Royal Bank Of Canada Raises Freeport-McMoRan (NYSE:FCX) Price Target to $73.00

Freeport-McMoRan (NYSE:FCX) had its price objective hoisted by stock analysts at Royal Bank Of Canada from $70.00 to $73.00 in a research report issued to clients and investors on Friday, Marketbeat reports. The brokerage currently has a “sector perform” rating on the natural resource company’s stock. Royal Bank Of Canada’s target price suggests a potential upside of 16.73% from the stock’s current price.

Several other research firms have also weighed in on FCX. Weiss Ratings lowered shares of Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 7th. UBS Group boosted their price target on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Sanford C. Bernstein upped their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research note on Wednesday, June 10th. The Goldman Sachs Group decreased their price objective on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. Finally, Stifel Nicolaus raised their price objective on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $70.18.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $62.54 on Friday. The business’s fifty day moving average price is $63.58 and its two-hundred day moving average price is $62.33. Freeport-McMoRan has a fifty-two week low of $35.15 and a fifty-two week high of $72.28. The stock has a market capitalization of $89.90 billion, a price-to-earnings ratio of 30.81, a price-to-earnings-growth ratio of 0.62 and a beta of 1.37. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 1.13.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.54 earnings per share. As a group, analysts predict that Freeport-McMoRan will post 2.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. First Community Trust NA acquired a new stake in Freeport-McMoRan in the 2nd quarter valued at about $46,000. Family Wealth Partners LLC acquired a new position in shares of Freeport-McMoRan during the second quarter worth approximately $208,000. Tema ETFs LLC lifted its position in shares of Freeport-McMoRan by 10.4% during the second quarter. Tema ETFs LLC now owns 27,662 shares of the natural resource company’s stock worth $1,740,000 after purchasing an additional 2,610 shares in the last quarter. Fiduciary Financial Group LLC grew its stake in shares of Freeport-McMoRan by 2.6% during the second quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company’s stock valued at $427,000 after purchasing an additional 173 shares during the last quarter. Finally, Doliver Advisors LP grew its stake in shares of Freeport-McMoRan by 13.6% during the second quarter. Doliver Advisors LP now owns 12,925 shares of the natural resource company’s stock valued at $813,000 after purchasing an additional 1,545 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Key Stories Impacting Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

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.