Jefferies Group Reiterates $15.00 Price Target for Freeport-McMoRan Inc. (FCX)
Freeport-McMoRan Inc. (NYSE:FCX) has been given a $15.00 price target by equities researchers at Jefferies Group in a research note issued to investors on Sunday. The firm presently has a a “buy” rating on the natural resource company’s stock. Jefferies Group’s price objective points to a potential upside of 55.28% from the stock’s current price.
A number of other equities research analysts also recently issued reports on FCX. HSBC reissued a “buy” rating on shares of Freeport-McMoRan in a report on Thursday, July 7th. Deutsche Bank AG raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their price target for the stock from $12.00 to $12.50 in a report on Monday, October 3rd. Vetr raised shares of Freeport-McMoRan from a “buy” rating to a “strong-buy” rating and set a $14.36 price target on the stock in a report on Tuesday, August 2nd. Barclays PLC increased their price target on shares of Freeport-McMoRan from $10.00 to $11.00 and gave the stock an “equal weight” rating in a report on Monday, August 8th. Finally, Bank of America Corp. assumed coverage on shares of Freeport-McMoRan in a report on Monday. They issued an “underperform” rating and a $8.00 price target on the stock. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the company’s stock. Freeport-McMoRan presently has a consensus rating of “Hold” and a consensus price target of $10.46.
Freeport-McMoRan (NYSE:FCX) traded down 1.14% during midday trading on Friday, reaching $9.55. 9,783,041 shares of the company traded hands. The stock’s 50 day moving average is $10.38 and its 200 day moving average is $11.19. Freeport-McMoRan has a one year low of $3.52 and a one year high of $14.06. The company’s market capitalization is $12.68 billion.
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Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 26th. The natural resource company reported ($0.02) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $0.01. The business had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.70 billion. Freeport-McMoRan had a negative net margin of 87.70% and a negative return on equity of 3.68%. Freeport-McMoRan’s revenue for the quarter was down 15.3% compared to the same quarter last year. During the same period last year, the company earned $0.14 earnings per share. On average, equities analysts anticipate that Freeport-McMoRan will post $0.45 earnings per share for the current year.
A number of hedge funds have recently made changes to their positions in FCX. Beech Hill Advisors Inc. raised its stake in shares of Freeport-McMoRan by 10.6% in the fourth quarter. Beech Hill Advisors Inc. now owns 40,600 shares of the natural resource company’s stock worth $275,000 after buying an additional 3,900 shares during the last quarter. Majedie Asset Management Ltd raised its stake in shares of Freeport-McMoRan by 8.1% in the fourth quarter. Majedie Asset Management Ltd now owns 2,590,977 shares of the natural resource company’s stock worth $17,541,000 after buying an additional 195,228 shares during the last quarter. B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $631,000. Thompson Investment Management Inc. raised its stake in shares of Freeport-McMoRan by 5.9% in the fourth quarter. Thompson Investment Management Inc. now owns 499,421 shares of the natural resource company’s stock worth $3,381,000 after buying an additional 27,742 shares during the last quarter. Finally, Korea Investment CORP raised its stake in shares of Freeport-McMoRan by 32.8% in the fourth quarter. Korea Investment CORP now owns 1,508,341 shares of the natural resource company’s stock worth $10,211,000 after buying an additional 372,800 shares during the last quarter. 67.74% of the stock is owned by institutional investors.
Freeport-McMoRan Company Profile
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.
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