First Quantum Minerals (OTCMKTS:FQVLF) Shares Gap Down - Should You Sell?

Key Points

• First Quantum Minerals shares fell sharply, opening at $26.86 versus the prior close of $31.85 and last trading near $27.49.
• Despite the selloff, analyst sentiment remains favorable: the stock has an average “Buy” rating, including two Strong Buy and seven Buy recommendations.
• The company missed quarterly EPS expectations, reporting a loss of $0.13 per share versus the projected loss of $0.07, although revenue of $1.52 billion exceeded estimates.

First Quantum Minerals Ltd. (OTCMKTS:FQVLF - Get Free Report) shares gapped down prior to trading on Thursday. The stock had previously closed at $31.85, but opened at $26.86. First Quantum Minerals shares last traded at $27.4860, with a volume of 4,068 shares.

Analyst Upgrades and Downgrades

FQVLF has been the topic of a number of research reports. TD Securities raised First Quantum Minerals from a "hold" rating to a "buy" rating in a research note on Tuesday, July 14th. Morgan Stanley reiterated an "overweight" rating on shares of First Quantum Minerals in a research report on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft raised shares of First Quantum Minerals from a "hold" rating to a "buy" rating in a report on Wednesday, June 3rd. Citigroup reaffirmed a "positive" rating on shares of First Quantum Minerals in a research note on Wednesday, July 15th. Finally, Scotiabank reiterated an "outperform" rating on shares of First Quantum Minerals in a report on Monday, June 15th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy".

First Quantum Minerals Price Performance

The stock has a 50-day moving average of $31.26 and a two-hundred day moving average of $28.41. The firm has a market cap of $23.22 billion, a price-to-earnings ratio of -253.00 and a beta of 1.40. The company has a current ratio of 1.90, a quick ratio of 1.03 and a debt-to-equity ratio of 0.50.

First Quantum Minerals (OTCMKTS:FQVLF - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The basic materials company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.06). First Quantum Minerals had a negative net margin of 1.44% and a negative return on equity of 2.29%. The firm had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.40 billion. On average, analysts anticipate that First Quantum Minerals Ltd. will post 0.32 EPS for the current year.

About First Quantum Minerals

First Quantum Minerals Ltd. is a Canadian mining and metals company focused primarily on the exploration, development and operation of copper mines. The company also produces gold, nickel and zinc as part of its mining activities and sells concentrates and other mineral products to customers in international markets.

First Quantum's principal operations have included the Kansanshi and Sentinel copper mines in Zambia, the Ravensthorpe nickel operation in Western Australia and the Cobre Panama copper mine in Panama.

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