Quick Win By The Algorithm

Freeport-McMoRan Inc. engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. It primarily explores for copper concentrate, copper cathode, copper rod, gold, molybdenum, silver, and other metals, as well as oil and gas. The company’s portfolio of assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America. It also operates a portfolio of oil and gas assets comprising oil and natural gas production onshore in South Louisiana; and on the GOM Shelf and oil production offshore California, as well as natural gas production from the Madden area in central Wyoming. As of December 31, 2016, the company’s estimated consolidated recoverable proven and probable mineral reserves totaled 86.8 billion pounds of copper, 26.1 million ounces of gold, and 2.95 billion pounds of molybdenum, as well as estimated proved developed oil and natural gas reserves totaled 18 million barrels of oil equivalents. The company was formerly known as Freeport-McMoRan Copper & Gold Inc. and changed its name to Freeport-McMoRan Inc. in July 2014. Freeport-McMoRan Inc. was founded in 1987 and is headquartered in Phoenix, Arizona.

FCX stock price have reached a 52-week high on January 5th, 2018. The company’s shares have surged over 60% in the last six months, significantly outperforming the industry growth.

Source: Nasdaq

Freeport-McMoRan released strong financial results for the third-quarter and nine-month 2017. The company also has a positive outlook for future results. According to President and CEO, Richard C. Adkerson, their focus on cost management combined with free cash flow generation have enabled FCX to continue to strengthen their balance sheet and successfully execute their strategy.

As the CEO said, “Our shareholders are well positioned to benefit from out highly attractive portfolio of copper assets and improving copper market conditions.”

FCX consolidated sales for the year 2017 are expected to approximate 3.7 billion pounds of copper, 1.6 million ounces of gold and 94 million pounds of molybdenum, including 1.0 billion pounds of copper, 625 thousand ounces of gold and 23 million pounds of molybdenum for fourth-quarter 2017.

Moreover, FCX is expecting its unit net cash cost to average $1.19 per pound of cooper for the year 2017. The company is taking actions to cut mining costs and manage capital expenditures amid a challenging operating environment. Furthermore, FCX is also focused on reducing its debt.

On December 10th, 2017, I Know First issued a bullish 1-month forecast for Freeport-McMoRan Inc. (NYSE: FCX). The forecast showed a signal of 14.25 and a predictability of 0.45. In accordance with the forecast, FCX’s stock returned 30.33% over this period, solidifying another quick win by the I Know First algorithm.

Current I Know First subscribers received this bullish FCX forecast on December 10th, 2017. 

Disclaimer

Before making any trading decisions, consult the latest forecast as the algorithm updates predictions daily. You can use the algorithm for intra-day trading. The predictability tends to become stronger with forecasts over longer time-horizons such as the 1-month, 3-month and 1-year forecasts.