Freeport-McMoRan Inc. (FCX) Stock Rating Upgraded by Vetr Inc.
Freeport-McMoRan Inc. (NYSE:FCX) was upgraded by stock analysts at Vetr from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday. The brokerage currently has a $9.75 target price on the natural resource company’s stock. Vetr‘s price target indicates a potential downside of 1.22% from the stock’s previous close.
Several other research analysts have also recently weighed in on FCX. Macquarie decreased their target price on Freeport-McMoRan from $13.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, September 14th. Deutsche Bank AG reduced their target price on Freeport-McMoRan from $12.50 to $12.00 and set a “hold” rating for the company in a report on Tuesday, September 13th. FBR & Co reduced their target price on Freeport-McMoRan from $11.00 to $9.00 and set a “mkt perform” rating for the company in a report on Wednesday, July 20th. Morgan Stanley downgraded Freeport-McMoRan from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $9.00 to $7.00 in a report on Wednesday, September 14th. They noted that the move was a valuation call. Finally, BMO Capital Markets reaffirmed a “hold” rating on shares of Freeport-McMoRan in a report on Wednesday, July 27th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $10.43.
Freeport-McMoRan (NYSE:FCX) traded down 3.14% during mid-day trading on Tuesday, reaching $9.87. The company’s stock had a trading volume of 28,841,619 shares. Freeport-McMoRan has a 1-year low of $3.52 and a 1-year high of $14.06. The firm’s market capitalization is $13.11 billion. The firm has a 50-day moving average of $10.52 and a 200 day moving average of $11.21.
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Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $0.01. Freeport-McMoRan had a negative net margin of 87.70% and a negative return on equity of 3.68%. The firm had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.70 billion. During the same period in the prior year, the business earned $0.14 EPS. The company’s quarterly revenue was down 15.3% compared to the same quarter last year. Equities analysts expect that Freeport-McMoRan will post $0.45 earnings per share for the current year.
A number of hedge funds have recently added to or reduced their stakes in the stock. Stonebridge Capital Advisors LLC acquired a new stake in Freeport-McMoRan during the second quarter worth about $114,000. Fox Run Management L.L.C. acquired a new stake in Freeport-McMoRan during the second quarter worth about $115,000. M Holdings Securities Inc. acquired a new stake in Freeport-McMoRan during the second quarter worth about $119,000. Silvercrest Asset Management Group LLC acquired a new stake in Freeport-McMoRan during the first quarter worth about $120,000. Finally, Swarthmore Group Inc. acquired a new stake in Freeport-McMoRan during the second quarter worth about $125,000. 67.78% of the stock is currently owned by hedge funds and other institutional investors.
Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.
To view Vetr’s full report, visit Vetr’s official website.
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