First Quantum Minerals (OTCMKTS:FQVLF) Shares Gap Down - Time to Sell?

Key Points

• First Quantum Minerals shares gapped down from a prior close of $29.885 to open at $26.53, but later traded at $30.852, up about 4%.
• Analysts remain broadly bullish: the stock has an average “Buy” rating, including two Strong Buy and eight Buy recommendations, with recent upgrades from Deutsche Bank.
• The company missed quarterly earnings expectations, reporting a loss of $0.13 per share versus the estimated loss of $0.07, although revenue of $1.52 billion exceeded forecasts.

First Quantum Minerals Ltd. (OTCMKTS:FQVLF - Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $29.8850, but opened at $26.53. First Quantum Minerals shares last traded at $30.8520, with a volume of 3,049 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FQVLF. Citigroup restated a "positive" rating on shares of First Quantum Minerals in a research note on Wednesday, July 15th. Morgan Stanley reissued an "overweight" rating on shares of First Quantum Minerals in a research report on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft raised First Quantum Minerals from a "hold" rating to a "buy" rating in a research report on Wednesday, June 3rd. Scotiabank restated an "outperform" rating on shares of First Quantum Minerals in a research note on Monday, June 15th. Finally, Barclays reiterated an "overweight" rating on shares of First Quantum Minerals in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, First Quantum Minerals presently has an average rating of "Buy".

First Quantum Minerals Stock Up 4.0%

The stock has a market cap of $25.92 billion, a price-to-earnings ratio of -282.47 and a beta of 1.36. The business's 50 day moving average is $28.50 and its 200-day moving average is $27.23. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.86 and a current ratio of 1.42.

First Quantum Minerals (OTCMKTS:FQVLF - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The basic materials company reported ($0.13) earnings per share for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.06). First Quantum Minerals had a negative return on equity of 2.28% and a negative net margin of 1.44%.The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.40 billion. On average, sell-side analysts predict that First Quantum Minerals Ltd. will post 0.29 EPS for the current fiscal year.

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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