Freeport-McMoRan (NYSE:FCX) Stock Price Expected to Rise, BNP Paribas Exane Analyst Says

by · The Markets Daily

Freeport-McMoRan (NYSE:FCX – Get Free Report) had its price objective raised by equities researchers at BNP Paribas Exane from $71.00 to $82.00 in a research note issued to investors on Thursday,MarketScreener reports. The firm currently has an “outperform” rating on the natural resource company’s stock. BNP Paribas Exane’s price target would suggest a potential upside of 18.41% from the stock’s current price.

A number of other research firms have also recently commented on FCX. CICC Research cut their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Bank of America boosted their price objective on Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Sanford C. Bernstein upped their price objective on Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research report on Wednesday, June 10th. Citigroup reduced their target price on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Finally, Scotiabank boosted their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $67.81.

View Our Latest Analysis on FCX

Freeport-McMoRan Trading Up 0.3%

Shares of FCX opened at $69.25 on Thursday. The company’s fifty day simple moving average is $64.74 and its 200-day simple moving average is $59.77. The company has a market cap of $99.55 billion, a P/E ratio of 36.83, a P/E/G ratio of 0.86 and a beta of 1.35. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. Freeport-McMoRan has a twelve month low of $35.15 and a twelve month high of $72.28.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last released 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 net margin of 10.34% and a return on equity of 9.88%. The firm had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same period in the previous year, the company earned $0.24 EPS. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, analysts expect that Freeport-McMoRan will post 2.51 EPS for the current year.

Hedge Funds Weigh In On Freeport-McMoRan

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its position in shares of Freeport-McMoRan by 190.9% in the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after buying an additional 23,950,557 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Freeport-McMoRan by 98.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock worth $1,014,434,000 after purchasing an additional 9,924,573 shares during the last quarter. Franklin Resources Inc. grew its holdings in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares during the last quarter. Amundi increased its position in shares of Freeport-McMoRan by 102.5% during the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock worth $721,806,000 after purchasing an additional 7,192,955 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Freeport-McMoRan by 20.0% during the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock valued at $2,489,069,000 after purchasing an additional 7,044,775 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

(Get Free Report)

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.

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