directly to jail&quot; lest they miss their critical monthly bonus figures out of loyalty to the mighty NVDA beast?
Not bloody likely.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202442281828_11.png" style="height:421px; width:700px" />
<h2>Copper</h2>
In contrast to the moribund bearishness expounded in the first section of this week&#39;s missive, I must rejoice in the recognition that the &quot;beast-of-all-things-metal&quot; &mdash; the mighty copper &mdash; closed at a two-year high today and is taking aim at the all-time high just over $5.00/lb. last seen in March 2022. My colleagues are taking ample potshots at me because I am constantly retweeting bullish copper commentary by the legendary Robert Friedland.
Now, be it known that I have known Bob since the 1990s, and while I cannot boast that he is on my Christmas Card list, nor do I expect a call on my birthday, I have immense admiration for him for none other than his olfactory sensibility to money and lots and lots of it.
When the jabs come rolling in reminding me of what can only be described as &quot;the obvious&quot;, I ask that they acknowledge that I am fully aware that Bob Friedland rarely, if ever, parts his lips to promote anything unless Bob Friedland has a large position in it. I have followed the Friedland mystique for years and years and have been watching the progress of his family company, Ivanhoe Mines Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ivpaf#OTC">IVPAF</a>), as they partnered up with the government of the DNC and the Chinese and created an absolute monolith of a copper company in the Kamoa-Kakula Copper mine. It is one of the only new sources of copper available on the planet as supplies dwindle and resources deplete.
When the bashers were all going through breathless conniptions over the &quot;biased view&quot; brought by Friedland to the copper discussion and attempted to counter with the &quot;China slowdown&quot; angle, Friedland responded with more knowledge about the demand for copper in China than any Wall Street analyst could ever have offered, let alone deduce.
All I have ever known about Friedland is that he is a brilliant thinker and an even better communicator. I simply followed his line of thinking and drew my own conclusions that copper was then and now is a beast that will not be tamed. With that as ammunition, I offered subscribers Freeport-McMoRan Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fcx#NYSE">FCX</a>) as my top pick in the blue-chip space for 2024, and as well as it has performed, I might have had &quot;a taste of my own cookin&#39;&quot; and decided to use IVN:TSX as my alternative proxy for copper trade as it has doubled the return of the mighty FCX.
The junior copper explorers I own are all doing better but nowhere near as well as they might have if there had been basic knowledge of the investment space that retail investors have for technology and crypto present in the junior resource issues. I try to tell investors that when the Fed decided to bail out the banks and got full Congressional and Senatorial support for that horrific move, it shifted the landscape for anything resembling either &quot;free markets&quot; or &quot;sound money&quot; as priorities that should be guarded like first-born children.
It forced the impatient youngsters to ignore the wisdom of their aging mentors who tried to steer them to gold and silver, but after getting rebuked soundly by forces both foreign and foul in their attempts to profit from the precious metals arena, they bolted like cattle in a lightning storm. Hopefully, as the benefaction of the metals &mdash; all metals &mdash; continues to bestow monetary benefit to more and more of our investing brethren, it will filter down to a broader acceptance by the kiddies of the junior metals developers and explorers.
Last point on this: in 1978, very few investors knew a great deal about gold or gold stocks, but a number of the older veterans knew a thing or two and they loaded portfolios up to the absolute MAX with every imaginable penny miner that had land within thirty farmhouses of a gold occurrence and while gold at $125 per ounce in 1975 jiggled very little in the way of &quot;animal spirits&quot; by 1979, even the mention of staking a claim in gold country sent the shares rocketing to unimaginable heights.
The harvesting of profits in 1979-1980 by the old brokers and their much younger clientele was legendary, and that, my friends, is exactly what we can expect.
Important Disclosures:
<ol>
<li>Michael Ballanger: I, or members of my immediate household or family, own securities of: All. I determined which companies would be included in this article based on my research and understanding of the sector.</li>
<li>Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
<li>This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.</li>
</ol>
Michael Ballanger Disclosures
This letter makes no guarantee or warranty on the accuracy or completeness of the data provided. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. This letter represents my views and replicates trades that I am making but nothing more than that. Always consult your registered advisor to assist you with your investments. I accept no liability for any loss arising from the use of the data contained on this letter. Options and junior mining stocks contain a high level of risk that may result in the loss of part or all invested capital and therefore are suitable for experienced and professional investors and traders only. One should be familiar with the risks involved in junior mining and options trading and we recommend consulting a financial adviser if you feel you do not understand the risks involved.

Australian multinational miner&nbsp;<a href="https://www.benzinga.com/quote/BHP">BHP Group</a>'s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) nearly $40 billion bid for rival Anglo American (OTC:&nbsp;NGLOY) may not be enough to acquire the company as other diversified miners will probably make rival bids amid the global scramble for copper assets.
After completing a $6.4 billion takeover of Australian copper producer&nbsp;OZ Minerals&nbsp;last year, BHP is doubling down on the red metal amid widespread expectations that demand will greatly increase in coming years as the global economy transitions from fossil fuels. 
Solar and wind farms and electric vehicles require more copper than traditional utilities and internal combustion engine automobiles.
"This is the latest move to consolidate in industrial metals driven by a scramble for copper and other metals central to the world&#8217;s clean energy movement,"&nbsp;Sean Casterline, founder of the investment consulting firm&nbsp;Delta Capital Management, told Benzinga.
BHP, already the world's biggest mining company, is currently the third-largest copper producer behind Chile's state-run&nbsp;Codelco&nbsp;and U.S.-based heavyweight&nbsp;Freeport-McMoRan Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>). A combination with Anglo American would push BHP to the pole position.&nbsp;&nbsp;
"In our view, the copper assets are the primary driver of a proposed transaction,"&nbsp;RBC Capital Markets analysts said.&nbsp;
<h1 class="wp-block-heading">Rival Bids Seem Likely</h1>
BHP said it offered 25.08 pounds ($32.27) a share for London-based Anglo American, which said it is reviewing the proposal. The all-share deal values Anglo American at GBP 31.1 billion ($38.9 billion) and is contingent on the U.K. company spinning off its shareholdings in Anglo American Platinum Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ANGPY#OTC">ANGPY</a>) and Kumba Iron Ore Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIROY#OTC">KIROY</a>), which are both listed in South Africa.
The proposal represents a nearly 14% premium for Anglo American's London-listed shares and a 31% premium without the platinum and iron ore units.
Analysts said that probably isn't enough.
Also Read: <a href="https://www.benzinga.com/markets/asia/24/04/38090219/will-copper-reach-10-000-an-essential-metal-that-faces-an-uncertain-future">Will Copper Reach $10,000? &#8216;An Essential Metal That Faces An Uncertain Future&#8217;</a>
Anglo American's shares have been so beaten down recently that its board and shareholders probably see BHP's bid as undervaluing the company, including copper assets in Chile and Peru, where BHP also has copper operations. Anglo American's shares have been suffering because of operational problems, a disappointing production outlook and a slump in diamond and platinum-group markets.
BHP's offer is "a timid and somewhat convoluted bid" that "won't be enough to draw either Anglo's board or its key shareholders," Liberum analyst Ben Davis said. After BHP's offer, he raised Anglo's price target to 27.50 pounds ($34.41), a near 25% bump from the stock&#8217;s closing price before the offer was officially made public.
Jefferies analysts went higher, saying a price of at least 28 pounds ($35.04) per share would be required for serious discussions between the companies, and a takeout price north of 30 pounds ($37.54) per share would be the outcome of a bidding war.
"If BHP does indeed continue to pursue this deal, we would be surprised if other bidders do not emerge," the company said. "Let the games begin."
The RBC Capital Markets analysts pegged diversified miner Glencore (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLNCY#OTC">GLNCY</a>) as one logical bidder because of the potential advantages in combining the companies' copper assets. The company also listed Vale (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>) as a possibility because of the attractiveness of combining iron ore assets in Brazil. 
Davis pointed to diversified multinational miner&nbsp;Rio Tinto&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) as his top pick for an interloper, although he noted the company has a reputation for preferring to build mines rather than buy them.
<h1 class="wp-block-heading">Gold Miners Expand Copper Holdings</h1>
One reason why copper acquisitions are attractive is that building new copper mines from scratch is expensive and time-consuming.
That's especially true in the U.S., where getting a permit is difficult, or in other jurisdictions such as Panama, where a court ruling recently forced the closure of a huge copper mine after local protests, said&nbsp;Jason Crawshaw, portfolio manager at&nbsp;Polaris Capital, which invests in copper miners&nbsp;Lundin Mining Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LUNMF#OTC">LUNMF</a>) and Antofagasta (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ANFGF#OTC">ANFGF</a>).
"There is a scramble for assets," he told Benzinga. "Everybody is always looking to get more exposure to copper."
Even gold miners have been interested in bulking up on copper assets.&nbsp;
Last year, U.S.-based gold mining major&nbsp;Newmont Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) bought Australian gold miner Newcrest Mining Ltd. for nearly $17 billion, adding nearly 50 billion pounds of copper reserves and resources in one fell swoop.
Meanwhile, Canada-headquartered rival&nbsp;Barrick Gold Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) is spending nearly $2 billion to expand a copper mine in Zambia, targeting expanded plant production in 2028.&nbsp;
Investors looking for diverse exposure to copper producers can consider the&nbsp;Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>),&nbsp;Sprott Copper Miners ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COPP#NASDAQ">COPP</a>),&nbsp;Sprott Junior Copper Miners ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COPJ#NASDAQ">COPJ</a>)&nbsp;and&nbsp;iShares Copper and Metals Mining ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICOP#NASDAQ">ICOP</a>).
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37924793/rising-copper-prices-portfolio-review-make-underperforming-anglo-american-stock-a-p">Rising Copper Prices, Portfolio Review Make Underperforming Anglo American Stock A Potential Bargain: Report (CORRECTED)</a>
Photo: Anglo American copper mine in Chile courtesy of Anglo American Flickr

Analyst Color

Sector ETFs

Analyst Ratings

ETFs

ANFGF

ANGPY

COPJ

COPP

COPX

GLNCY

GOLD

ICOP

KIROY

LUNMF

VALE

Copper Is A Hot Commodity: Bidding War for Anglo American May Emerge After BHP's 'Low Ball' Offer — 'Let The Games Begin'

Freeport-McMoRan shares are trading higher after Argus Research maintained a Buy rating on the stock and raised its price target from $44 to $54.

Argus Research analyst David Coleman maintains Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) with a Buy and raises the price target from $44 to $54.

Price Target

Argus Research Maintains Buy on Freeport-McMoRan, Raises Price Target to $54

Scotiabank analyst Orest Wowkodaw maintains Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) with a Sector Outperform and lowers the price target from $55 to $53.

Scotiabank Maintains Sector Outperform on Freeport-McMoRan, Lowers Price Target to $53

Raymond James analyst Brian MacArthur maintains Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) with a Outperform and raises the price target from $49.5 to $54.

Raymond James Maintains Outperform on Freeport-McMoRan, Raises Price Target to $54

JP Morgan analyst Bill Peterson maintains Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) with a Neutral and lowers the price target from $52 to $51.

JP Morgan Maintains Neutral on Freeport-McMoRan, Lowers Price Target to $51

Investors with a lot of money to spend have taken a bearish stance on Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>).
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with FCX, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 11 options trades for Freeport-McMoRan.
This isn't normal.
The overall sentiment of these big-money traders is split between 27% bullish and 45%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $31,025, and 10, calls, for a total amount of $572,697.
<h3>Expected Price Movements</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $37.0 and $49.0 for Freeport-McMoRan, spanning the last three months.
<h3>Analyzing Volume &amp; Open Interest</h3>
In today's trading context, the average open interest for options of Freeport-McMoRan stands at 1877.6, with a total volume reaching 6,251.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Freeport-McMoRan, situated within the strike price corridor from $37.0 to $49.0, throughout the last 30 days.
<h3>Freeport-McMoRan 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713967281_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>06/21/24</td>
<td>$3.05</td>
<td>$2.93</td>
<td>$2.99</td>
<td>$48.00</td>
<td>$179.4K</td>
<td>4.8K</td>
<td>1.6K</td>
</tr>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>06/21/24</td>
<td>$3.2</td>
<td>$3.0</td>
<td>$3.0</td>
<td>$48.00</td>
<td>$60.0K</td>
<td>4.8K</td>
<td>301</td>
</tr>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$6.6</td>
<td>$6.5</td>
<td>$6.6</td>
<td>$47.00</td>
<td>$59.2K</td>
<td>380</td>
<td>44</td>
</tr>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>06/21/24</td>
<td>$3.05</td>
<td>$2.95</td>
<td>$2.95</td>
<td>$48.00</td>
<td>$59.0K</td>
<td>4.8K</td>
<td>2.0K</td>
</tr>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/21/24</td>
<td>$2.97</td>
<td>$2.91</td>
<td>$2.95</td>
<td>$48.00</td>
<td>$59.0K</td>
<td>4.8K</td>
<td>1.8K</td>
</tr>
</tbody>
</table>

<h3>About Freeport-McMoRan</h3>
Freeport-McMoRan Inc is an international mining company. It has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines. Its reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod &amp; Refining operations and Atlantic Copper Smelting and Refining. It derives key revenue from the sale of Copper.
Following our analysis of the options activities associated with Freeport-McMoRan, we pivot to a closer look at the company's own performance.
<h3>Current Position of Freeport-McMoRan</h3>
<ul>
<li>Currently trading with a volume of 858,586, the FCX's price is up by 0.6%, now at $48.28. </li>
<li>RSI readings suggest the stock is currently may be approaching overbought.</li>
<li>Anticipated earnings release is in 85 days.</li>
</ul>
<h3>Professional Analyst Ratings for Freeport-McMoRan</h3>
3 market experts have recently issued ratings for this stock, with a consensus target price of $55.333333333333336.
<ul>
<li>Consistent in their evaluation, an analyst from JP Morgan keeps a Neutral rating on Freeport-McMoRan with a target price of $52. </li>
<li>Showing optimism, an analyst from B of A Securities upgrades its rating to Buy with a revised price target of $59. </li>
<li>An analyst from Scotiabank has decided to maintain their Sector Outperform rating on Freeport-McMoRan, which currently sits at a price target of $55. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Freeport-McMoRan options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Options

Freeport-McMoRan Options Trading: A Deep Dive into Market Sentiment

<h1 class="wp-block-heading">Top Stories for April 23, 2024:</h1>
<ol>
<li>Cleveland-Cliffs Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>) reported <a href="https://www.benzinga.com/wiim/24/04/38378385/cleveland-cliffs-shares-are-trading-lower-after-the-companys-reported-worse-than-expected-q1-financi">first-quarter results</a>, including revenue of $5.2 billion, a net loss of $53 million and adjusted net income of $87 million. </li>
</ol>
Adjusted EBITDA reached $414 million, marking a significant year-over-year and quarter-over-quarter improvement.
The company announced the completion of a previous $1 billion share repurchase program, having bought back 30.4 million shares. It also introduced a new $1.5 billion share buyback initiative.&nbsp;
Steel shipments totaled 3.9 million net tons and the firm retired all remaining secured notes to enhance its liquidity position, which stood at $4 billion at the end of March 2024.
<ol start="2">
<li>Freeport-McMoRan Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) reported strong first-quarter 2024 results with copper sales and unit net cash costs surpassing estimates from January 2024 and the first quarter of 2023. </li>
</ol>
Net income reached $473 million, with consolidated sales of 1.1 billion pounds of copper, 568 thousand ounces of gold and 20 million pounds of molybdenum.&nbsp;
Indonesia smelter projects are close to completion and expected to start in the second quarter of 2024. 
The company&#8217;s operating cash flows totaled $1.9 billion and capital expenditures were $1.3 billion for the quarter.&nbsp;
Kathleen L. Quirk will become CEO on June 11, 2024, succeeding Richard C. Adkerson.
Also Read:<a href="https://www.benzinga.com/topic/mining"> </a><a href="https://www.benzinga.com/news/large-cap/24/04/38364875/geopolitical-relief-triggers-gold-selloff-prices-dip-below-2-350-mark-mining-stocks-hit-hard">Geopolitical Relief Triggers Gold Selloff: Prices Dip Below $2,350 Mark, Mining Stocks Hit Hard</a>
<ol start="3">
<li>Worthington Steel Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WS#NYSE">WS</a>) was honored as a General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) Supplier of the Year for the third time, previously winning in 2020 and 2021. </li>
</ol>
GM recognized 86 suppliers for their 2023 performance, emphasizing three core values: safety, inclusion and relationships. The award celebrates suppliers who contribute to GM's goals of innovation and high-quality vehicle production.&nbsp;
Worthington Steel provides flat-roll carbon steel coils used in GM&#8217;s vehicle production across facilities in Indiana, Michigan, Ohio and Mexico.
<ol start="4">
<li>Metals Acquisition Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTAL#NYSE">MTAL</a>) released its Resource and Reserve Statement and three-year production guidance for the CSA Copper Mine, highlighting significant growth in resources and mine life. </li>
</ol>
Key updates include an extended mine life of 11 years up to 2034, a 67% increase from last year, and a 64% increase in contained copper to 0.5 million tons.&nbsp;
The measured and indicated mineral resources have risen to 229,000 tons of copper, with an additional 184,000 tons classified as inferred.&nbsp;
These enhancements occurred just 10 months post-acquisition, with continued drilling aimed at further expanding resources.
Now Read:<a href="https://www.benzinga.com/"> </a><a href="https://www.benzinga.com/m-a/24/04/38380999/exclusive-why-this-uranium-bull-market-is-different-weve-really-got-to-start-developing-mines-says-m">EXCLUSIVE: Why This Uranium Bull Market Is Different — &#8216;We&#8217;ve Really Got To Start Developing Mines,&#8217; Says Madison Metals CEO</a>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get connected with the Benzinga community!
Photo: Shutterstock

MTAL

Cleveland-Cliffs, Freeport-McMoRan Report Q1 Results; Worthington Steel Gets GM Supplier Of The Year And More: Tuesday's Top Mining Stories

Freeport-McMoRan Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) shares are trading lower after the company reported<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38376523/freeport-mcmoran-first-quarter-2024-financial-and-operating-results-release-available-on-its-websi" rel="noreferrer noopener">&nbsp;first-quarter FY24 results</a>.
Revenue stood at $6.32 billion,&nbsp;beating the consensus of $5.66 billion. Adjusted EPS was $0.32, beating&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of $0.27</a>.
Copper sales (excluding purchases) totaled 1.1 billion pounds, an increase of 33% Y/Y, led by higher mining and milling rates and ore grades at PT-FI. The average realized price per pound was $3.94, and production totaled 1.085 billion pounds.
Gold sales of 568 thousand ounces (more than doubled Y/Y); Average realized price per ounce was $2,145.&nbsp;
Operating income stood at $1.63 billion vs $1.60 billion a year ago. Operating cash flow for the quarter totaled $1.90 billion, compared to $1.05 billion a year ago.
Freeport-McMoRan had $6.3 billion in cash and equivalents at the end of the quarter. Consolidated debt totaled $9.4 billion.
In February, the company stated that Kathleen L. Quirk, President, will transition to President and Chief Executive Officer (CEO)&nbsp;<a target="_blank" href="https://www.benzinga.com//node/36969612" rel="noreferrer noopener">effective June 11, 2024.</a>
Q2 FY24 Outlook:&nbsp;Freeport-McMoRan expects consolidated sales volumes to be 1.0 billion pounds of copper, 500 thousand ounces of gold, and 21 million pounds of molybdenum. It expects unit net cash costs for copper mines to&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">average $1.57 per pound of copper</a>.
2024 Outlook:&nbsp;Freeport-McMoRan now expects consolidated sales volumes to be ~4.15 billion pounds of copper, 2.0 million ounces of gold, and 84 million pounds of molybdenum.&nbsp;
It sees consolidated unit net cash costs for copper mines to average $1.57 per pound of copper in 2024.
The company expects operating cash flows of ~$7.4 billion in 2024, assuming average prices of $4.25 per pound for copper, $2,300 per ounce for gold, and $20.00 per pound for molybdenum for the remainder of 2024. The company sees capital expenditures of ~$4.6 billion in 2024.
Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38169544/riding-the-wave-freeport-mcmoran-receives-upgrade-as-analyst-foresees-copper-and-go" rel="noreferrer noopener">Riding The Wave: Freeport-McMoRan Receives Upgrade As Analyst Foresees Copper And Gold Boom</a>
Kathleen L. Quirk said, &#8220;Market fundamentals for copper are positive, supported by copper&#8217;s increasingly important role in the global economy and limited available supplies to meet growing demand. Freeport is strongly positioned for the future as a leading producer of copper with multiple options for future growth and an experienced team with a track record of accomplishment.&#8221;&nbsp;
Investors can gain exposure to the stock via&nbsp;Sprott Copper Miners ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COPP#NASDAQ">COPP</a>) and&nbsp;Exchange Traded Concepts Trust Optica Rare Earths &amp; Critical Materials ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRIT#NYSE">CRIT</a>).
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38292100/freeport-mcmoran-vs-teck-resources-which-copper-stock-has-more-upside" rel="noreferrer noopener">Freeport-McMoRan Vs. Teck Resources — Which Copper Stock Has More Upside?</a>
Price Action: FCX shares are trading lower by 1.78% at $48.08 at the last check Tuesday.
Photo via Shutterstock

Earnings

Equities

Large Cap

Guidance

Management

Movers

Exchange Traded Concepts Trust Optica Rare Earths & Critical Materials ETF

CRIT

What's Going On With Freeport-McMoRan Shares Today?

Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) reported quarterly earnings of $0.32 per share which beat the analyst consensus estimate of $0.27 by 18.52 percent. The company reported quarterly sales of $6.32 billion which beat the analyst consensus estimate of $5.66 billion by 11.68 percent. This is a 17.29 percent increase over sales of $5.39 billion the same period last year.

Earnings Beats

Freeport-McMoRan Q1 2024 Adj EPS $0.32 Beats $0.27 Estimate, Sales $6.32B Beat $5.66B Estimate

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&bull; Lockheed Martin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) is estimated to report quarterly earnings at $5.81 per share on revenue of $15.95 billion.
&bull; GATX (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GATX#NYSE">GATX</a>) is estimated to report quarterly earnings at $1.76 per share on revenue of $375.80 million.
&bull; NextEra Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>) is likely to report quarterly earnings at $0.73 per share on revenue of $5.92 billion.
&bull; Atlantic Union Bankshares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AUB#NYSE">AUB</a>) is likely to report quarterly earnings at $0.72 per share on revenue of $181.92 million.
&bull; Invesco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVZ#NYSE">IVZ</a>) is estimated to report quarterly earnings at $0.39 per share on revenue of $1.09 billion.
&bull; Fiserv (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FI#NYSE">FI</a>) is likely to report quarterly earnings at $1.79 per share on revenue of $4.58 billion.
&bull; NextEra Energy Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEP#NYSE">NEP</a>) is projected to report quarterly earnings at $0.21 per share on revenue of $331.80 million.
&bull; Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) is likely to report quarterly earnings at $0.30 per share on revenue of $5.23 billion.
&bull; Cambridge (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CATC#NASDAQ">CATC</a>) is expected to report quarterly earnings at $1.01 per share on revenue of $38.05 million.
&bull; Webster Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WBS#NYSE">WBS</a>) is projected to report quarterly earnings at $1.42 per share on revenue of $618.43 million.
&bull; Option Care Health (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPCH#NASDAQ">OPCH</a>) is projected to report quarterly earnings at $0.23 per share on revenue of $1.10 billion.
&bull; Kimberly-Clark (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMB#NYSE">KMB</a>) is likely to report quarterly earnings at $1.62 per share on revenue of $5.08 billion.
&bull; Old National (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONB#NASDAQ">ONB</a>) is projected to report quarterly earnings at $0.43 per share on revenue of $439.87 million.
&bull; First BanCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FBP#NYSE">FBP</a>) is estimated to report quarterly earnings at $0.37 per share on revenue of $205.74 million.
&bull; First Commonwealth (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCF#NYSE">FCF</a>) is expected to report quarterly earnings at $0.36 per share on revenue of $119.93 million.
&bull; Sandy Spring Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SASR#NASDAQ">SASR</a>) is estimated to report quarterly earnings at $0.45 per share on revenue of $81.04 million.
&bull; Popular (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BPOP#NASDAQ">BPOP</a>) is expected to report quarterly earnings at $1.89 per share on revenue of $560.41 million.
&bull; Danaher (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHR#NYSE">DHR</a>) is estimated to report quarterly earnings at $1.71 per share on revenue of $5.62 billion.
&bull; Philip Morris Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>) is likely to report quarterly earnings at $1.41 per share on revenue of $8.46 billion.
&bull; Ryder System (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/R#NYSE">R</a>) is estimated to report quarterly earnings at $1.71 per share on revenue of $3.06 billion.
&bull; LKQ (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LKQ#NASDAQ">LKQ</a>) is likely to report quarterly earnings at $0.95 per share on revenue of $3.77 billion.
&bull; PulteGroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>) is expected to report quarterly earnings at $2.36 per share on revenue of $3.58 billion.
<h3>Companies Reporting After The Bell</h3>
&bull; Avangrid (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGR#NYSE">AGR</a>) is projected to report quarterly earnings at $0.73 per share on revenue of $2.63 billion.
&bull; Rush Enterprises (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUSHB#NASDAQ">RUSHB</a>) is likely to report earnings for its first quarter.
&bull; Rush Enterprises (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUSHA#NASDAQ">RUSHA</a>) is projected to report quarterly earnings at $0.82 per share on revenue of $1.88 billion.
&bull; AudioEye (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEYE#NASDAQ">AEYE</a>) is likely to report quarterly loss at $0.08 per share on revenue of $8.03 million.
&bull; Stride (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LRN#NYSE">LRN</a>) is expected to report quarterly earnings at $1.43 per share on revenue of $507.18 million.
&bull; Zurn Elkay Water (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZWS#NYSE">ZWS</a>) is likely to report quarterly earnings at $0.26 per share on revenue of $368.99 million.
&bull; Renasant (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RNST#NYSE">RNST</a>) is projected to report quarterly earnings at $0.62 per share on revenue of $163.60 million.
&bull; KKR Real Estate Finance (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KREF#NYSE">KREF</a>) is expected to report quarterly earnings at $0.38 per share on revenue of $44.35 million.
&bull; Baker Hughes (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) is expected to report quarterly earnings at $0.40 per share on revenue of $6.38 billion.
&bull; Enphase Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) is likely to report quarterly earnings at $0.41 per share on revenue of $283.32 million.
&bull; Hanmi Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAFC#NASDAQ">HAFC</a>) is likely to report quarterly earnings at $0.52 per share on revenue of $59.03 million.
&bull; Matador Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTDR#NYSE">MTDR</a>) is likely to report quarterly earnings at $1.47 per share on revenue of $740.47 million.
&bull; Visa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) is likely to report quarterly earnings at $2.43 per share on revenue of $8.62 billion.
&bull; Chubb (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>) is likely to report quarterly earnings at $5.34 per share on revenue of $10.29 billion.
&bull; Steel Dynamics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) is estimated to report quarterly earnings at $3.43 per share on revenue of $4.73 billion.
&bull; Flushing Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIC#NASDAQ">FFIC</a>) is expected to report quarterly earnings at $0.14 per share on revenue of $48.29 million.
&bull; CoStar Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGP#NASDAQ">CSGP</a>) is estimated to report quarterly earnings at $0.07 per share on revenue of $649.60 million.
&bull; Seagate Tech Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) is projected to report quarterly earnings at $0.27 per share on revenue of $1.67 billion.
&bull; Hawaiian Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HA#NASDAQ">HA</a>) is projected to report quarterly loss at $2.62 per share on revenue of $628.95 million.
&bull; Vicor (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VICR#NASDAQ">VICR</a>) is expected to report quarterly earnings at $0.11 per share on revenue of $84.83 million.
&bull; Veritex Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VBTX#NASDAQ">VBTX</a>) is projected to report quarterly earnings at $0.58 per share on revenue of $109.00 million.
&bull; Artisan Partners Asset (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APAM#NYSE">APAM</a>) is projected to report quarterly earnings at $0.73 per share on revenue of $265.60 million.
&bull; Enova International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENVA#NYSE">ENVA</a>) is expected to report quarterly earnings at $1.70 per share on revenue of $588.52 million.
&bull; Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is likely to report quarterly earnings at $0.51 per share on revenue of $21.27 billion.
&bull; EQT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>) is likely to report quarterly earnings at $0.66 per share on revenue of $1.63 billion.
&bull; West Fraser Timber (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFG#NYSE">WFG</a>) is likely to report quarterly earnings at $0.26 per share on revenue of $2.01 billion.
&bull; Agree Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADC#NYSE">ADC</a>) is likely to report quarterly earnings at $1.01 per share on revenue of $148.23 million.
&bull; Highwoods Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIW#NYSE">HIW</a>) is projected to report quarterly earnings at $0.90 per share on revenue of $206.78 million.
&bull; Retail Opportunity (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROIC#NASDAQ">ROIC</a>) is likely to report quarterly earnings at $0.26 per share on revenue of $83.82 million.
&bull; Pebblebrook Hotel (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEB#NYSE">PEB</a>) is likely to report quarterly earnings at $0.15 per share on revenue of $303.41 million.
&bull; Trustmark (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRMK#NASDAQ">TRMK</a>) is estimated to report quarterly earnings at $0.61 per share on revenue of $189.37 million.
&bull; Range Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RRC#NYSE">RRC</a>) is likely to report quarterly earnings at $0.61 per share on revenue of $695.20 million.
&bull; Mattel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) is expected to report quarterly loss at $0.13 per share on revenue of $831.06 million.
&bull; EastGroup Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGP#NYSE">EGP</a>) is expected to report quarterly earnings at $2.01 per share on revenue of $152.09 million.
&bull; Manhattan Associates (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MANH#NASDAQ">MANH</a>) is likely to report quarterly earnings at $0.87 per share on revenue of $243.45 million.
&bull; QCR Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCRH#NASDAQ">QCRH</a>) is likely to report quarterly earnings at $1.30 per share on revenue of $58.85 million.
&bull; Wesbanco (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WSBC#NASDAQ">WSBC</a>) is estimated to report quarterly earnings at $0.55 per share on revenue of $116.64 million.
&bull; Premier Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PFC#NASDAQ">PFC</a>) is likely to report quarterly earnings at $0.47 per share on revenue of $52.54 million.
&bull; Canadian National Railway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) is likely to report quarterly earnings at $1.28 per share on revenue of $3.14 billion.
&bull; Veralto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLTO#NYSE">VLTO</a>) is expected to report quarterly earnings at $0.76 per share on revenue of $1.22 billion.
&bull; Equity Residential (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQR#NYSE">EQR</a>) is projected to report quarterly earnings at $0.90 per share on revenue of $726.32 million.
&bull; Texas Instruments (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) is projected to report quarterly earnings at $1.07 per share on revenue of $3.61 billion.
&bull; iShares Frontier and Select EM ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FM#NYSE">FM</a>) is expected to report quarterly loss at $0.06 per share on revenue of $1.06 billion.
&bull; IDEX (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEX#NYSE">IEX</a>) is estimated to report quarterly earnings at $1.75 per share on revenue of $806.94 million.
&bull; Weatherford International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WFRD#NASDAQ">WFRD</a>) is likely to report quarterly earnings at $1.44 per share on revenue of $1.33 billion.
&bull; Bank of N.T Butterfield (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NTB#NYSE">NTB</a>) is estimated to report quarterly earnings at $0.98 per share on revenue of $137.26 million.
&bull; First Busey (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BUSE#NASDAQ">BUSE</a>) is expected to report quarterly earnings at $0.49 per share on revenue of $109.21 million.
&bull; East West Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EWBC#NASDAQ">EWBC</a>) is likely to report quarterly earnings at $1.99 per share on revenue of $577.70 million.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

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BPOP

BUSE

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GATX

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MANH

MSCI

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OPCH

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RNST

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RUSHA

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SASR

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WSBC

Earnings Scheduled For April 23, 2024

Whales with a lot of money to spend have taken a noticeably bearish stance on Freeport-McMoRan.
Looking at options history for Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) we detected 11 trades.
If we consider the specifics of each trade, it is accurate to state that 18% of the investors opened trades with bullish expectations and 81% with bearish.
From the overall spotted trades, 4 are puts, for a total amount of $208,299 and 7, calls, for a total amount of $349,790.
<h3>Projected Price Targets</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $48.0 to $60.0 for Freeport-McMoRan over the recent three months. 
<h3>Volume &amp; Open Interest Trends</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Freeport-McMoRan's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Freeport-McMoRan's substantial trades, within a strike price spectrum from $48.0 to $60.0 over the preceding 30 days.
<h3>Freeport-McMoRan Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713795386_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>FCX</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>05/17/24</td>
<td>$3.05</td>
<td>$2.84</td>
<td>$2.85</td>
<td>$50.00</td>
<td>$114.0K</td>
<td>9.6K</td>
<td style="text-align: right;">429</td>
</tr>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>05/17/24</td>
<td>$2.61</td>
<td>$2.55</td>
<td>$2.58</td>
<td>$48.00</td>
<td>$103.2K</td>
<td>18.7K</td>
<td style="text-align: right;">430</td>
</tr>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>04/26/24</td>
<td>$1.38</td>
<td>$1.33</td>
<td>$1.33</td>
<td>$48.00</td>
<td>$66.5K</td>
<td>539</td>
<td style="text-align: right;">522</td>
</tr>
<tr>
<td>FCX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$3.2</td>
<td>$3.0</td>
<td>$3.0</td>
<td>$60.00</td>
<td>$60.0K</td>
<td>6.5K</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>FCX</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>05/17/24</td>
<td>$1.77</td>
<td>$1.67</td>
<td>$1.76</td>
<td>$48.00</td>
<td>$35.2K</td>
<td>3.2K</td>
<td style="text-align: right;">198</td>
</tr>
</tbody>
</table>

<h3>About Freeport-McMoRan</h3>
Freeport-McMoRan Inc is an international mining company. It has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines. Its reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod &amp; Refining operations and Atlantic Copper Smelting and Refining. It derives key revenue from the sale of Copper.
<h3>Current Position of Freeport-McMoRan</h3>
<ul>
<li>Trading volume stands at 3,697,417, with FCX's price down by -1.37%, positioned at $48.93.</li>
<li>RSI indicators show the stock to be may be approaching overbought.</li>
<li>Earnings announcement expected in 1 days.</li>
</ul>
<h3>What Analysts Are Saying About Freeport-McMoRan</h3>
In the last month, 3 experts released ratings on this stock with an average target price of $55.333333333333336.
<ul>
<li>Maintaining their stance, an analyst from Scotiabank continues to hold a Sector Outperform rating for Freeport-McMoRan, targeting a price of $55. </li>
<li>An analyst from JP Morgan has decided to maintain their Neutral rating on Freeport-McMoRan, which currently sits at a price target of $52. </li>
<li>In a positive move, an analyst from B of A Securities has upgraded their rating to Buy and adjusted the price target to $59. </li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Freeport-McMoRan, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Check Out What Whales Are Doing With FCX

Ratings for Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) were provided by 4 analysts in the past three months, showcasing a mix of bullish and bearish perspectives.
The following table provides a quick overview of their recent ratings, highlighting the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $55.25, a high estimate of $59.00, and a low estimate of $52.00. Marking an increase of 21.43%, the current average surpasses the previous average price target of $45.50. 
<img src="https://www.benzinga.com/files/images/story/2024/1713380428_0.png" alt="price target chart" />
<h2>Deciphering Analyst Ratings: An In-Depth Analysis</h2>
A clear picture of Freeport-McMoRan's perception among financial experts is painted with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Bill Peterson</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$52.00</td>
<td>$43.00</td>
</tr>
<tr>
<td>Orest Wowkodaw</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Outperform</td>
<td>$55.00</td>
<td>$48.00</td>
</tr>
<tr>
<td>Lawson Winder</td>
<td>B of A Securities</td>
<td>Announces</td>
<td>Buy</td>
<td>$59.00</td>
<td>-</td>
</tr>
<tr>
<td>Sam Crittenden</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Sector Perform</td>
<td>$55.00</td>
<td>-</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Freeport-McMoRan. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering insights into predictions, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Freeport-McMoRan compared to the broader market.</li>
<li>Price Targets: Delving into movements, analysts provide estimates for the future value of Freeport-McMoRan's stock. This analysis reveals shifts in analysts' expectations over time.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of Freeport-McMoRan's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/FCX/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Freeport-McMoRan analyst ratings.</a>
<h2>Discovering Freeport-McMoRan: A Closer Look</h2>
Freeport-McMoRan Inc is an international mining company. It has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines. Its reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod &amp; Refining operations and Atlantic Copper Smelting and Refining. It derives key revenue from the sale of Copper.
<h3>Freeport-McMoRan: A Financial Overview</h3>
Market Capitalization: Surpassing industry standards, the company's market capitalization asserts its dominance in terms of size, suggesting a robust market position.
Revenue Growth: Over the 3 months period, Freeport-McMoRan showcased positive performance, achieving a revenue growth rate of 2.55% as of 31 December, 2023. This reflects a substantial increase in the company's top-line earnings. When compared to others in the Materials sector, the company excelled with a growth rate higher than the average among peers.
Net Margin: Freeport-McMoRan's net margin excels beyond industry benchmarks, reaching 6.57%. This signifies efficient cost management and strong financial health.
Return on Equity (ROE): Freeport-McMoRan's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of 2.34%, the company showcases efficient use of equity capital and strong financial health.
Return on Assets (ROA): Freeport-McMoRan's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of 0.75%, the company may face hurdles in achieving optimal financial performance.
Debt Management: With a high debt-to-equity ratio of 0.59, Freeport-McMoRan faces challenges in effectively managing its debt levels, indicating potential financial strain.
<h2>The Basics of Analyst Ratings</h2>
Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

The Latest Analyst Ratings For Freeport-McMoRan

JP Morgan analyst Bill Peterson maintains Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) with a Neutral and raises the price target from $43 to $52.

JP Morgan Maintains Neutral on Freeport-McMoRan, Raises Price Target to $52

As the global economy continues its recovery trajectory, the spotlight remains firmly fixed on commodities, particularly copper, a key player in <a href="https://www.benzinga.com/money/best-copper-stocks">various industrial sectors</a>.
JPMorgan analyst Bill Peterson, has provided valuable insights into the performance and prospects of two prominent players in the copper market: Freeport-McMoRan Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) and Teck Resources Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>).
Also Read: <a href="https://www.benzinga.com/news/24/04/38241751/ai-boom-can-lead-to-potential-demand-growth-for-this-metal-wall-street-turns-bullish">AI Boom Can Lead To &#8216;Potential Demand Growth&#8217; For This Metal, Wall Street Turns Bullish</a>
<h2 class="wp-block-heading">Supply-Driven Copper Inflection Priced In</h2>
Peterson&#8217;s analysis delves into the upcoming Q1 results for both the companies, highlighting the nuanced dynamics shaping their performance. Freeport-McMoRan reports the first quarter on April 23, while Teck Resources reports on April 25.
The year, so far, has been very benevolent on copper. The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) is up over 20% YTD. Freeport-McMoRan and Teck Resources command 4.94% and 4.21% of the COPX portfolio currently. Freeport-McMoRan stock is up 16.45% while Teck Resources stock is up 11.50%. So, the supply-driven inflection appears priced in.
<h2 class="wp-block-heading">Next Leg Dependent On Demand Improvement</h2>
The recent bullish shift in copper prices, outpacing fundamental improvements, underscores the need for sustained demand growth to justify current valuations. While supply constraints have lent support, the awaited catalyst for further upside lies in a robust recovery in global demand, especially outside China.
Peterson sees growth ahead for copper miners being driven by demand improvement &#8211; the next leg in copper&#8217;s trajectory.
According to Peterson, Freeport-McMoRan is expected to face provisional pricing adjustments and output challenges in its North and South America assets. On the other hand, Teck Resources is anticipated to benefit from higher realized copper pricing, albeit offset by conservative estimates for its QB2 ramp-up.
Valuation: Despite Freeport McMoRan&#8217;s historical appeal as a &#8216;safe&#8217; investment option with significant copper and gold exposure, investor sentiment appears to favor Teck Resources. This is driven by its growth potential and favorable valuation relative to the former. 
Moreover, Teck&#8217;s doubling copper exposure by 2025 and leverage to zinc pricing contribute to its promising outlook, especially in light of JPMorgan&#8217;s bullish price forecasts.
<h3 class="wp-block-heading">Teck: Strong FCF Generation, Unique Portfolio Of Greenfield Copper Projects</h3>
Peterson maintains an Overweight rating for Teck Resources, with a price target of C$70 ($50), implying an upside of 35%.
He highlighted the company&#8217;s strategic positioning amidst evolving market dynamics. 
Teck&#8217;s diversified portfolio and near-term growth prospects, particularly the de-risking of its flagship QB2 asset, position it for significant production growth and a re-rating post its exit from the carbon-intensive coal business.
<h3 class="wp-block-heading">Freeport-McMoRan: Additional FCF Starting 2024/2025, Only Incremental Relative Upside</h3>
In contrast, Freeport-McMoRan receives a Neutral rating, with a price target of $52, implying an upside of 19%.
While Freeport offers stability and incremental upside through its existing asset base and near-term growth opportunities, Teck&#8217;s more favorable valuation and growth potential tilt the scales in its favor.
Bill Peterson underscores the intricate balance between supply dynamics and demand growth shaping the fortunes of copper stocks like Freeport-McMoRan and Teck Resources. 
While both companies stand to benefit from a bullish copper market, Teck emerges as the preferred choice for investors seeking greater upside potential and favorable valuations, driven by its diversified portfolio and growth initiatives.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37985516/not-just-nvidia-ai-is-also-fueling-global-copper-demand-analyst-reveals-3-top-stock">Not Just Nvidia, AI Is Also Fueling Global Copper Demand: Analyst Reveals 3 Top Stock Picks</a>
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