Freeport-McMoRan (NYSE:FCX) was upgraded by analysts at UBS Group from a “neutral” rating to a “buy” rating in a report released on Thursday, MarketBeat Ratings reports. The brokerage presently has a $12.00 target price on the natural resource company’s stock, down from their previous target price of $13.00. UBS Group’s price objective points to a potential upside of 25.65% from the company’s previous close.
FCX has been the topic of a number of other research reports. Deutsche Bank raised Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $12.50 to $13.50 in a research note on Wednesday, July 10th. Clarkson Capital restated a “neutral” rating on shares of Freeport-McMoRan in a report on Monday, September 23rd. ValuEngine upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Raymond James reiterated a “market perform” rating and issued a $13.00 target price on shares of Freeport-McMoRan in a report on Thursday, July 25th. Finally, Barclays upgraded Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price objective for the company in a research note on Tuesday, July 16th. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $13.38.
Shares of FCX stock traded up $0.64 during trading hours on Thursday, reaching $9.55. 45,688,016 shares of the company traded hands, compared to its average volume of 22,947,402. Freeport-McMoRan has a 12-month low of $8.43 and a 12-month high of $14.68. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.66 and a quick ratio of 1.32. The company has a market cap of $12.41 billion, a P/E ratio of 6.28 and a beta of 2.40. The firm has a 50-day moving average price of $9.53 and a 200 day moving average price of $10.90.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.01. Freeport-McMoRan had a return on equity of 4.08% and a net margin of 4.11%. The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.54 billion. During the same period in the previous year, the firm earned $0.59 EPS. The business’s quarterly revenue was down 31.4% on a year-over-year basis. Sell-side analysts predict that Freeport-McMoRan will post 0.08 EPS for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. TCG Advisors LP purchased a new stake in shares of Freeport-McMoRan in the 1st quarter valued at about $33,000. Rational Advisors LLC increased its position in Freeport-McMoRan by 107.0% in the 2nd quarter. Rational Advisors LLC now owns 3,261 shares of the natural resource company’s stock valued at $38,000 after acquiring an additional 1,686 shares during the period. Doyle Wealth Management acquired a new position in Freeport-McMoRan in the 2nd quarter valued at about $42,000. Valeo Financial Advisors LLC increased its position in Freeport-McMoRan by 92.3% during the 2nd quarter. Valeo Financial Advisors LLC now owns 4,684 shares of the natural resource company’s stock worth $54,000 after purchasing an additional 2,248 shares during the period. Finally, HM Payson & Co. acquired a new position in Freeport-McMoRan during the 2nd quarter worth approximately $62,000. 72.60% of the stock is owned by institutional investors.
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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