First Quantum Minerals (OTCMKTS:FQVLF) Shares Gap Down - What's Next?

Key Points

• First Quantum Minerals shares fell sharply at the open, dropping from a prior close of $34.30 to $32.45 and last trading at $32.24.
• Analyst sentiment remains positive: the stock has a consensus “Buy” rating, including two Strong Buy and seven Buy ratings, with recent upgrades from Deutsche Bank and TD Securities.
• In its latest quarter, the company reported $1.52 billion in revenue, exceeding estimates, but adjusted EPS of $(0.13) missed expectations of $(0.07); analysts forecast full-year EPS of $0.29.

First Quantum Minerals Ltd. (OTCMKTS:FQVLF - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $34.30, but opened at $32.4499. First Quantum Minerals shares last traded at $32.24, with a volume of 3,259 shares traded.

Wall Street Analysts Forecast Growth

FQVLF has been the subject of several recent analyst reports. Barclays reiterated an "overweight" rating on shares of First Quantum Minerals in a research note on Wednesday, July 15th. Citigroup reaffirmed a "positive" rating on shares of First Quantum Minerals in a report on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft upgraded shares of First Quantum Minerals from a "hold" rating to a "buy" rating in a research report on Wednesday, June 3rd. Scotiabank reaffirmed an "outperform" rating on shares of First Quantum Minerals in a research note on Monday, June 15th. Finally, TD Securities raised shares of First Quantum Minerals from a "hold" rating to a "buy" rating in a report on Tuesday, July 14th. 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 MarketBeat, the stock currently has a consensus rating of "Buy".

First Quantum Minerals Price Performance

The stock has a fifty day moving average of $29.21 and a 200-day moving average of $27.70. The firm has a market capitalization of $26.83 billion, a P/E ratio of -292.36 and a beta of 1.36. The company has a quick ratio of 0.86, a current ratio of 1.42 and a debt-to-equity ratio of 0.44.

First Quantum Minerals (OTCMKTS:FQVLF - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The basic materials company reported ($0.13) EPS for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.06). First Quantum Minerals had a negative return on equity of 2.28% and a negative net margin of 1.44%.The company had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.40 billion. Equities analysts predict that First Quantum Minerals Ltd. will post 0.29 EPS for the current fiscal year.

About First Quantum Minerals

First Quantum Minerals Ltd. is a Canada-based mining company principally engaged in the exploration, development, production and marketing of copper and other mineral commodities. Headquartered in Vancouver, British Columbia, the company develops and operates large-scale open-pit and underground mines and associated processing facilities. Its activities span the full value chain from exploration and feasibility studies through to mining, milling and the sale of concentrates and refined metals to global customers.

Copper is the company's primary product, produced alongside by-products such as gold, nickel, zinc and cobalt depending on the orebody.

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