Spotlight on Freeport-McMoRan: Analyzing the Surge in Options Activity

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 15 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 60% leaning bullish and 26% bearish. Among these notable options, 9 are puts, totaling $629,525, and 6 are calls, amounting to $226,323.

Predicted Price Range

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $42.0 to $55.0 for Freeport-McMoRan over the recent three months.

Volume & Open Interest Development

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 $42.0 to $55.0 over the preceding 30 days.

Freeport-McMoRan Option Volume And Open Interest Over Last 30 Days

Noteworthy Options Activity:

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.

Following our analysis of the options activities associated with Freeport-McMoRan, we pivot to a closer look at the company's own performance.

Freeport-McMoRan's Current Market Status

• With a trading volume of 4,627,200, the price of FCX is down by -0.41%, reaching $46.65.
• Current RSI values indicate that the stock is may be approaching oversold.
• Next earnings report is scheduled for 89 days from now.

Professional Analyst Ratings for Freeport-McMoRan

5 market experts have recently issued ratings for this stock, with a consensus target price of $53.8.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * An analyst from Scotiabank persists with their Sector Perform rating on Freeport-McMoRan, maintaining a target price of $52. * Maintaining their stance, an analyst from Scotiabank continues to hold a Sector Perform rating for Freeport-McMoRan, targeting a price of $53. * An analyst from JP Morgan persists with their Neutral rating on Freeport-McMoRan, maintaining a target price of $55. * An analyst from Scotiabank has revised its rating downward to Sector Perform, adjusting the price target to $52. * An analyst from Raymond James persists with their Outperform rating on Freeport-McMoRan, maintaining a target price of $57.

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.