Market Update: Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) – Freeport-McMoRan Announces New Organizational Structure for Oil & Gas Division

[Business Wire] – Freeport-McMoRan Inc. announced today a new organizational structure for its subsidiary Freeport-McMoRan Oil & Gas . The changes are being undertaken to reduce costs, streamline functions and to enhance capital allocation across FCX’s global business in a manner consistent with FCX’s debt reduction initiatives. Read more on this. Freeport-McMoRan Inc. (FCX) , with a current market cap of $11.66B, started trading this morning at $9.26. Looking at the stock, its one day range is $9.22 to $9.52 and has traded between $3.52 and $23.97 over the past year. FCX shares are currently priced at 78.50x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s -5.33x earnings multiple. In a review of the consensus earnings estimate this quarter, 17 sell-side analysts are looking at $-0.19 per share, which would be $0.00 better than the year-ago quarter and a $0.02 sequential increase. The full-year EPS estimate is $0.12, which would be a $0.20 better than last year. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $3.46 Billion. If realized, that would be a 16.63% decrease over the year-ago quarter. In terms of ratings, BofA/Merrill upgraded FCX from Underperform to Neutral (Mar 1, 2016). Previously, Berenberg Initiated FCX at to Hold. The average price target for FCX shares is $8.09, which is 12.63% below where the stock opened this morning. See more in (NYSE:FCX) Similar Articles: Market Update: Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) – SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Notifies Investors of Class Action Against Freeport-McMoRan Inc. (FCX) and Lead Plaintiff Deadline: March 28, 2016 Market Update: Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) – INVESTOR ALERT: The Law Offices of Vincent Wong Remind Investors of Class Action Involving Freeport-McMoRan Inc. and a Lead Plaintiff Deadline of March 28, 2016 – FCX Company Update: Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) – Freeport-McMoRan Elects Gerald J. Ford Non-Executive Chairman and Names James R. Moffett Chairman Emeritus