Deep-pocketed investors have adopted a bullish approach towards Freeport-McMoRan FCX, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in FCX usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 12 extraordinary options activities for Freeport-McMoRan. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 58% leaning bullish and 41% bearish. Among these notable options, 3 are puts, totaling $125,710, and 9 are calls, amounting to $958,202.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $32.0 to $51.0 for Freeport-McMoRan over the recent three months.
Volume & Open Interest Trends
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Freeport-McMoRan's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Freeport-McMoRan's whale activity within a strike price range from $32.0 to $51.0 in the last 30 days.
Freeport-McMoRan 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FCX | CALL | TRADE | BEARISH | 01/17/25 | $20.8 | $20.15 | $20.2 | $32.00 | $674.6K | 3.1K | 334 |
| FCX | PUT | SWEEP | BEARISH | 06/20/25 | $7.15 | $6.95 | $7.0 | $50.00 | $70.0K | 309 | 100 |
| FCX | CALL | TRADE | BULLISH | 04/19/24 | $1.12 | $1.11 | $1.12 | $50.00 | $56.0K | 11.0K | 2.8K |
| FCX | CALL | SWEEP | BEARISH | 07/19/24 | $4.55 | $4.5 | $4.5 | $50.00 | $45.0K | 23.2K | 173 |
| FCX | CALL | SWEEP | BEARISH | 04/19/24 | $1.38 | $1.3 | $1.3 | $49.50 | $39.0K | 4.1K | 1.0K |
About 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.
After a thorough review of the options trading surrounding Freeport-McMoRan, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Current Position of Freeport-McMoRan
- With a trading volume of 2,981,796, the price of FCX is up by 2.55%, reaching $50.73.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 8 days from now.
Expert Opinions on Freeport-McMoRan
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $57.0.
- An analyst from B of A Securities has elevated its stance to Buy, setting a new price target at $59.
- Consistent in their evaluation, an analyst from Scotiabank keeps a Sector Outperform rating on Freeport-McMoRan with a target price of $55.
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, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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