Antofagasta (LON:ANTO) Stock Passes Above 200-Day Moving Average - Here's Why

Key Points

• Antofagasta's shares have surpassed their 200-day moving average, trading at GBX 2,078 ($28.05) after reaching a high of GBX 2,088 ($28.19).
• Multiple brokerages have raised their price targets for Antofagasta, with JPMorgan Chase increasing it to GBX 2,500 ($33.75) and Citigroup to GBX 2,200 ($29.70).
• The company has a market capitalization of £25.86 billion and reported a debt-to-equity ratio of 65.33, highlighting its financial health amidst market performance.

Antofagasta plc (LON:ANTO - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of GBX 1,781.34 ($24.10) and traded as high as GBX 2,088 ($28.25). Antofagasta shares last traded at GBX 2,078 ($28.12), with a volume of 515,672 shares trading hands.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft upped their target price on shares of Antofagasta from GBX 1,950 ($26.38) to GBX 2,000 ($27.06) and gave the company a "hold" rating in a report on Monday, August 4th. Royal Bank Of Canada restated a "sector perform" rating and issued a GBX 1,700 ($23.00) target price on shares of Antofagasta in a report on Thursday, July 24th. Berenberg Bank upped their target price on shares of Antofagasta from GBX 2,100 ($28.41) to GBX 2,200 ($29.77) and gave the company a "buy" rating in a report on Thursday. Citigroup restated a "buy" rating and issued a GBX 2,300 ($31.12) target price on shares of Antofagasta in a report on Friday. Finally, JPMorgan Chase & Co. restated an "overweight" rating and issued a GBX 2,500 ($33.82) target price on shares of Antofagasta in a report on Friday. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Antofagasta currently has an average rating of "Moderate Buy" and an average price target of GBX 2,137.50 ($28.92).

Antofagasta Stock Performance

The stock's 50 day moving average price is GBX 1,893.33 and its 200 day moving average price is GBX 1,786.37. The company has a current ratio of 2.14, a quick ratio of 2.78 and a debt-to-equity ratio of 65.33. The company has a market cap of £26.14 billion, a price-to-earnings ratio of 34.21, a P/E/G ratio of -1.08 and a beta of 1.00.

About Antofagasta

Antofagasta plc is a copper mining group with significant by-product production and interests in transportation. The Group creates value for its stakeholders through the discovery, development and operation of copper mines. The Group is committed to generating value in a safe and sustainable way throughout the commodity cycle.