Freeport-McMoRan's Options Frenzy: What You Need to Know

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 17 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 35% bearish. Among these notable options, 5 are puts, totaling $555,829, and 12 are calls, amounting to $749,451.

What's The Price Target?

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $33.0 to $50.0 for Freeport-McMoRan over the recent three months.

Analyzing Volume & Open Interest

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 $33.0 to $50.0 in the last 30 days.

Freeport-McMoRan Call and Put Volume: 30-Day Overview

Significant Options Trades Detected:

About Freeport-McMoRan

Freeport-McMoRan owns stakes in 10 copper mines, led by its 49% ownership of the Grasberg copper and gold operations in Indonesia, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona. It sold around 1.2 million metric tons of copper (its share) in 2024, making it the one of the world's largest copper miners by volume. It also sold about 900,000 ounces of gold, mostly from Grasberg, and 70 million pounds of molybdenum. It had about 25 years of copper reserves at end December 2024. we expect it to sell similar amounts of copper midcycle in 2029, though we expect gold volumes to decline to about 700,000 ounces then due to falling production at Grasberg.

Having examined the options trading patterns of Freeport-McMoRan, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Freeport-McMoRan's Current Market Status

• With a volume of 5,265,746, the price of FCX is up 2.65% at $36.83.
• RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
• Next earnings are expected to be released in 41 days.

What Analysts Are Saying About 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 $47.5.

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 Deutsche Bank upgraded its action to Buy with a price target of $47. * In a positive move, an analyst from Jefferies has upgraded their rating to Buy and adjusted the price target to $48.

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 Benzinga Pro.