Freeport-McMoRan (NYSE:FCX) Given New $82.00 Price Target at Barclays

Key Points

• Barclays raised Freeport-McMoRan’s price target to $82 from $80 and maintained an “overweight” rating, implying 31.12% potential upside from the $62.54 share price.
• Analyst sentiment remains positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $70.27; recent targets ranged from $58.50 to $85.
• Freeport-McMoRan exceeded quarterly expectations, reporting $0.74 in EPS versus the $0.62 consensus and $7.03 billion in revenue versus $6.62 billion expected, although revenue declined 7.3% year over year.

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its price objective boosted by Barclays from $80.00 to $82.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the natural resource company's stock. Barclays's price objective would suggest a potential upside of 31.12% from the company's current price.

Several other equities research analysts also recently weighed in on the stock. Sanford C. Bernstein lifted their price target on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a "market perform" rating in a research note on Wednesday, June 10th. UBS Group increased their price target on Freeport-McMoRan from $75.00 to $77.00 and gave the stock a "buy" rating in a report on Tuesday, June 30th. Wells Fargo & Company boosted their price objective on Freeport-McMoRan from $68.00 to $70.00 and gave the company an "overweight" rating in a report on Friday. The Goldman Sachs Group lowered their target price on Freeport-McMoRan from $75.00 to $74.00 and set a "buy" rating on the stock in a research report on Wednesday, July 8th. Finally, Jefferies Financial Group increased their target price on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a "buy" rating in a report on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $70.27.

Freeport-McMoRan Trading Down 0.1%

Shares of FCX stock opened at $62.54 on Monday. Freeport-McMoRan has a fifty-two week low of $35.15 and a fifty-two week high of $72.28. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The stock has a 50 day simple moving average of $63.58 and a two-hundred day simple moving average of $62.38. The company has a market cap of $89.90 billion, a P/E ratio of 30.81, a PEG ratio of 0.61 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion for the quarter, compared to analysts' expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company's revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.54 EPS. Research analysts forecast that Freeport-McMoRan will post 2.75 earnings per share for the current year.

Institutional Trading of Freeport-McMoRan

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Freeport-McMoRan by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company's stock valued at $6,619,611,000 after buying an additional 1,572,769 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Freeport-McMoRan by 1.0% during the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company's stock worth $3,244,504,000 after acquiring an additional 622,343 shares during the last quarter. State Street Corp grew its stake in shares of Freeport-McMoRan by 0.6% in the 4th quarter. State Street Corp now owns 62,873,136 shares of the natural resource company's stock worth $3,193,327,000 after acquiring an additional 395,226 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Freeport-McMoRan by 20.0% in the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company's stock worth $2,489,069,000 after acquiring an additional 7,044,775 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Freeport-McMoRan by 31.2% in the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock worth $1,897,202,000 after acquiring an additional 8,891,743 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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