Freeport-McMoRan: The Company Is Proving Its Mettle
Freeport-McMoRan reported mixed Q1 results.
The copper miner made huge strides toward becoming free cash flow positive as the oil and gas division becomes less of a drag.
The stock is likely heading higher as the cash flow position turns very positive heading into 2017.
The investment theme at the lows in the stock was that Freeport-McMoRan (NYSE:FCX) was in a substantially better cash flow position than predicted by the stock price. The solid Q1 results confirm the simple path to reach positive free cash flow this year.