Vetr upgraded shares of Freeport-McMoRan Inc. (NYSE:FCX) from a sell rating to a hold rating in a research note released on Tuesday morning. Vetr currently has $9.75 price target on the natural resource company’s stock.
A number of other brokerages have also recently commented on FCX. HSBC reaffirmed a buy rating on shares of Freeport-McMoRan in a research note on Thursday, July 7th. FBR & Co reaffirmed a market perform rating on shares of Freeport-McMoRan in a research note on Wednesday, September 14th. Barclays PLC lifted their price objective on Freeport-McMoRan from $10.00 to $11.00 and gave the stock an equal weight rating in a research note on Monday, August 8th. BMO Capital Markets set a $12.00 price objective on Freeport-McMoRan and gave the stock a hold rating in a research note on Tuesday, September 13th. Finally, Cowen and Company set a $15.00 price objective on Freeport-McMoRan and gave the stock a buy rating in a research note on Tuesday, September 13th. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have given a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $10.43.
Shares of Freeport-McMoRan (NYSE:FCX) opened at 9.66 on Tuesday. The stock’s market capitalization is $12.83 billion. Freeport-McMoRan has a 1-year low of $3.52 and a 1-year high of $14.06. The stock’s 50 day moving average price is $10.38 and its 200-day moving average price is $11.19.
Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by $0.01. The firm had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.70 billion. Freeport-McMoRan had a negative return on equity of 3.68% and a negative net margin of 87.70%. The company’s revenue was down 15.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.14 EPS. Equities research analysts anticipate that Freeport-McMoRan will post $0.45 EPS for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in FCX. Stonebridge Capital Advisors LLC acquired a new stake in Freeport-McMoRan during the second quarter valued at about $114,000. Fox Run Management L.L.C. purchased a new position in Freeport-McMoRan during the second quarter valued at approximately $115,000. M Holdings Securities Inc. purchased a new position in Freeport-McMoRan during the second quarter valued at approximately $119,000. Silvercrest Asset Management Group LLC purchased a new position in Freeport-McMoRan during the first quarter valued at approximately $120,000. Finally, Swarthmore Group Inc. purchased a new position in Freeport-McMoRan during the second quarter valued at approximately $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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