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Freeport-McMoRan (NYSE:FCX) was downgraded by stock analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a report issued on Tuesday.

Several other analysts have also recently commented on the stock. 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. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $41.60.

Freeport-McMoRan (NYSE:FCX) opened at 36.37 on Tuesday. Freeport-McMoRan has a one year low of $30.38 and a one year high of $39.32. The stock’s 50-day moving average is $37.25 and its 200-day moving average is $34.78. The company has a market cap of $37.790 billion and a price-to-earnings ratio of 15.01. Freeport-McMoRan also was the recipient of a significant drop in short interest in the month of August. As of August 15th, there was short interest totalling 24,631,360 shares, a drop of 11.5% from the July 31st total of 27,825,169 shares. Approximately 2.4% of the shares of the company are short sold. Based on an average daily volume of 7,625,366 shares, the days-to-cover ratio is currently 3.2 days.

Freeport-McMoRan (NYSE:FCX) last announced its 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.

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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