Glencore (LON:GLEN) Stock Price Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• Glencore's shares surpassed their 200-day moving average, closing at GBX 298.99 ($4.05) after trading as high as GBX 301.49 ($4.08).
• Analysts have a consensus "Buy" rating on Glencore, with an average price target of GBX 386 and several firms revising their targets, including Deutsche Bank lowering theirs to GBX 380.
• Glencore has a market cap of £35.43 billion and significant debt-to-equity ratio of 77.14, indicating a strong leverage position in the market.

Glencore plc (LON:GLEN - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 287.36 ($3.92) and traded as high as GBX 301.49 ($4.12). Glencore shares last traded at GBX 298.99 ($4.08), with a volume of 41,256,832 shares trading hands.

Analysts Set New Price Targets

A number of analysts have recently commented on GLEN shares. Royal Bank Of Canada restated an "outperform" rating and set a GBX 350 price objective on shares of Glencore in a report on Monday, August 18th. Citigroup boosted their price target on Glencore from GBX 370 to GBX 380 and gave the company a "buy" rating in a research report on Thursday, August 14th. Berenberg Bank restated a "buy" rating and set a GBX 350 price target on shares of Glencore in a research note on Wednesday, August 20th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Glencore from GBX 400 to GBX 380 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Five analysts have rated the stock with a Buy rating, According to MarketBeat.com, Glencore currently has an average rating of "Buy" and an average target price of GBX 386.

Glencore Price Performance

The company has a debt-to-equity ratio of 77.14, a current ratio of 1.30 and a quick ratio of 0.32. The company has a market cap of £36.84 billion, a PE ratio of -1,943.19, a P/E/G ratio of 0.43 and a beta of 1.21. The company has a 50-day moving average price of GBX 300.18 and a two-hundred day moving average price of GBX 286.78.

About Glencore

Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy needs of today.