Berenberg Bank reiterated their hold rating on shares of Freeport-McMoran Copper & Gold Inc. (NYSE:FCX) in a report published on Sunday morning. They currently have a $10.00 price objective on the natural resource company’s stock.
A number of other research firms have also issued reports on FCX. HSBC reiterated a buy rating on shares of Freeport-McMoran Copper & Gold in a report on Thursday, July 7th. FBR & Co reiterated a market perform rating on shares of Freeport-McMoran Copper & Gold in a report on Wednesday. Barclays PLC lifted their target price on Freeport-McMoran Copper & Gold from $10.00 to $11.00 and gave the company an equal weight rating in a report on Monday, August 8th. Vetr lowered Freeport-McMoran Copper & Gold from a strong-buy rating to a buy rating and set a $14.27 target price for the company. in a report on Tuesday, July 12th. Finally, BMO Capital Markets set a $12.00 price target on Freeport-McMoran Copper & Gold and gave the company a hold rating in a research note on Tuesday, September 13th. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $10.89.
Shares of Freeport-McMoran Copper & Gold (NYSE:FCX) opened at 9.94 on Friday. The stock’s market cap is $13.20 billion. Freeport-McMoran Copper & Gold has a 1-year low of $3.52 and a 1-year high of $14.20. The firm’s 50-day moving average price is $11.63 and its 200 day moving average price is $11.11.
Freeport-McMoran Copper & Gold (NYSE:FCX) last released its earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $0.01. The company earned $3.33 billion during the quarter, compared to analysts’ expectations of $3.70 billion. Freeport-McMoran Copper & Gold had a negative net margin of 87.70% and a negative return on equity of 3.68%. The company’s revenue for the quarter was down 15.3% on a year-over-year basis. During the same quarter last year, the business posted $0.14 earnings per share. On average, equities analysts expect that Freeport-McMoran Copper & Gold will post $0.48 earnings per share for the current fiscal year.
A number of large investors have recently made changes to their positions in the stock. Stonebridge Capital Advisors LLC purchased a new stake in shares of Freeport-McMoran Copper & Gold during the second quarter valued at approximately $114,000. Fox Run Management L.L.C. purchased a new stake in shares of Freeport-McMoran Copper & Gold during the second quarter valued at approximately $115,000. M Holdings Securities Inc. purchased a new stake in shares of Freeport-McMoran Copper & Gold during the second quarter valued at approximately $119,000. Silvercrest Asset Management Group LLC purchased a new stake in shares of Freeport-McMoran Copper & Gold during the first quarter valued at approximately $120,000. Finally, Swarthmore Group Inc. purchased a new stake in shares of Freeport-McMoran Copper & Gold during the second quarter valued at approximately $125,000. 67.77% of the stock is currently owned by institutional investors.
About Freeport-McMoran Copper & Gold
Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.