Commodities see Weakness in The Early Hours of November 23
Commodities pulled back in the early hours on Thursday. Crude oil fell last week and broke its five-week gaining streak. It opened this week on a weaker note, but has regained strength. Whereas…
Crude oil started this week on a weaker note. Crude oil opened higher on November 22 and traded at the highest levels since July 2015.
Glencore (GLEN-L) has the highest percentage of “buy” or higher recommendations in our select group of mining stocks.
Freeport-McMoRan (FCX) is trading at 5.94x its 2017 consensus EBITDA and at 4.62x its consensus 2018 EBITDA.
First Quantum (FM) has the lowest interest coverage ratio in our coverage of copper miners.
Freeport-McMoRan (FCX) generated free cash flows of $875 million in 3Q17, taking its free cash flows in the first nine months of 2017 to almost $2.0 billion.
Freeport-McMoRan (FCX) posted adjusted EBITDA of $1.6 billion in 3Q17.
Freeport expects its copper after by product unit cash cost to average $1.19 per pound in 2017, which implies a 4Q17 unit production cost of $0.98 per pound.
First Quantum (FM) expects to produce 570,000 metric tons of copper in 2017.
Freeport reported the steepest yearly decline in its 3Q17 copper production, while BHP Billiton’s copper production registered the biggest yearly rise among the copper miners that we’re covering in this series.
In this series, we’ll explore some of the key highlights from copper miners’ 3Q17 earnings and production profiles.
Meanwhile, global copper markets could stay relatively balanced this year with expectations of a small deficit.
Capital allocation is key for metal and mining companies given the industry’s capital-intensive nature.
Freeport-McMoRan (FCX) owns the giant Grasberg mine in Indonesia along with Rio Tinto (RIO) (TRQ).
In this article, we’ll look at the different macro factors that impacted the metals and mining space last week.
In this series, we’ll look at the key developments that impacted mining companies last week. We’ll also look at some of the company-specific developments that impacted mining stocks.
At 5:40 AM EST on November 20, the WTI crude oil futures contracts for January 2018 delivery were trading at $56.49 per barrel—a fall of ~0.39%.
A strong balance sheet helped address one of key investors’ concerns regarding Freeport’s higher leverage ratio.
Freeport has managed to cut its net debt levels by more than half since the end of 2015. The company’s leverage metrics also look better.
According to consensus estimates compiled by Thomson Reuters, Freeport is expected to post revenues of $4.56 billion in 4Q17.