Freeport-McMoran (FCX) Updates on Actions Taken in Response to Market Conditions; Will Suspend Dividend
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Go back to Freeport-McMoran (FCX) Updates on Actions Taken in Response to Market Conditions; Will Suspend Dividend
December 10, 2015 10:15 AM EST
UBS 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
December 10, 2015 8:56 AM EST
FBR 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
December 7, 2015 8:02 PM EST
By Sam Forgione
NEW YORK (Reuters) - Stock markets worldwide slipped on Tuesday, weighed down by weak China trade figures, while oil came off its worst levels of the day after falling within reach of a seven-year nadir.
Oil prices earlier plumbed lows last seen during the financial crisis as an intensifying supply glut sparked fears the world will run out of storage for crude. U.S. crude hit $36.64 a barrel and Brent hit $39.81, their lowest levels since February 2009, before rebounding.
Brent crude was last down 51 cents, at $40.23 a barrel, while U.S. crude... More
