UBS Group Issues Positive Forecast for Freeport-McMoRan (NYSE:FCX) Stock Price

Freeport-McMoRan (NYSE:FCX) had its target price lifted by equities researchers at UBS Group from $75.00 to $77.00 in a research note issued to investors on Tuesday,MarketScreener reports. The firm presently has a “buy” rating on the natural resource company’s stock. UBS Group’s price objective would suggest a potential upside of 23.46% from the stock’s current price.

Several other research analysts have also recently issued reports on FCX. Wells Fargo & Company decreased their target price on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Citigroup cut their price target on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, May 1st. HSBC lifted their target price on Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $66.00 price objective (down from $70.00) on shares of Freeport-McMoRan in a research note on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $68.36.

Freeport-McMoRan Price Performance

FCX stock opened at $62.37 on Tuesday. The firm has a 50 day simple moving average of $64.47 and a two-hundred day simple moving average of $60.94. Freeport-McMoRan has a one year low of $35.15 and a one year high of $72.28. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The stock has a market cap of $89.66 billion, a PE ratio of 33.03, a P/E/G ratio of 0.75 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same period in the previous year, the firm earned $0.24 EPS. The business’s quarterly revenue was up 8.8% on a year-over-year basis. On average, analysts predict that Freeport-McMoRan will post 2.56 EPS for the current fiscal year.

Institutional Trading of Freeport-McMoRan

Hedge funds and other institutional investors have recently made changes to their positions in the business. Basecamp Wealth Advisors LLC raised its stake in shares of Freeport-McMoRan by 6.4% in the first quarter. Basecamp Wealth Advisors LLC now owns 3,603 shares of the natural resource company’s stock worth $212,000 after purchasing an additional 217 shares during the last quarter. Sapient Capital LLC acquired a new position in Freeport-McMoRan in the 1st quarter worth approximately $364,000. Wealth High Governance Capital Ltda acquired a new position in Freeport-McMoRan in the 1st quarter worth approximately $12,392,000. Wealth High Governance Asset Management Ltda. purchased a new position in Freeport-McMoRan during the 1st quarter worth approximately $10,484,000. Finally, Shariaportfolio Inc. acquired a new stake in Freeport-McMoRan during the 1st quarter valued at approximately $934,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

About Freeport-McMoRan

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.