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

Key Points

• First Quantum Minerals shares gapped up at the open, rising from a prior close of $25.2950 to $27.46 before trading around $27.3950.
• Several analysts turned more bullish on the stock, including TD Securities upgrading it to Buy and Deutsche Bank also raising its rating to Buy. The consensus rating remains Buy.
• The company recently posted mixed quarterly results: EPS of -$0.18 missed estimates, but revenue of $1.40 billion came in above expectations. Analysts currently expect full-year EPS of 0.36.

First Quantum Minerals Ltd. (OTCMKTS:FQVLF - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $25.2950, but opened at $27.46. First Quantum Minerals shares last traded at $27.3950, with a volume of 1,009 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FQVLF. TD Securities upgraded First Quantum Minerals from a "hold" rating to a "buy" rating in a research report on Tuesday. Barclays reiterated an "overweight" rating on shares of First Quantum Minerals in a research report on Monday, May 4th. Deutsche Bank Aktiengesellschaft raised shares of First Quantum Minerals from a "hold" rating to a "buy" rating in a research note on Wednesday, June 3rd. Scotiabank reaffirmed an "outperform" rating on shares of First Quantum Minerals in a research note on Monday, June 15th. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of First Quantum Minerals in a report on Wednesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, First Quantum Minerals presently has a consensus rating of "Buy".

First Quantum Minerals Price Performance

The company has a market capitalization of $22.77 billion, a PE ratio of -109.20 and a beta of 1.36. The firm has a fifty day moving average of $27.96 and a two-hundred day moving average of $27.25. The company has a current ratio of 1.42, a quick ratio of 0.86 and a debt-to-equity ratio of 0.44.

First Quantum Minerals (OTCMKTS:FQVLF - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The basic materials company reported ($0.18) EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.22). First Quantum Minerals had a negative return on equity of 1.21% and a negative net margin of 3.69%.The company had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.36 billion. Research analysts anticipate that First Quantum Minerals Ltd. will post 0.36 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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