Freeport-McMoRan: Pausing A Little After Such A Terrific Run-Up

|
About: Freeport-McMoRan Inc. (FCX)
by: Fun Trading
This article is exclusive for subscribers.
Summary

The third quarter of 2020 was $3.851 billion, up 22.1% from the same quarter a year ago and up 26% sequentially.

Net debt is now $7.62 billion. A decrease of $822 from the prior quarter.

The company is considering a resumption of the quarterly dividend in 2021.

FCX is an excellent long-term investment; however, I recommend selling about 50% of your position above $18 because I consider the stock overbought.

Source: MICHAEL A JACKSON FILMS / Shutterstock.com

Investment Thesis

The Phoenix-based Freeport-McMoRan (NYSE: FCX), the world's largest publicly traded copper company, released its third quarter results on October 22, 2020.

The company surpassed estimates