First Quantum Minerals (OTCMKTS:FQVLF) Shares Gap Down – Here’s Why

First Quantum Minerals Ltd. (OTCMKTS:FQVLF)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $34.30, but opened at $32.4499. First Quantum Minerals shares last traded at $32.24, with a volume of 3,259 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft raised First Quantum Minerals from a “hold” rating to a “buy” rating in a report on Wednesday, June 3rd. Morgan Stanley reaffirmed an “overweight” rating on shares of First Quantum Minerals in a research note on Wednesday, July 8th. Citigroup reiterated a “positive” rating on shares of First Quantum Minerals in a research report on Wednesday, July 15th. Barclays restated an “overweight” rating on shares of First Quantum Minerals in a report on Wednesday, July 15th. Finally, TD Securities raised shares of First Quantum Minerals from a “hold” rating to a “buy” rating in a research note on Tuesday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy”.

First Quantum Minerals Stock Down 3.2%

The firm has a 50 day simple moving average of $29.21 and a two-hundred day simple moving average of $27.70. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.42 and a quick ratio of 0.86. The stock has a market cap of $26.83 billion, a price-to-earnings ratio of -292.36 and a beta of 1.36.

First Quantum Minerals (OTCMKTS:FQVLF) last posted its earnings results on Tuesday, July 28th. The basic materials company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.06). The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.40 billion. First Quantum Minerals had a negative return on equity of 2.28% and a negative net margin of 1.44%. As a group, sell-side analysts expect that First Quantum Minerals Ltd. will post 0.29 EPS for the current year.

First Quantum Minerals Company Profile

First Quantum Minerals Ltd. is a Canada-based mining company principally engaged in the exploration, development, production and marketing of copper and other mineral commodities. Headquartered in Vancouver, British Columbia, the company develops and operates large-scale open-pit and underground mines and associated processing facilities. Its activities span the full value chain from exploration and feasibility studies through to mining, milling and the sale of concentrates and refined metals to global customers.

Copper is the company’s primary product, produced alongside by-products such as gold, nickel, zinc and cobalt depending on the orebody.