Freeport-McMoRan (NYSE:FCX) Stock Rating Upgraded by Bank of America

Freeport-McMoRan (NYSE:FCX) was upgraded by stock analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $14.00 target price on the natural resource company’s stock. Bank of America‘s target price suggests a potential upside of 25.45% from the company’s previous close.

A number of other brokerages also recently issued reports on FCX. BMO Capital Markets lifted their price target on Freeport-McMoRan from $11.00 to $12.00 and gave the company a “market perform” rating in a report on Thursday, October 24th. Exane BNP Paribas assumed coverage on Freeport-McMoRan in a report on Friday, September 20th. They issued an “outperform” rating on the stock. Barclays upgraded Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price target on the stock in a report on Tuesday, July 16th. Clarkson Capital reiterated a “neutral” rating on shares of Freeport-McMoRan in a report on Monday, September 23rd. Finally, BNP Paribas assumed coverage on Freeport-McMoRan in a report on Friday, September 20th. They issued an “outperform” rating on the stock. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $13.10.

Shares of NYSE:FCX traded up $0.35 on Wednesday, reaching $11.16. The company had a trading volume of 17,767,363 shares, compared to its average volume of 24,752,240. Freeport-McMoRan has a 52-week low of $8.43 and a 52-week high of $14.68. The firm’s 50 day simple moving average is $9.92 and its 200-day simple moving average is $10.38. The firm has a market capitalization of $15.68 billion, a PE ratio of 7.34 and a beta of 2.44. The company has a current ratio of 2.47, a quick ratio of 1.16 and a debt-to-equity ratio of 0.57.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, October 23rd. The natural resource company reported ($0.01) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.01). Freeport-McMoRan had a positive return on equity of 0.91% and a negative net margin of 0.22%. The business had revenue of $3.31 billion for the quarter, compared to the consensus estimate of $3.49 billion. During the same period last year, the business posted $0.35 EPS. The business’s revenue was down 32.6% compared to the same quarter last year. As a group, equities research analysts predict that Freeport-McMoRan will post 0.02 earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in the stock. Cetera Advisors LLC grew its stake in Freeport-McMoRan by 27.0% during the 3rd quarter. Cetera Advisors LLC now owns 464,811 shares of the natural resource company’s stock worth $4,461,000 after buying an additional 98,745 shares during the last quarter. Cetera Advisor Networks LLC grew its stake in Freeport-McMoRan by 10.0% during the 3rd quarter. Cetera Advisor Networks LLC now owns 31,165 shares of the natural resource company’s stock worth $298,000 after buying an additional 2,827 shares during the last quarter. Checchi Capital Advisers LLC purchased a new position in Freeport-McMoRan during the 3rd quarter worth $139,000. Rational Advisors LLC grew its stake in Freeport-McMoRan by 82.1% during the 3rd quarter. Rational Advisors LLC now owns 5,939 shares of the natural resource company’s stock worth $57,000 after buying an additional 2,678 shares during the last quarter. Finally, Parkside Investments LLC grew its stake in Freeport-McMoRan by 5.3% during the 3rd quarter. Parkside Investments LLC now owns 373,325 shares of the natural resource company’s stock worth $3,573,000 after buying an additional 18,685 shares during the last quarter. Hedge funds and other institutional investors own 72.71% of the company’s stock.

About Freeport-McMoRan

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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Analyst Recommendations for Freeport-McMoRan (NYSE:FCX)

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