Freeport-McMoran’s (FCX) “Buy” Rating Reaffirmed at Jefferies Group LLC

Freeport-McMoran, Inc. (NYSE:FCX)‘s stock had its “buy” rating reaffirmed by research analysts at Jefferies Group LLC in a research report issued to clients and investors on Thursday, July 27th. They presently have a $18.00 price objective on the natural resource company’s stock. Jefferies Group LLC’s price target would suggest a potential upside of 24.40% from the stock’s current price. Jefferies Group also issued estimates for Freeport-McMoran’s FY2017 earnings at $0.77 EPS, FY2019 earnings at $1.34 EPS and FY2020 earnings at $2.06 EPS.

Several other research firms have also commented on FCX. Cowen and Company upped their price objective on Freeport-McMoran from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Thursday, July 27th. BidaskClub upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. ValuEngine lowered Freeport-McMoran from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Vetr lowered Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.64 price objective for the company. in a research note on Monday, April 10th. Finally, Clarkson Capital restated a “neutral” rating on shares of Freeport-McMoran in a research note on Monday, July 10th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $14.27.

Freeport-McMoran (NYSE FCX) opened at 14.47 on Thursday. The firm’s 50-day moving average price is $12.81 and its 200 day moving average price is $13.15. The company has a market capitalization of $20.94 billion, a price-to-earnings ratio of 20.41 and a beta of 2.59. Freeport-McMoran has a one year low of $9.24 and a one year high of $17.06.

Freeport-McMoran (NYSE:FCX) last announced its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by $0.04. The company had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. Freeport-McMoran’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.02) earnings per share. On average, equities research analysts expect that Freeport-McMoran will post $0.87 earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently made changes to their positions in FCX. First Manhattan Co. raised its stake in Freeport-McMoran by 0.3% in the second quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock worth $120,000 after buying an additional 33 shares during the period. Outfitter Advisors LTD. purchased a new stake in Freeport-McMoran during the second quarter worth $121,000. Acrospire Investment Management LLC purchased a new stake in Freeport-McMoran during the first quarter worth $122,000. Fisher Asset Management LLC purchased a new stake in Freeport-McMoran during the second quarter worth $122,000. Finally, Partnervest Advisory Services LLC purchased a new stake in Freeport-McMoran during the second quarter worth $123,000. 69.45% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoran Company Profile

Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.

Analyst Recommendations for Freeport-McMoran (NYSE:FCX)

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