Zacks Investment Research Upgrades Glencore PLC (GLNCY) to Buy
Glencore PLC (OTCMKTS:GLNCY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $10.00 target price on the energy company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 14.16% from the stock’s previous close.
According to Zacks, “Glencore Plc operates as a diversified natural resource company. It operates in three groups: Metals and Minerals, Energy Products, and Agricultural Products. The Metals and Minerals segment is involved in mining, smelting, refining, and warehousing copper, nickel, zinc/lead, alloys, alumina/aluminum and iron ore. The Energy Products segment includes controlled and non-controlled coal mining and oil production operations and investments in strategic handling, storage and freight equipment and facilities. The Agricultural Products segment focuses on grains, oils/oilseeds, cotton and sugar. The Company’s operations consist of mining and metallurgical sites, offshore oil production assets, farms and agricultural facilities. It is a producer and marketer of commodities, such as mobile phones, bicycles, cutlery, plastics and electricity. Glencore Plc, formerly known as Glencore Xstrata PLC, is headquartered in Baar, Switzerland. “
Separately, Bank of America Corporation downgraded Glencore PLC from a “buy” rating to a “neutral” rating in a research report on Monday, June 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $10.00.
Shares of Glencore PLC (OTCMKTS:GLNCY) opened at 8.76 on Tuesday. Glencore PLC has a 52-week low of $4.46 and a 52-week high of $8.89. The stock’s 50 day moving average is $7.83 and its 200-day moving average is $7.80. The firm has a market cap of $62.42 billion, a P/E ratio of 45.15 and a beta of 2.06.
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