Freeport-McMoRan Inc. (FCX) Stock Rating Upgraded by Vetr Inc.
Freeport-McMoRan Inc. (NYSE:FCX) was upgraded by research analysts at Vetr from a “sell” rating to a “buy” rating in a report issued on Thursday. The firm presently has a $17.30 target price on the natural resource company’s stock. Vetr‘s target price would suggest a potential upside of 8.13% from the company’s current price.
Other equities analysts have also issued reports about the stock. FBR & Co restated a “market perform” rating on shares of Freeport-McMoRan in a report on Wednesday, September 14th. Barclays PLC boosted their price objective on shares of Freeport-McMoRan from $10.00 to $11.00 and gave the stock an “equal weight” rating in a report on Monday, August 8th. Zacks Investment Research lowered shares of Freeport-McMoRan from a “hold” rating to a “sell” rating in a report on Tuesday, October 18th. Cowen and Company boosted their price objective on shares of Freeport-McMoRan from $15.00 to $20.00 and gave the stock an “outperform” rating in a report on Monday, November 21st. Finally, BMO Capital Markets set a $12.00 price objective on shares of Freeport-McMoRan and gave the stock a “hold” rating in a report on Tuesday, September 13th. Six research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $11.05.
Freeport-McMoRan (NYSE:FCX) opened at 16.00 on Thursday. Freeport-McMoRan has a one year low of $3.52 and a one year high of $16.42. The firm’s 50-day moving average price is $11.77 and its 200 day moving average price is $11.42. The company’s market capitalization is $21.79 billion.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 25th. The natural resource company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by $0.06. Freeport-McMoRan had a negative return on equity of 0.72% and a negative net margin of 58.67%. The company earned $3.88 billion during the quarter, compared to the consensus estimate of $3.95 billion. During the same period in the prior year, the firm earned ($0.15) earnings per share. The business’s revenue for the quarter was up 14.6% compared to the same quarter last year. On average, equities research analysts expect that Freeport-McMoRan will post $0.25 earnings per share for the current fiscal year.
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In related news, Director Courtney Mather acquired 150,000 shares of the company’s stock in a transaction on Thursday, October 27th. The stock was acquired at an average price of $10.72 per share, with a total value of $1,608,000.00. Following the acquisition, the director now directly owns 65,523 shares of the company’s stock, valued at $702,406.56. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.40% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. TRUE Private Wealth Advisors bought a new position in Freeport-McMoRan during the third quarter valued at approximately $106,000. Strid Group LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter valued at about $112,000. Stonebridge Capital Advisors LLC acquired a new stake in shares of Freeport-McMoRan during the second quarter valued at about $114,000. RiverPoint Capital Management LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter valued at about $114,000. Finally, LPL Financial LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter valued at about $114,000. 68.54% of the stock is owned by institutional investors and hedge funds.
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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