HSBC Initiates Coverage on Freeport-McMoRan Copper & Gold (FCX)
HSBC assumed coverage on shares of Freeport-McMoRan Copper & Gold (NYSE:FCX) in a research note issued on Thursday, TheFlyOnTheWall.com reports. The firm set an “overweight” rating and a $44.00 price target on the stock. HSBC’s price objective suggests a potential upside of 13.23% from the stock’s previous close.
The analysts wrote, “overweight”
Shares of Freeport-McMoRan Copper & Gold (NYSE:FCX) traded down 0.46% during mid-day trading on Thursday, hitting $38.86. 13,092,555 shares of the company’s stock traded hands. Freeport-McMoRan Copper & Gold has a 52 week low of $27.51 and a 52 week high of $39.30. The stock’s 50-day moving average is $35.26 and its 200-day moving average is $34.10. The company has a market cap of $40.364 billion and a price-to-earnings ratio of 15.94. Freeport-McMoRan Copper & Gold also was the target of some unusual options trading on Thursday. Stock traders purchased 297,619 call options on the company. This represents an increase of 806% compared to the average volume of 32,865 call options.
Freeport-McMoRan Copper & Gold (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 24th. The company reported $0.49 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.43 by $0.06. The company had revenue of $4.99 billion for the quarter, compared to the consensus estimate of $5.01 billion. During the same quarter last year, the company posted $0.68 earnings per share. Freeport-McMoRan Copper & Gold’s revenue was up 8.8% compared to the same quarter last year. On average, analysts predict that Freeport-McMoRan Copper & Gold will post $2.43 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, August 1st. Investors of record on Tuesday, July 15th will be given a dividend of $0.3125 per share. This represents a $1.25 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend is Friday, July 11th.
FCX has been the subject of a number of other recent research reports. Analysts at Deutsche Bank reiterated a “buy” rating on shares of Freeport-McMoRan Copper & Gold in a research note on Monday. They now have a $45.00 price target on the stock, up previously from $40.00. Separately, analysts at FBR Capital Markets cut their price target on shares of Freeport-McMoRan Copper & Gold from $40.00 to $38.00 in a research note on Wednesday, July 2nd. Finally, analysts at Morgan Stanley raised their price target on shares of Freeport-McMoRan Copper & Gold from $40.00 to $43.00 in a research note on Thursday, May 15th. They now have an “overweight” rating on the stock. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $39.89.
Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) is an international mining company.
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