Freeport-McMoRan (FCX) PT Cut to $13 - UBS

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Go back to Freeport-McMoRan (FCX) PT Cut to $13 - UBS

Freeport-McMoRan (FCX) PT Cut to $8 at FBR Capital Following Dividend Suspension, More Cuts

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

Freeport-McMoran (FCX) Capex Cuts Seen Impacting Noble (NE), Rowan (RDC) - Evercore ISI

December 9, 2015 3:02 PM EST

Freeport-McMoran (NYSE: FCX) capex cuts could impact Noble Corp (NYSE: NE) and Rowan Cos. (NYSE: RDC), according to Evercore ISI analyst James West.

Earlier Freeport-McMoran said capital expenditures for 2016 and 2017 have been reduced further from $2.0 billion per year in 2016 and... More

Freeport-McMoran (FCX) Updates on Actions Taken in Response to Market Conditions; Will Suspend Dividend

December 9, 2015 8:03 AM EST

Freeport-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