Freeport-McMoRan Inc. (FCX) PT Raised to $20.00
Freeport-McMoRan Inc. (NYSE:FCX) had its price objective raised by research analysts at Cowen and Company from $15.00 to $20.00 in a research report issued to clients and investors on Monday. The firm presently has an “outperform” rating on the natural resource company’s stock. Cowen and Company’s price objective indicates a potential upside of 45.67% from the company’s previous close.
Several other equities analysts have also issued reports on FCX. Jefferies Group set a $15.00 price objective on Freeport-McMoRan and gave the stock a “buy” rating in a report on Sunday, October 16th. Macquarie decreased their target price on shares of Freeport-McMoRan from $13.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, September 14th. Vetr downgraded shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating and set a $11.00 target price for the company. in a research note on Wednesday, September 28th. Deutsche Bank AG decreased their target price on shares of Freeport-McMoRan from $12.50 to $12.00 and set a “hold” rating for the company in a research note on Tuesday, September 13th. Finally, Morgan Stanley downgraded shares of Freeport-McMoRan from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $9.00 to $7.00 in a research note on Wednesday, September 14th. They noted that the move was a valuation call. Six equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $10.97.
Shares of Freeport-McMoRan (NYSE:FCX) opened at 13.73 on Monday. The stock’s market capitalization is $18.70 billion. The firm’s 50-day moving average price is $11.12 and its 200 day moving average price is $11.29. Freeport-McMoRan has a 1-year low of $3.52 and a 1-year high of $14.26.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 25th. The natural resource company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by $0.06. The firm had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.95 billion. Freeport-McMoRan had a negative return on equity of 0.72% and a negative net margin of 58.67%. The business’s revenue for the quarter was up 14.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.15) EPS. Equities research analysts expect that Freeport-McMoRan will post $0.23 earnings per share for the current fiscal year.
In other news, Director Courtney Mather bought 150,000 shares of the stock in a transaction on Thursday, October 27th. The stock was purchased at an average cost of $10.72 per share, with a total value of $1,608,000.00. Following the purchase, the director now owns 65,523 shares of the company’s stock, valued at $702,406.56. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.40% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. TRUE Private Wealth Advisors bought a new position in shares of Freeport-McMoRan during the third quarter worth $106,000. Strid Group LLC bought a new position in shares of Freeport-McMoRan during the third quarter worth $112,000. Stonebridge Capital Advisors LLC bought a new position in shares of Freeport-McMoRan during the second quarter worth $114,000. RiverPoint Capital Management LLC bought a new position in shares of Freeport-McMoRan during the third quarter worth $114,000. Finally, LPL Financial LLC bought a new position in shares of Freeport-McMoRan during the third quarter worth $114,000. Institutional investors own 68.54% of the company’s stock.
Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.
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