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

by · The Cerbat Gem

Freeport-McMoRan (NYSE:FCX – Get Free Report) had its price objective upped by Jefferies Financial Group from $50.00 to $55.00 in a research report issued to clients and investors on Monday,MarketScreener reports. The brokerage currently has a “buy” rating on the natural resource company’s stock. Jefferies Financial Group’s target price would suggest a potential upside of 21.59% from the stock’s current price.

Several other equities analysts have also issued reports on FCX. BMO Capital Markets cut their price target on Freeport-McMoRan from $48.00 to $47.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 19th. JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $50.00 to $58.00 and gave the company an “overweight” rating in a research note on Friday. HSBC lowered their price target on shares of Freeport-McMoRan from $50.00 to $48.00 and set a “buy” rating for the company in a research report on Wednesday, November 19th. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 16th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $47.73.

View Our Latest Stock Analysis on FCX

Freeport-McMoRan Price Performance

Shares of FCX traded up $0.03 during mid-day trading on Monday, hitting $45.23. 1,071,426 shares of the company traded hands, compared to its average volume of 16,431,336. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $64.95 billion, a price-to-earnings ratio of 31.92, a PEG ratio of 1.02 and a beta of 1.49. The business has a 50-day moving average of $41.17 and a 200 day moving average of $42.22. Freeport-McMoRan has a one year low of $27.66 and a one year high of $49.12.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last posted its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.09. The firm had revenue of $6.97 billion during the quarter, compared to analysts’ expectations of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. Freeport-McMoRan’s revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.38 EPS. As a group, equities analysts expect that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Freeport-McMoRan

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Callan Family Office LLC increased its position in shares of Freeport-McMoRan by 229.9% in the second quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock valued at $1,170,000 after acquiring an additional 18,803 shares during the last quarter. New York Life Investment Management LLC boosted its position in Freeport-McMoRan by 11.8% during the second quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock valued at $9,323,000 after purchasing an additional 22,766 shares during the last quarter. Bourgeon Capital Management LLC grew its stake in Freeport-McMoRan by 8.1% in the second quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock valued at $14,373,000 after purchasing an additional 24,803 shares in the last quarter. Mercuria Capital Strategies LLC acquired a new position in shares of Freeport-McMoRan during the 2nd quarter worth approximately $9,970,000. Finally, LGT Fund Management Co Ltd. increased its position in shares of Freeport-McMoRan by 1,028.6% during the 2nd quarter. LGT Fund Management Co Ltd. now owns 89,862 shares of the natural resource company’s stock worth $3,896,000 after purchasing an additional 81,900 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Company Profile

(Get Free Report)

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

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