Glencore PLC (GLNCY) Raised to Buy at Zacks Investment Research
Glencore PLC (OTCMKTS:GLNCY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $10.00 price objective on the energy company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 12.04% from the company’s current price.
According to Zacks, “Glencore Plc operates as a diversified natural resource company. It operates in three groups: Metals and Minerals, Energy Products, and Agricultural Products. The Metals and Minerals segment is involved in mining, smelting, refining, and warehousing copper, nickel, zinc/lead, alloys, alumina/aluminum and iron ore. The Energy Products segment includes controlled and non-controlled coal mining and oil production operations and investments in strategic handling, storage and freight equipment and facilities. The Agricultural Products segment focuses on grains, oils/oilseeds, cotton and sugar. The Company’s operations consist of mining and metallurgical sites, offshore oil production assets, farms and agricultural facilities. It is a producer and marketer of commodities, such as mobile phones, bicycles, cutlery, plastics and electricity. Glencore Plc, formerly known as Glencore Xstrata PLC, is headquartered in Baar, Switzerland. “
Separately, Bank of America Corporation lowered Glencore PLC from a “buy” rating to a “neutral” rating in a research report on Monday, June 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $10.00.
Shares of Glencore PLC (OTCMKTS GLNCY) traded down 0.833% during midday trading on Tuesday, hitting $8.925. 136,865 shares of the company’s stock traded hands. The stock has a market cap of $63.59 billion, a P/E ratio of 46.005 and a beta of 2.06. The company has a 50 day moving average of $7.95 and a 200 day moving average of $7.82. Glencore PLC has a 52 week low of $4.46 and a 52 week high of $8.97.
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