Freeport-McMoRan Announces Further Reduction in Capital Spending, Metals Production & Suspension of Common Stock Dividend
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Freeport-McMoRan (FCX) PT Cut to $13 - UBS
December 10, 2015 10:15 AM ESTUBS analyst, Brian Maca, cut the Freeport-McMoRan (NYSE: FCX) price target to $13 from $15.50 but maintained its Buy rating.
FCX has announced further capex and production cuts in both its mining and oil & gas businesses. In O&G, FCX now expects 2016 and 2017 capex to be $1.8B and $1.2B, respectively, from $2.0B... More
Freeport-McMoRan (FCX) PT Cut to $8 at FBR Capital Following Dividend Suspension, More Cuts
December 10, 2015 8:56 AM ESTFBR Capital maintained a Market Perform rating on Freeport-McMoRan (NYSE: FCX), and cut the price target to $8.00 (from $10.00), following dividend suspension. Freeport announced an immediate suspension of its $0.20/share annual dividend, with savings of ~$240M annually. FBR Capital believes that this announcement continues... More
Freeport-McMoran (FCX) Updates on Actions Taken in Response to Market Conditions; Will Suspend Dividend
December 9, 2015 8:03 AM ESTFreeport-McMoRan Inc. (NYSE: FCX) announced additional actions in response to market conditions, including further revisions to its oil and gas capital spending plans, additional curtailments in copper and molybdenum production and the suspension of its common stock dividend.
Oil & Gas Review. As previously reported on August 5, 2015, Freeport-McMoRan Oil & Gas (FM O&G) is deferring investments in several long-term projects in response to oil and gas market conditions. Following an ongoing review, capital expenditures for 2016 and 2017 have been reduced further from $2.0 billion per year in 2016 and 2017 to $1.8 billion in 2016 and $1.2 billion in 2017,... More
