Freeport-McMoRan Receives Consensus Rating of “Buy” from Analysts (NYSE:FCX)
Freeport-McMoRan (NYSE:FCX) has earned an average rating of “Buy” from the twenty-two ratings firms that are covering the company, Analyst Ratings News reports. Five investment analysts have rated the stock with a hold recommendation and fifteen have issued a buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $41.67.
A number of analysts have recently weighed in on FCX shares. Analysts at Stifel Nicolaus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. They now have a $37.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at Bank of America upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Monday, August 11th. They now have a $42.00 price target on the stock. Finally, analysts at Argus upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Monday, August 11th. They now have a $42.00 price target on the stock. They noted that the move was a valuation call.
Freeport-McMoRan (NYSE:FCX) opened at 36.39 on Friday. Freeport-McMoRan has a 1-year low of $30.10 and a 1-year high of $39.32. The stock has a 50-day moving average of $37.61 and a 200-day moving average of $34.58. The company has a market cap of $37.811 billion and a P/E ratio of 15.23. Freeport-McMoRan also was the target of a significant drop in short interest in the month of July. As of July 31st, there was short interest totalling 27,825,169 shares, a drop of 9.4% from the July 15th total of 30,705,881 shares. Based on an average daily volume of 9,712,955 shares, the days-to-cover ratio is currently 2.9 days. Approximately 2.7% of the company’s stock are short sold.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by $0.03. The company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter in the previous year, the company posted $0.49 earnings per share. The company’s revenue for the quarter was up 28.8% on a year-over-year basis. On average, analysts predict that Freeport-McMoRan will post $2.42 earnings per share for the current fiscal year.
Freeport-McMoRan Inc is a United States-based natural resources company with a global portfolio of mineral assets, including copper, gold, and molybdenum, in addition to oil and gas resources.
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