Freeport-McMoRan Given Average Rating of “Buy” by Brokerages (NYSE:FCX)
Shares of Freeport-McMoRan (NYSE:FCX) have earned an average recommendation of “Buy” from the twenty-two ratings firms that are presently covering the company, AnalystRatingsNetwork.com reports. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $41.67.
Shares of Freeport-McMoRan (NYSE:FCX) opened at 36.47 on Friday. Freeport-McMoRan has a one year low of $30.10 and a one year high of $39.32. The stock has a 50-day moving average of $37.52 and a 200-day moving average of $34.70. The company has a market cap of $37.894 billion and a price-to-earnings ratio of 15.13.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $0.46 EPS for the quarter, missing the Thomson Reuters 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 prior year, the company posted $0.49 earnings per share. The company’s quarterly revenue 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.
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 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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