Freeport-McMoRan (NYSE:FCX) Research Coverage Started at BNP Paribas
BNP Paribas began coverage on shares of Freeport-McMoRan (NYSE:FCX) in a research report released on Friday morning, BenzingaRatingsTable reports. The firm issued an outperform rating on the natural resource company’s stock.
Other equities research analysts have also recently issued reports about the company. Royal Bank of Canada upgraded Freeport-McMoRan from an underperform rating to a sector perform rating and boosted their price target for the company from $12.00 to $14.00 in a research note on Wednesday, July 24th. Barclays upgraded Freeport-McMoRan from an underweight rating to an equal weight rating and set a $12.00 price target for the company in a research note on Tuesday, July 16th. JPMorgan Chase & Co. cut their price target on Freeport-McMoRan from $15.00 to $13.00 and set a neutral rating for the company in a research note on Tuesday, July 9th. Deutsche Bank upgraded Freeport-McMoRan from a hold rating to a buy rating and boosted their price target for the company from $12.50 to $13.50 in a research note on Wednesday, July 10th. Finally, UBS Group set a $13.00 price target on Freeport-McMoRan and gave the company a hold rating in a research note on Wednesday, June 26th. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $13.79.
Shares of NYSE:FCX opened at $10.47 on Friday. Freeport-McMoRan has a 12-month low of $8.58 and a 12-month high of $14.90. The stock has a market cap of $15.16 billion, a PE ratio of 22.23 and a beta of 2.42. The business has a 50 day moving average of $9.65 and a 200-day moving average of $11.22. The company has a quick ratio of 1.32, a current ratio of 2.66 and a debt-to-equity ratio of 0.56.
Large investors have recently made changes to their positions in the company. TCG Advisors LP acquired a new position in shares of Freeport-McMoRan during the first quarter worth $33,000. Rational Advisors LLC increased its holdings in Freeport-McMoRan by 107.0% in the second quarter. Rational Advisors LLC now owns 3,261 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 1,686 shares during the period. Doyle Wealth Management acquired a new stake in Freeport-McMoRan in the second quarter valued at $42,000. Bremer Bank National Association acquired a new stake in Freeport-McMoRan in the first quarter valued at $53,000. Finally, Valeo Financial Advisors LLC increased its holdings in Freeport-McMoRan by 92.3% in the second quarter. Valeo Financial Advisors LLC now owns 4,684 shares of the natural resource company’s stock valued at $54,000 after purchasing an additional 2,248 shares during the period. Institutional investors own 72.60% of the company’s stock.
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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