Freeport-McMoRan (NYSE:FCX) Price Target Raised to $50.00

Key Points

• JPMorgan Chase & Co. raised the price target for Freeport-McMoRan from $46.00 to $50.00, suggesting a potential upside of 12.36% from the previous close.
• FCX has an average rating of "Moderate Buy", with two analysts rating it as a Strong Buy and fifteen assigning it a Buy rating.
• Recent quarterly earnings showed a significant revenue increase to $7.58 billion, surpassing estimates and demonstrating a year-over-year revenue growth of 14.5%.

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its target price hoisted by equities research analysts at JPMorgan Chase & Co. from $46.00 to $50.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the natural resource company's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 12.36% from the company's previous close.

FCX has been the subject of a number of other reports. UBS Group set a $48.00 price target on Freeport-McMoRan and gave the company a "buy" rating in a research note on Friday, October 3rd. CICC Research decreased their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an "outperform" rating for the company in a research note on Friday, September 26th. Royal Bank Of Canada lowered their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set a "sector perform" rating on the stock in a report on Wednesday, October 1st. Weiss Ratings reiterated a "hold (c)" rating on shares of Freeport-McMoRan in a research note on Wednesday. Finally, Johnson Rice dropped their target price on shares of Freeport-McMoRan from $55.00 to $48.00 in a report on Monday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $46.56.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $44.50 on Thursday. The stock has a market capitalization of $63.89 billion, a price-to-earnings ratio of 33.55, a PEG ratio of 0.90 and a beta of 1.58. Freeport-McMoRan has a 12 month low of $27.66 and a 12 month high of $50.28. The firm has a fifty day simple moving average of $42.43 and a 200 day simple moving average of $40.56. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company's revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.46 EPS. Research analysts forecast that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Institutional Investors Weigh In On Freeport-McMoRan

Institutional investors have recently modified their holdings of the business. Twin Peaks Wealth Advisors LLC bought a new position in Freeport-McMoRan during the second quarter worth about $28,000. Dagco Inc. acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth approximately $37,000. Beacon Capital Management LLC increased its holdings in shares of Freeport-McMoRan by 59.6% during the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock worth $38,000 after purchasing an additional 327 shares during the period. CKW Financial Group bought a new position in shares of Freeport-McMoRan during the first quarter worth approximately $40,000. Finally, Greykasell Wealth Strategies Inc. acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $42,000. Institutional investors own 80.77% of the company's stock.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

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