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How Freeport’s 4Q16 Laid the Groundwork for a Solid 2017


Feb. 1 2017, Updated 1:22 p.m. ET

Freeport’s 4Q16 earnings

Freeport-McMoRan (FCX) closed at $16.65 on January 31, 2017, rising 2.5% from its previous day’s close. 2016 was a remarkable year for the company.

At the beginning of 2016, a few observers expected Freeport to trade above $10. However, the company defied the pessimism in the commodity space and moved to higher price levels. Freeport’s upward momentum has continued into 2017, with its stock trading at a year-to-date rise of 26.2%.

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4Q16 earnings miss

Freeport-McMoRan released its 4Q16 financial results before the market opened on January 25, 2017. The company reported adjusted EPS (earnings per share) of $0.25. Analysts polled by Thomson Reuters had expected the company to post adjusted EPS of $0.33 in the quarter. You can read more about Freeport’s 4Q16 earnings in Why the Market Gave a Thumbs Down to Freeport’s 4Q16 Earnings.

Looking at other copper producers (SCCO), Teck Resources’ (TCK) 4Q16 financial results are scheduled for release on February 15, 2017. Glencore (GLNCY) is scheduled to release its 2016 production report on February 2, 2017, followed by its preliminary 2016 results on February 23. Turquoise Hill Resources (TRQ) (RIO) has already released its 4Q16 production report.

Series overview

In this series, we’ll explore the way forward for Freeport following its 4Q16 earnings release. We’ll analyze the 2017 guidance provided by the company’s management. We’ll also see how the company looks placed in 2017.

Let’s begin by analyzing how Wall Street analysts changed their ratings and target prices for Freeport after its 4Q16 earnings release.


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