Freeport-McMoRan (NYSE:FCX) Coverage Initiated by Analysts at BNP Paribas

BNP Paribas started coverage on shares of Freeport-McMoRan (NYSE:FCX) in a research note issued to investors on Friday, BenzingaRatingsTable reports. The firm issued an outperform rating on the natural resource company’s stock.

A number of other research firms have also weighed in on FCX. ValuEngine upgraded shares of Freeport-McMoRan from a hold rating to a buy rating in a report on Thursday, September 5th. Deutsche Bank upgraded shares of Freeport-McMoRan from a hold rating to a buy rating and upped their target price for the stock from $12.50 to $13.50 in a report on Wednesday, July 10th. JPMorgan Chase & Co. lowered their target price on shares of Freeport-McMoRan from $15.00 to $13.00 and set a neutral rating on the stock in a report on Tuesday, July 9th. Barclays upgraded shares of Freeport-McMoRan from an underweight rating to an equal weight rating and set a $12.00 target price on the stock in a report on Tuesday, July 16th. Finally, UBS Group set a $13.00 target price on shares of Freeport-McMoRan and gave the stock a hold rating in a report on Wednesday, June 26th. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Freeport-McMoRan has a consensus rating of Hold and a consensus target price of $13.79.

FCX opened at $10.47 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.66 and a quick ratio of 1.32. Freeport-McMoRan has a fifty-two week low of $8.58 and a fifty-two week high of $14.90. The firm has a market capitalization of $15.16 billion, a PE ratio of 22.23 and a beta of 2.42. The company’s 50-day moving average is $9.65 and its 200 day moving average is $11.22.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.01. Freeport-McMoRan had a net margin of 4.11% and a return on equity of 4.08%. The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.54 billion. During the same quarter in the prior year, the business posted $0.59 EPS. The firm’s revenue was down 31.4% compared to the same quarter last year. As a group, analysts expect that Freeport-McMoRan will post 0.15 EPS for the current year.

Large investors have recently bought and sold shares of the business. Cetera Advisor Networks LLC increased its stake in shares of Freeport-McMoRan by 5.5% during the 1st quarter. Cetera Advisor Networks LLC now owns 24,124 shares of the natural resource company’s stock worth $310,000 after purchasing an additional 1,268 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in Freeport-McMoRan by 39.0% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 197,264 shares of the natural resource company’s stock worth $2,543,000 after buying an additional 55,352 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Freeport-McMoRan by 15.5% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,001,967 shares of the natural resource company’s stock worth $77,365,000 after buying an additional 805,702 shares during the period. TD Asset Management Inc. boosted its holdings in Freeport-McMoRan by 2.7% in the 1st quarter. TD Asset Management Inc. now owns 507,890 shares of the natural resource company’s stock worth $6,547,000 after buying an additional 13,589 shares during the period. Finally, Keybank National Association OH boosted its holdings in Freeport-McMoRan by 16.1% in the 1st quarter. Keybank National Association OH now owns 430,468 shares of the natural resource company’s stock worth $5,548,000 after buying an additional 59,707 shares during the period. Hedge funds and other institutional investors own 72.60% of the company’s stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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