Freeport-McMoRan (NYSE:FCX) Upgraded by Wall Street Zen to “Buy” Rating

Freeport-McMoRan (NYSE:FCX) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

Several other research analysts have also weighed in on the company. Jefferies Financial Group upped their target price on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Raymond James Financial dropped their target price on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Friday, April 24th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Finally, Argus raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $66.86.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $68.28 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan has a fifty-two week low of $35.15 and a fifty-two week high of $72.09. The stock’s 50-day moving average is $64.24 and its two-hundred day moving average is $59.05. The firm has a market cap of $98.15 billion, a P/E ratio of 36.32, a PEG ratio of 0.80 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same period in the prior year, the firm posted $0.24 EPS. The business’s revenue was up 8.8% compared to the same quarter last year. Analysts predict that Freeport-McMoRan will post 2.56 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FCX. Strategic Investment Solutions Inc. IL acquired a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $25,000. Steph & Co. boosted its stake in Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the period. Cassaday & Co Wealth Management LLC bought a new stake in Freeport-McMoRan during the 1st quarter valued at approximately $29,000. Kemnay Advisory Services Inc. bought a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $29,000. Finally, SHP Wealth Management bought a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $30,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.