First Quantum Minerals (OTCMKTS:FQVLF) Shares Up 10.4% - Time to Buy?

Key Points

• First Quantum Minerals shares jumped 10.4% in midday trading, reaching $27.93, though volume was far below normal at just 461 shares versus an average of 351,080.
• Analyst sentiment is broadly positive, with recent upgrades from Deutsche Bank and TD Securities, while Scotiabank, Citigroup, and Barclays all reaffirmed bullish ratings; the stock’s consensus rating is now a “Buy.”
• Recent earnings were mixed: the company missed EPS estimates with a loss of $0.18 per share, but revenue of $1.40 billion slightly topped expectations, and analysts still expect 0.36 EPS for the current year.

First Quantum Minerals Ltd. (OTCMKTS:FQVLF - Get Free Report) rose 10.4% during mid-day trading on Wednesday . The stock traded as high as $27.93 and last traded at $27.93. 461 shares changed hands during mid-day trading, a decline of 100% from the average session volume of 351,080 shares. The stock had previously closed at $25.2950.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FQVLF. 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 report on Monday, June 15th. Citigroup reiterated a "positive" rating on shares of First Quantum Minerals in a research report on Wednesday. TD Securities upgraded First Quantum Minerals from a "hold" rating to a "buy" rating in a research report on Tuesday. Finally, Barclays reaffirmed an "overweight" rating on shares of First Quantum Minerals in a research note on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy".

First Quantum Minerals Price Performance

The company's 50 day simple moving average is $28.05 and its 200 day simple moving average is $27.26. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.42 and a quick ratio of 0.86. The stock has a market cap of $22.87 billion, a P/E ratio of -109.68 and a beta of 1.36.

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) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.22). First Quantum Minerals had a negative net margin of 3.69% and a negative return on equity of 1.21%. The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.36 billion. As a group, equities analysts forecast that First Quantum Minerals Ltd. will post 0.36 earnings per share for the current 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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