Freeport-McMoRan (NYSE:FCX) Price Target Raised to $82.00 at Barclays

Freeport-McMoRan (NYSE:FCX) had its target price boosted by research analysts at Barclays from $80.00 to $82.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the natural resource company’s stock. Barclays‘s price objective points to a potential upside of 31.12% from the company’s current price.

A number of other equities analysts also recently weighed in on the stock. Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Royal Bank Of Canada lifted their price objective on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Friday. Scotiabank boosted their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research note on Monday, June 15th. HSBC increased their target price on shares of Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. Finally, Jefferies Financial Group raised their price target on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $70.27.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $62.54 on Monday. The business’s fifty day simple moving average is $63.58 and its 200 day simple moving average is $62.38. The firm has a market capitalization of $89.90 billion, a P/E ratio of 30.81, a price-to-earnings-growth ratio of 0.61 and a beta of 1.37. Freeport-McMoRan has a 12 month low of $35.15 and a 12 month high of $72.28. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.54 EPS. As a group, analysts anticipate that Freeport-McMoRan will post 2.75 EPS for the current year.

Institutional Trading of Freeport-McMoRan

A number of institutional investors have recently modified their holdings of the business. Strategic Investment Solutions Inc. IL bought a new position in Freeport-McMoRan in the 4th quarter worth approximately $25,000. Steph & Co. lifted its position in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Freeport-McMoRan during the first quarter worth $29,000. Kemnay Advisory Services Inc. bought a new position in shares of Freeport-McMoRan in the fourth quarter worth $29,000. Finally, SHP Wealth Management bought a new position in shares of Freeport-McMoRan in the fourth quarter worth $30,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.