Freeport-McMoRan Copper & Gold Receives Buy Rating from Jefferies Group (FCX)
Freeport-McMoRan Copper & Gold (NYSE:FCX)‘s stock had its “buy” rating restated by equities researchers at Jefferies Group in a research report issued on Wednesday, ARN reports. They currently have a $45.00 price target on the stock, up from their previous price target of $40.00. Jefferies Group’s price objective would suggest a potential upside of 22.85% from the company’s current price.
The analysts wrote, “FCX reported a solid quarter operationally with EPS of 87¢ vs. our estimate of 70¢ and the Street estimate of 63¢. Importantly, management remains focused on accelerating de-leveraging through asset sales, JVs and capex cuts. We are raising our 1-year target to $45.”
A number of other analysts have also recently weighed in on FCX. Analysts at RBC Capital reiterated a “sector perform” rating on shares of Freeport-McMoRan Copper & Gold in a research note to investors on Friday, October 18th. They now have a $36.00 price target on the stock, up previously from $35.00. Separately, analysts at Credit Suisse reiterated a “buy” rating on shares of Freeport-McMoRan Copper & Gold in a research note to investors on Thursday, October 17th. They now have a $39.00 price target on the stock. Finally, analysts at BB&T Corp. raised their price target on shares of Freeport-McMoRan Copper & Gold from $36.00 to $38.00 in a research note to investors on Thursday, October 17th. They now have a “buy” rating on the stock. Five equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Freeport-McMoRan Copper & Gold has an average rating of “Buy” and an average price target of $37.93.
Shares of Freeport-McMoRan Copper & Gold (NYSE:FCX) traded up 0.74% on Wednesday, hitting $36.63. 17,169,356 shares of the company’s stock traded hands. Freeport-McMoRan Copper & Gold has a 1-year low of $26.37 and a 1-year high of $42.89. The stock has a 50-day moving average of $30.74 and a 200-day moving average of $30.65. The company has a market cap of $38.018 billion and a P/E ratio of 12.95. Freeport-McMoRan Copper & Gold also was the target of unusually large options trading on Monday. Stock investors bought 19,803 put options on the stock. This represents an increase of approximately 103% compared to the average daily volume of 9,756 put options.
Freeport-McMoRan Copper & Gold (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The company reported $0.79 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.62 by $0.17. The company had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $5.68 billion. During the same quarter last year, the company posted $0.86 earnings per share. Freeport-McMoRan Copper & Gold’s revenue was up 39.6% compared to the same quarter last year. Analysts expect that Freeport-McMoRan Copper & Gold will post $2.38 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a dividend of $0.31 per share. This represents a $1.25 annualized dividend and a dividend yield of 3.41%. The ex-dividend date is Thursday, October 10th.
Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) is an international mining company.
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