First Quantum Minerals (OTCMKTS:FQVLF) Shares Gap Down – Here’s Why

Shares of First Quantum Minerals Ltd. (OTCMKTS:FQVLF) gapped down before the market opened on Wednesday . The stock had previously closed at $29.8850, but opened at $26.53. First Quantum Minerals shares last traded at $30.8520, with a volume of 3,049 shares trading hands.

Analysts Set New Price Targets

Several brokerages recently issued reports on FQVLF. Morgan Stanley reissued an “overweight” rating on shares of First Quantum Minerals in a research note on Wednesday, July 8th. TD Securities upgraded shares of First Quantum Minerals from a “hold” rating to a “buy” rating in a research note on Tuesday, July 14th. Barclays restated an “overweight” rating on shares of First Quantum Minerals in a research note on Wednesday, July 15th. Citigroup reissued a “positive” rating on shares of First Quantum Minerals in a research report on Wednesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of First Quantum Minerals from a “hold” rating to a “buy” rating in a report on Wednesday, June 3rd. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, First Quantum Minerals has an average rating of “Buy”.

First Quantum Minerals Trading Down 1.0%

The company has a fifty day simple moving average of $28.53 and a two-hundred day simple moving average of $27.24. The company has a market cap of $25.27 billion, a PE ratio of -275.36 and a beta of 1.36. The company has a current ratio of 1.42, a quick ratio of 0.86 and a debt-to-equity ratio of 0.44.

First Quantum Minerals (OTCMKTS:FQVLF) last announced its earnings results on Tuesday, July 28th. The basic materials company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.06). The business had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.40 billion. First Quantum Minerals had a negative net margin of 1.44% and a negative return on equity of 2.28%. Analysts anticipate that First Quantum Minerals Ltd. will post 0.29 EPS for the current year.

About First Quantum Minerals

First Quantum Minerals Ltd. is a Canada-based mining company principally engaged in the exploration, development, production and marketing of copper and other mineral commodities. Headquartered in Vancouver, British Columbia, the company develops and operates large-scale open-pit and underground mines and associated processing facilities. Its activities span the full value chain from exploration and feasibility studies through to mining, milling and the sale of concentrates and refined metals to global customers.

Copper is the company’s primary product, produced alongside by-products such as gold, nickel, zinc and cobalt depending on the orebody.