NEW YORK (TheStreet) -- Shares of Freeport-McMoRan Copper and Gold Inc. (FCX) are higher by 2.52% to $35.74 in early afternoon trading on Monday due to Friday's announcement the company has completed the sale of its Eagle Ford Shale assets to a subsidiary of Encana Corp. (ECA) for $3.1 billion.
Freeport-McMoRan is a U.S.-based international mining company, and the largest publically traded copper producer in the world.
The company also announced that it expects to complete the acquisition of interests in the Deepwater Gulf of Mexico from Apache Corp. (APA) for $1.4 billion, on June 30.
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Separately, TheStreet Ratings team rates FREEPORT-MCMORAN COP&GOLD as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate FREEPORT-MCMORAN COP&GOLD (FCX) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."