Freeport-McMoRan Inc FCX's stock is up big at 5.19 percent and trading at $7.09 at the time of this publication. On Tuesday, the stock was down 6.8 percent. The natural resource company traded 1.3 million shares after announcing the company would suspend its yearly stock dividend of 20 cents per share in order to save roughly $240 million per year.
Freeport-McMoRan has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $278.4 million. The stock has a dividend yield of 2.5 percent.
Freeport-McMoRan's announcement earlier Wednesday stated it would be cutting its assets by 60 percent. The dramatic restructuring would cause a loss of 85,000 jobs. The company also stated it would cut oil and gas capital spending plans to $1.8 billion for 2016, down from the $2 billion previously forecast.
The Oil Space
The markets experienced an uptick in oil prices Wednesday, following United States crude oil pricing, which fell 14 cents to $37.51 on Tuesday, close to a seven-year low. OPEC's decision to abandon production levels where they are has also been a contributor to the declining oil price.
The natural resource and energy industry has been hit by falling oil prices, but overall, investors still seemed pleased with some of the recent initiatives taken by the natural resource and sector.
A Look At Freeport-McMoRan's Recent Action
Freeport-McMoRan shares were up 9.35 percent to $7.37 in early morning trading. Freeport-McMoRan's average volume has been 37.9 million shares per day over the past 30 days.
The company has a market cap of $9.1 billion and is part of the basic materials sector and metals and mining industry. The stock has a beta of 2.24 and a short float of 8.4 percent with 2.14 days to cover. Shares are down 69 percent year-to-date as of the close of trading on Monday.
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