Error Saving Reaction
NEW YORK, NY / ACCESSWIRE / May 16, 2017 / While there was no significant news to explain the price jumps, both Freeport-McMoran and Taseko Mines Limited saw their share prices head higher in Monday trading. Both companies recently reported first quarter earnings.
RDI Initiates Coverage on:
Taseko Mines Limited
Freeport-McMoRan Inc.'s shares closed up 2.09% yesterday despite absence of any remarkable news. The world's second-largest copper miner recently reported earnings for the first quarter. Revenue came in at $3,341 million while net earnings came in at $228 million. Richard C. Adkerson, President and Chief Executive Officer, said, "During the first quarter, we continued to strengthen our financial position despite the production interruptions experienced at our Indonesian operations. Our strong focus on cost and capital discipline combined with improved market conditions for copper are producing solid results. The resumption of concentrate exports in Indonesia and expected continued strong performance from our Americas operations will enable us to generate significant cash flows in the balance of the year to achieve our balance sheet objectives. Our team is focused on reaching a positive near-term resolution to protect our past investments and support our long-term investment plans in Indonesia and in building long-term values in our large portfolio of high-quality copper assets in the Americas."
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Taseko Mines Limited's shares closed up 14.78% yesterday on tremendous volume traded despite no significant news released. In fact, the company had been getting downgrades in recent weeks. Zacks Investment Research lowered its rating on the stock from "hold" to sell last week. TD Securities also lowered their rating on the company to a "hold" back in February. BMO on the other hand put out a note out in February but rated the stock a "market perform." The company recently put out earnings for the first quarter ended March 31st and reported revenues of $78.88 million and net earnings of $12.45 million. The company stated, "Revenue in the quarter was CAD 104 million, up $10 million from the $94 million achieved in Q4 2016 despite sales being similar quarter-over-quarter. Correspondingly, EBITDA was up from $46 million to $53 million. Effectively, in the last six months, we have generated nearly $90 million in earnings from mining operations."
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