Glencore PLC (GLNCY) Stock Rating Upgraded by Zacks Investment Research
Glencore PLC (OTCMKTS:GLNCY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $10.00 price objective on the energy company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 10.38% from the company’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 cut Glencore PLC from a “buy” rating to a “neutral” rating in a research note on Monday, June 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $10.00.
Shares of Glencore PLC (GLNCY) opened at 9.06 on Wednesday. The stock has a 50 day moving average of $8.52 and a 200-day moving average of $7.90. Glencore PLC has a 12 month low of $4.46 and a 12 month high of $9.06. The company has a market cap of $64.60 billion, a price-to-earnings ratio of 15.51 and a beta of 2.06.
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About Glencore PLC
Glencore plc engages in the production, refinement, processing, storage, transport, and marketing of commodities worldwide. It operates in three segments: Metals and Minerals, Energy Products, and Agricultural Products. The Metals and Minerals segment is involved in smelting, refining, mining, processing, and storing zinc, copper, lead, alumina, aluminum, ferroalloys, nickel, cobalt, and iron ore.
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