Freeport-McMoRan Options Trading: A Deep Dive into Market Sentiment

Author: Benzinga Insights | June 11, 2024 10:46am

Financial giants have made a conspicuous bullish move on Freeport-McMoRan. Our analysis of options history for Freeport-McMoRan (NYSE:FCX) revealed 12 unusual trades.

Delving into the details, we found 50% of traders were bullish, while 50% showed bearish tendencies. Out of all the trades we spotted, 5 were puts, with a value of $187,012, and 7 were calls, valued at $699,015.

What's The Price Target?

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $46.0 to $55.0 for Freeport-McMoRan during the past quarter.

Volume & Open Interest Development

In today's trading context, the average open interest for options of Freeport-McMoRan stands at 14082.29, with a total volume reaching 6,764.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Freeport-McMoRan, situated within the strike price corridor from $46.0 to $55.0, throughout the last 30 days.

Freeport-McMoRan Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
FCX	CALL	TRADE	BEARISH	07/19/24	$0.61	$0.55	$0.55	$55.00	$412.5K	77.7K	853
FCX	CALL	TRADE	BULLISH	08/16/24	$2.59	$2.56	$2.58	$50.00	$51.6K	13.2K	425
FCX	CALL	TRADE	BEARISH	08/16/24	$2.59	$2.56	$2.57	$50.00	$51.4K	13.2K	880
FCX	CALL	TRADE	BEARISH	11/15/24	$6.6	$6.5	$6.5	$46.00	$48.7K	3.1K	2
FCX	PUT	SWEEP	BEARISH	06/14/24	$0.97	$0.94	$0.97	$49.00	$48.5K	1.1K	545

About Freeport-McMoRan

Freeport-McMoRan Inc is an international mining company. It has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines. Its reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting and Refining. It derives key revenue from the sale of Copper.

Where Is Freeport-McMoRan Standing Right Now?

• With a volume of 2,478,440, the price of FCX is down -2.56% at $48.72.
• RSI indicators hint that the underlying stock may be approaching oversold.
• Next earnings are expected to be released in 37 days.

What Analysts Are Saying About Freeport-McMoRan

2 market experts have recently issued ratings for this stock, with a consensus target price of $57.0.

• An analyst from UBS has decided to maintain their Neutral rating on Freeport-McMoRan, which currently sits at a price target of $54.
• An analyst from Scotiabank has decided to maintain their Sector Outperform rating on Freeport-McMoRan, which currently sits at a price target of $60.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for Freeport-McMoRan, Benzinga Pro gives you real-time options trades alerts.

Posted In: FCX