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It's been an impressive couple of days for Freeport-McMoRan Inc (FCX)
Freeport-McMoRan Inc (NYSE:FCX) is carrying over its momentum from Friday -- following news the firm's Grasberg mine in Indonesia resumed operations -- adding 3.4% to trade at $19.03. As such, options bulls are rushing in, with calls crossing at three times what's normally seen at this point in the day. Speculators are taking an interest in the weekly 3/27 20-strike call, with data from the International Securities Exchange (ISE) suggesting buy-to-open activity. These traders are betting on the shares to top $20 by this Friday's close, when the options expire. FCX's intraday high sits at $19.32.
Widening the scope, puts have been the options of choice among the equity's speculators. FCX's Schaeffer's put/call open interest ratio (SOIR) of 1.45 indicates that put open interest outnumbers call open interest among options with a life span of three months or less. Additionally, this ratio is higher than 93% of similar readings from the past 52 weeks, meaning short-term options traders are more put-skewed than normal. 
Looking to the Street, nine analysts with coverage on the stock have issued "buy" or better ratings. The remaining six brokerage firms covering the shares deem them a "hold." FCX's average 12-month price target, meanwhile, comes in at $25.53, territory it hasn't seen since mid-December.
Speaking of which, outside of the past two sessions, Freeport-McMoRan Inc (NYSE:FCX) has been in a downtrend for a while now. In fact, the shares have trailed the S&P 500 Index (SPX) by over 20 percentage points during the past 60 sessions, and shed roughly two-fifths of their value over the past 52 weeks..