Freeport-McMoRan (FCX) Price Target Raised to $22.00 at Royal Bank of Canada

Freeport-McMoRan (NYSE:FCX) had its price objective hoisted by equities researchers at Royal Bank of Canada to $22.00 in a report released on Monday, March 12th, The Fly reports. The firm currently has a “sector perform” rating on the natural resource company’s stock. Royal Bank of Canada’s price target suggests a potential upside of 26.95% from the company’s previous close.

A number of other research firms have also recently commented on FCX. CIBC cut Freeport-McMoRan from a “sector outperform” rating to a “neutral” rating in a research report on Monday, January 22nd. Stifel Nicolaus boosted their price objective on Freeport-McMoRan from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Tuesday, February 6th. Scotiabank restated a “hold” rating and issued a $19.00 price objective on shares of Freeport-McMoRan in a research report on Monday, January 8th. Zacks Investment Research cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Tuesday, January 9th. Finally, B. Riley set a $13.00 price objective on Freeport-McMoRan and gave the company a “hold” rating in a research report on Wednesday, December 6th. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $17.11.

FCX stock traded down $0.78 during trading on Monday, hitting $17.33. 16,346,360 shares of the company traded hands, compared to its average volume of 19,146,215. The company has a current ratio of 2.14, a quick ratio of 1.37 and a debt-to-equity ratio of 1.04. The stock has a market cap of $25,105.62, a P/E ratio of 14.81 and a beta of 2.42. Freeport-McMoRan has a 1 year low of $11.05 and a 1 year high of $20.25.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 25th. The natural resource company reported $0.51 EPS for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.02. The business had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $4.89 billion. Freeport-McMoRan had a return on equity of 16.57% and a net margin of 11.08%. The business’s revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.25 earnings per share. research analysts predict that Freeport-McMoRan will post 2.36 earnings per share for the current fiscal year.

In other news, VP C Donald Whitmire, Jr. sold 21,500 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $19.49, for a total value of $419,035.00. Following the sale, the vice president now directly owns 70,239 shares of the company’s stock, valued at $1,368,958.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.29% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FCX. Nationwide Fund Advisors boosted its stake in Freeport-McMoRan by 36.3% during the third quarter. Nationwide Fund Advisors now owns 510,010 shares of the natural resource company’s stock worth $7,161,000 after buying an additional 135,759 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in Freeport-McMoRan by 5.4% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 187,367 shares of the natural resource company’s stock worth $2,631,000 after buying an additional 9,652 shares during the last quarter. State of Tennessee Treasury Department boosted its stake in Freeport-McMoRan by 36.0% during the third quarter. State of Tennessee Treasury Department now owns 495,226 shares of the natural resource company’s stock worth $6,953,000 after buying an additional 131,164 shares during the last quarter. American Century Companies Inc. acquired a new position in Freeport-McMoRan during the third quarter worth $498,000. Finally, Daiwa Securities Group Inc. boosted its stake in Freeport-McMoRan by 12.4% during the third quarter. Daiwa Securities Group Inc. now owns 41,758 shares of the natural resource company’s stock worth $586,000 after buying an additional 4,600 shares during the last quarter. 69.81% of the stock is currently owned by institutional investors.

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About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.

The Fly

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