First Quantum Minerals (OTCMKTS:FQVLF) Shares Gap Down Following Weak Earnings

Key Points

• Shares gapped down after weak results — First Quantum opened at $24.25 (prior close $26.30) after reporting a quarterly loss of ($0.18) per share versus a $0.04 consensus and revenue of $1.40 billion versus $1.49 billion expected.
• Analyst view is mixed but tilted positive — UBS upgraded the stock to a "strong-buy" amid a ratings mix (2 Strong Buy, 7 Buy, 4 Hold) that yields a MarketBeat consensus of "Moderate Buy."

First Quantum Minerals Ltd. (OTCMKTS:FQVLF - Get Free Report)'s share price gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $26.30, but opened at $24.25. First Quantum Minerals shares last traded at $25.0620, with a volume of 1,945 shares changing hands.

The basic materials company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.22). First Quantum Minerals had a positive return on equity of 0.07% and a negative net margin of 0.53%.The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.49 billion.

Analyst Ratings Changes

Several research firms have recently commented on FQVLF. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating on shares of First Quantum Minerals in a research note on Wednesday, April 15th. TD Securities reaffirmed a "hold" rating on shares of First Quantum Minerals in a research note on Thursday, February 12th. Raymond James Financial reaffirmed a "market perform" rating on shares of First Quantum Minerals in a research note on Wednesday, January 14th. UBS Group raised First Quantum Minerals from a "hold" rating to a "strong-buy" rating in a research note on Thursday, March 12th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of First Quantum Minerals in a research note on Tuesday, February 24th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, First Quantum Minerals presently has a consensus rating of "Moderate Buy".

First Quantum Minerals Price Performance

The firm's 50-day moving average is $25.88 and its two-hundred day moving average is $25.26. The company has a market cap of $20.66 billion, a P/E ratio of -619.13 and a beta of 1.40. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.42 and a quick ratio of 0.86.

About First Quantum Minerals

First Quantum Minerals Ltd. is a Canada-based mining company principally engaged in the exploration, development, production and marketing of copper and other mineral commodities. Headquartered in Vancouver, British Columbia, the company develops and operates large-scale open-pit and underground mines and associated processing facilities. Its activities span the full value chain from exploration and feasibility studies through to mining, milling and the sale of concentrates and refined metals to global customers.

Copper is the company's primary product, produced alongside by-products such as gold, nickel, zinc and cobalt depending on the orebody.

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