Scotiabank Increases Freeport-McMoRan (NYSE:FCX) Price Target to $77.00

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

Several other research firms have also recently issued reports on FCX. Freedom Capital raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Sanford C. Bernstein increased their price target on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research note on Wednesday. CICC Research decreased their price target on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. UBS Group boosted their price objective on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Finally, Barclays started coverage on Freeport-McMoRan in a report on Thursday, May 21st. They set an “overweight” rating and a $77.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $67.31.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $71.51 on Monday. The business’s 50-day moving average price is $64.24 and its 200 day moving average price is $59.18. Freeport-McMoRan has a twelve month low of $35.15 and a twelve month high of $72.09. The company has a market capitalization of $102.79 billion, a PE ratio of 38.10, a price-to-earnings-growth ratio of 0.82 and a beta of 1.35. 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 EPS for the quarter, beating 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 company had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter in the previous year, the business earned $0.24 EPS. The firm’s revenue was up 8.8% on a year-over-year basis. On average, research analysts predict that Freeport-McMoRan will post 2.56 earnings per share for the current year.

Hedge Funds Weigh In On Freeport-McMoRan

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Steph & Co. raised its position in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the period. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at about $29,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $25,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $29,000. Finally, Financial Life Planners acquired a new position in Freeport-McMoRan during the 1st quarter worth approximately $34,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

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.