Freeport-McMoRan Inc. (FCX) Upgraded by Vetr Inc. to Hold
Freeport-McMoRan Inc. (NYSE:FCX) was upgraded by Vetr from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $9.75 price target on the natural resource company’s stock. Vetr‘s target price points to a potential downside of 1.22% from the company’s current price.
Several other equities research analysts have also recently issued reports on FCX. Macquarie reaffirmed a “neutral” rating and set a $10.00 target price on shares of Freeport-McMoRan in a research note on Tuesday, June 21st. HSBC reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research note on Thursday, July 7th. Jefferies Group reaffirmed a “buy” rating and set a $15.00 target price on shares of Freeport-McMoRan in a research note on Thursday, July 14th. FBR & Co lowered their target price on shares of Freeport-McMoRan from $11.00 to $9.00 and set a “mkt perform” rating on the stock in a research note on Wednesday, July 20th. Finally, BMO Capital Markets reaffirmed a “hold” rating on shares of Freeport-McMoRan in a research note on Wednesday, July 27th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $10.43.
Freeport-McMoRan (NYSE:FCX) traded down 3.14% on Tuesday, reaching $9.87. 28,841,619 shares of the company traded hands. The stock’s market capitalization is $13.11 billion. The stock has a 50 day moving average of $10.52 and a 200-day moving average of $11.21. Freeport-McMoRan has a 1-year low of $3.52 and a 1-year high of $14.06.
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Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by $0.01. The company earned $3.33 billion during the quarter, compared to analysts’ expectations of $3.70 billion. Freeport-McMoRan had a negative return on equity of 3.68% and a negative net margin of 87.70%. Freeport-McMoRan’s revenue was down 15.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.14 EPS. On average, equities analysts anticipate that Freeport-McMoRan will post $0.45 EPS for the current year.
Several hedge funds have recently added to or reduced their stakes in FCX. Stonebridge Capital Advisors LLC purchased a new stake in Freeport-McMoRan during the second quarter worth $114,000. Fox Run Management L.L.C. purchased a new stake in Freeport-McMoRan during the second quarter worth $115,000. M Holdings Securities Inc. purchased a new stake in Freeport-McMoRan during the second quarter worth $119,000. Silvercrest Asset Management Group LLC purchased a new stake in Freeport-McMoRan during the first quarter worth $120,000. Finally, Swarthmore Group Inc. purchased a new stake in Freeport-McMoRan during the second quarter worth $125,000. Hedge funds and other institutional investors own 67.78% of the company’s stock.
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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