JPMorgan Chase & Co. Issues Pessimistic Forecast for Freeport-McMoRan (NYSE:FCX) Stock Price

Key Points

• JPMorgan Chase & Co. has lowered its target price for Freeport-McMoRan stock from $56.00 to $46.00, suggesting a potential upside of 21.83%.
• Other analysts have also revised their price targets, with BMO Capital Markets dropping theirs to $48.00 and UBS Group raising theirs to $50.00, indicating mixed sentiments on Freeport-McMoRan's stock.
• Freeport-McMoRan reported a quarterly earnings of $0.54 per share, exceeding estimates, with revenue increasing by 14.5% year-over-year to $7.58 billion.

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its target price lowered by investment analysts at JPMorgan Chase & Co. from $56.00 to $46.00 in a report released on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the natural resource company's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 21.83% from the stock's previous close.

FCX has been the subject of several other reports. BMO Capital Markets reduced their price objective on Freeport-McMoRan from $54.00 to $48.00 and set an "outperform" rating for the company in a research report on Wednesday. Morgan Stanley cut Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and increased their price objective for the company from $45.00 to $54.00 in a research report on Tuesday, July 15th. Citigroup increased their price objective on Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Clarkson Capital reissued a "neutral" rating and issued a $42.00 price objective on shares of Freeport-McMoRan in a research report on Thursday. Finally, UBS Group cut Freeport-McMoRan from a "buy" rating to a "neutral" rating and raised their target price for the stock from $45.00 to $50.00 in a research report on Friday, July 11th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan has an average rating of "Moderate Buy" and a consensus target price of $48.34.

Freeport-McMoRan Stock Down 16.8%

FCX opened at $37.76 on Thursday. Freeport-McMoRan has a 1-year low of $27.66 and a 1-year high of $52.61. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $54.21 billion, a price-to-earnings ratio of 28.61, a P/E/G ratio of 0.85 and a beta of 1.59. The business has a 50 day moving average of $43.46 and a 200-day moving average of $40.52.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company had revenue of $7.58 billion during the quarter, compared to analysts' expectations of $6.85 billion. During the same period in the prior year, the business earned $0.46 earnings per share. Freeport-McMoRan's revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Twin Peaks Wealth Advisors LLC bought a new position in shares of Freeport-McMoRan during the second quarter valued at $28,000. City Holding Co. bought a new position in shares of Freeport-McMoRan during the first quarter valued at $33,000. Beacon Capital Management LLC lifted 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 valued at $38,000 after acquiring an additional 327 shares during the period. Dagco Inc. bought a new position in shares of Freeport-McMoRan during the first quarter valued at $37,000. Finally, MTM Investment Management LLC bought a new position in shares of Freeport-McMoRan during the second quarter valued at $43,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.