First Quantum Minerals (OTCMKTS:FQVLF) Shares Gap Down - What's Next?

Key Points

• First Quantum Minerals shares gapped down from a prior close of $31.95 to an opening price of $30.725, later trading near $31.93. The stock remains above its 50-day and 200-day moving averages.
• Analyst sentiment is broadly positive: Morgan Stanley and Barclays maintained “overweight” ratings, while TD Securities and Deutsche Bank upgraded the stock to “buy.” MarketBeat reports a consensus rating of “Buy.”
• In its latest quarter, the company reported an EPS loss of $0.13, missing the $0.07-loss estimate, although revenue of $1.52 billion exceeded expectations of $1.40 billion. Analysts expect approximately $0.29 in EPS for the current fiscal year.

First Quantum Minerals Ltd. (OTCMKTS:FQVLF - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $31.95, but opened at $30.7250. First Quantum Minerals shares last traded at $31.9250, with a volume of 6,719 shares traded.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Morgan Stanley reaffirmed an "overweight" rating on shares of First Quantum Minerals in a research report on Wednesday, July 8th. TD Securities raised shares of First Quantum Minerals from a "hold" rating to a "buy" rating in a report on Tuesday, July 14th. Barclays reiterated an "overweight" rating on shares of First Quantum Minerals in a research note on Wednesday, July 15th. Scotiabank reissued an "outperform" rating on shares of First Quantum Minerals in a report on Monday, June 15th. Finally, Deutsche Bank Aktiengesellschaft raised First Quantum Minerals from a "hold" rating to a "buy" rating in a research report on Wednesday, June 3rd. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy".

First Quantum Minerals Stock Up 2.1%

The stock's 50 day moving average is $28.69 and its 200 day moving average is $27.35. The company has a market capitalization of $27.20 billion, a PE ratio of -296.45 and a beta of 1.36. 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 released 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). The business had revenue of $1.52 billion during the quarter, compared to analysts' expectations of $1.40 billion. First Quantum Minerals had a negative net margin of 1.44% and a negative return on equity of 2.28%. On average, sell-side analysts anticipate 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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