Freeport-McMoRan (NYSE:FCX) Receives New Coverage from Analysts at BNP Paribas

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BNP Paribas began coverage on shares of Freeport-McMoRan (NYSE:FCX) in a research report report published on Friday, September 20th, BenzingaRatingsTable reports. The firm issued an outperform rating on the natural resource company’s stock.

Other equities research analysts have also issued reports about the stock. ValuEngine raised shares of Freeport-McMoRan from a hold rating to a buy rating in a report on Thursday, September 5th. UBS Group set a $13.00 price objective on shares of Freeport-McMoRan and gave the stock a hold rating in a report on Wednesday, June 26th. Deutsche Bank upgraded shares of Freeport-McMoRan from a hold rating to a buy rating and increased their target price for the company from $12.50 to $13.50 in a report on Wednesday, July 10th. Raymond James reiterated a market perform rating and set a $13.00 target price on shares of Freeport-McMoRan in a research report on Thursday, July 25th. Finally, JPMorgan Chase & Co. cut their target price on shares of Freeport-McMoRan from $15.00 to $13.00 and set a neutral rating for the company in a research report on Tuesday, July 9th. Nine investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $13.38.

NYSE:FCX traded up $0.64 during mid-day trading on Friday, reaching $9.55. The stock had a trading volume of 45,688,016 shares, compared to its average volume of 22,947,402. The stock’s 50 day simple moving average is $9.53 and its two-hundred day simple moving average is $10.90. The company has a market capitalization of $12.41 billion, a price-to-earnings ratio of 6.28 and a beta of 2.40. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.66 and a quick ratio of 1.32. Freeport-McMoRan has a 1-year low of $8.43 and a 1-year high of $14.68.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.54 billion. Freeport-McMoRan had a return on equity of 4.08% and a net margin of 4.11%. The firm’s quarterly revenue was down 31.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.59 earnings per share. Sell-side analysts anticipate that Freeport-McMoRan will post 0.08 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Friday, October 11th. Freeport-McMoRan’s dividend payout ratio is currently 13.16%.

Several hedge funds have recently bought and sold shares of FCX. Nuveen Asset Management LLC boosted its holdings in Freeport-McMoRan by 14,378.6% in the second quarter. Nuveen Asset Management LLC now owns 10,964,634 shares of the natural resource company’s stock valued at $127,299,000 after acquiring an additional 10,888,904 shares in the last quarter. Polaris Greystone Financial Group LLC bought a new stake in Freeport-McMoRan in the second quarter valued at $25,470,000. Delek Group Ltd. bought a new stake in Freeport-McMoRan in the second quarter valued at $21,551,000. PM CAPITAL Ltd boosted its holdings in Freeport-McMoRan by 287.1% in the second quarter. PM CAPITAL Ltd now owns 2,321,720 shares of the natural resource company’s stock valued at $26,955,000 after acquiring an additional 1,722,000 shares in the last quarter. Finally, Cibc World Markets Corp boosted its holdings in Freeport-McMoRan by 287.7% in the second quarter. Cibc World Markets Corp now owns 1,823,535 shares of the natural resource company’s stock valued at $21,171,000 after acquiring an additional 1,353,215 shares in the last quarter. 72.60% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Company Profile

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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