Freeport-McMoRan (NYSE:FCX) Stock Price Expected to Rise, HSBC Analyst Says

Freeport-McMoRan (NYSE:FCX) had its target price increased by research analysts at HSBC from $72.00 to $75.00 in a research report issued to clients and investors on Friday,MarketScreener reports. HSBC’s price objective suggests a potential upside of 10.08% from the stock’s current price.

FCX has been the subject of a number of other reports. Morgan Stanley restated an “equal weight” rating and issued a $66.00 price objective (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. Argus upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Citigroup cut their price target on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Bank of America lifted their price objective on Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Finally, Scotiabank lowered their target price on Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating for the company in a research note on Friday, April 24th. 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, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus price target of $66.86.

Freeport-McMoRan Price Performance

NYSE:FCX traded up $1.79 during midday trading on Friday, hitting $68.13. The company had a trading volume of 695,543 shares, compared to its average volume of 17,987,723. The company has a market capitalization of $97.95 billion, a PE ratio of 35.85, a P/E/G ratio of 0.75 and a beta of 1.35. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. Freeport-McMoRan has a 52-week low of $35.15 and a 52-week high of $72.09. The stock’s fifty day moving average price is $64.10 and its 200-day moving average price is $58.98.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly 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. The firm had revenue of $6.23 billion during the quarter, compared to analyst estimates 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 was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.24 earnings per share. As a group, research analysts expect that Freeport-McMoRan will post 2.56 earnings per share for the current year.

Institutional Trading of Freeport-McMoRan

Large investors have recently bought and sold shares of the company. FAS Wealth Partners Inc. bought a new stake in shares of Freeport-McMoRan during the first quarter valued at approximately $206,000. Rathbones Group PLC raised its holdings in Freeport-McMoRan by 57.1% in the first quarter. Rathbones Group PLC now owns 2,822,756 shares of the natural resource company’s stock worth $165,922,000 after purchasing an additional 1,026,046 shares in the last quarter. Robinswood Financial LLC purchased a new position in Freeport-McMoRan during the first quarter valued at $48,000. DV Trading LLC lifted its position in Freeport-McMoRan by 697.6% during the first quarter. DV Trading LLC now owns 6,070 shares of the natural resource company’s stock valued at $357,000 after buying an additional 5,309 shares during the period. Finally, Parallel Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 5.8% during the 1st quarter. Parallel Advisors LLC now owns 56,019 shares of the natural resource company’s stock valued at $3,293,000 after buying an additional 3,051 shares in the last quarter. 80.77% of the stock is 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.