BMO Capital Markets Forecasts Strong Price Appreciation for Freeport-McMoRan (NYSE:FCX) Stock

Freeport-McMoRan (NYSE:FCX) had its target price raised by equities research analysts at BMO Capital Markets from $68.00 to $78.00 in a report issued on Tuesday,MarketScreener reports. The brokerage currently has an “outperform” rating on the natural resource company’s stock. BMO Capital Markets’ price objective would suggest a potential upside of 25.38% from the stock’s current price.

A number of other equities analysts have also weighed in on the company. The Goldman Sachs Group upped their target price on Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. UBS Group boosted their target price on Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Wells Fargo & Company decreased their target price on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Finally, JPMorgan Chase & Co. dropped their price target on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a research note on Monday, April 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $68.27.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $62.21 on Tuesday. Freeport-McMoRan has a 1 year low of $35.15 and a 1 year high of $72.28. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The company has a market capitalization of $89.43 billion, a P/E ratio of 32.82, a P/E/G ratio of 0.84 and a beta of 1.35. The business has a 50 day moving average of $64.97 and a 200-day moving average of $60.46.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) 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 business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same period last year, the company earned $0.24 EPS. Freeport-McMoRan’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, equities research analysts predict that Freeport-McMoRan will post 2.56 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Sapient Capital LLC purchased a new stake in Freeport-McMoRan in the first quarter worth about $364,000. Wealth High Governance Capital Ltda bought a new position in Freeport-McMoRan during the 1st quarter valued at approximately $12,392,000. Wealth High Governance Asset Management Ltda. purchased a new stake in shares of Freeport-McMoRan in the first quarter worth $10,484,000. Shariaportfolio Inc. purchased a new position in shares of Freeport-McMoRan in the 1st quarter worth about $934,000. Finally, FAS Wealth Partners Inc. purchased a new position in shares of Freeport-McMoRan in the 1st quarter worth about $206,000. 80.77% of the stock is currently owned by institutional investors.

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.