NEW YORK (TheStreet) -- Shares of Freeport-McMoRan (FCX) - Get Report are rising by 1.49% to $12.56 on heavy trading volume Tuesday afternoon, even though the company posted a wider-than-expected loss for the 2016 second quarter.
Before today's market open, the Phoenix-based natural resource and mining company posted an adjusted loss of 2 cents per share, while analysts were forecasting a loss of a penny a share.
Revenue for the quarter was $3.3 billion, below analysts' estimates of $3.7 billion.
"We are pleased to report significant progress toward our immediate objective of strengthening FCX's balance sheet and enhancing shareholder value in a challenging market environment," CEO Richard Adkerson said in a statement.
Freeport-McMoRan sold 156,000 ounces of gold, less than half as much as it sold last year, the Associated Press noted.
Additionally, its average selling price for oil dipped 18% year-over-year and the price of copper dropped 20%.
For 2016, the company sees consolidated sales of copper of about 5 billion pounds and gold sales of 1.7 million ounces.
About 50.2 million of the company's shares changed hands so far today vs. its average volume of 35.59 million shares per day.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: FCX