Scotiabank Forecasts Strong Price Appreciation for Freeport-McMoRan (NYSE:FCX) Stock

Freeport-McMoRan (NYSE:FCX) had its target price increased by equities research analysts at Scotiabank from $67.00 to $77.00 in a research note issued on Monday,MarketScreener reports. Scotiabank’s target price would suggest a potential upside of 7.68% from the company’s previous close.

FCX has been the subject of a number of other research reports. The Goldman Sachs Group increased their price target on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Freedom Capital upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Barclays initiated coverage on shares of Freeport-McMoRan in a research report on Thursday, May 21st. They set an “overweight” rating and a $77.00 price target for the company. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Jefferies Financial Group raised their price objective on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $67.31.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $71.51 on Monday. The stock has a market capitalization of $102.79 billion, a price-to-earnings ratio of 38.10, a PEG ratio of 0.82 and a beta of 1.35. The business’s 50 day moving average is $64.24 and its two-hundred day moving average is $59.18. Freeport-McMoRan has a 12-month low of $35.15 and a 12-month high of $72.09. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. The firm had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.24 earnings per share. Research analysts expect that Freeport-McMoRan will post 2.56 EPS for the current year.

Institutional Trading of Freeport-McMoRan

A number of large investors have recently made changes to their positions in the stock. Pinnacle Bancorp Inc. boosted its stake in shares of Freeport-McMoRan by 7.9% during the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock worth $118,000 after purchasing an additional 147 shares during the last quarter. Steph & Co. lifted its stake in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares during the period. Essex Bank boosted its position in Freeport-McMoRan by 1.2% during the first quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock worth $829,000 after acquiring an additional 163 shares during the last quarter. Leo Wealth LLC boosted its position in Freeport-McMoRan by 2.5% during the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after acquiring an additional 170 shares during the last quarter. Finally, Klein Pavlis & Peasley Financial Inc. grew its stake in Freeport-McMoRan by 0.9% in the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock worth $1,098,000 after acquiring an additional 175 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

About Freeport-McMoRan

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.