First Quantum Minerals (OTCMKTS:FQVLF) Shares Gap Up - Time to Buy?

Key Points

• First Quantum Minerals shares opened higher, rising from a previous close of $28.30 to $29.77 before last trading at $27.73 on relatively low volume.
• Analysts remain broadly positive: TD Securities upgraded the stock to “buy,” while Barclays, Scotiabank, Morgan Stanley and Citigroup maintained favorable ratings. MarketBeat reports a consensus rating of “Buy.”
• The company exceeded revenue expectations with $1.52 billion for the quarter but missed earnings estimates, reporting a loss of $0.13 per share versus the expected $0.07 loss. First Quantum focuses primarily on copper mining, with additional gold, nickel and zinc production.

First Quantum Minerals Ltd. (OTCMKTS:FQVLF - Get Free Report)'s stock price gapped up prior to trading on Tuesday. The stock had previously closed at $28.30, but opened at $29.77. First Quantum Minerals shares last traded at $27.73, with a volume of 4,112 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Barclays restated an "overweight" rating on shares of First Quantum Minerals in a research note on Wednesday, July 15th. Scotiabank reissued an "outperform" rating on shares of First Quantum Minerals in a research note on Monday, June 15th. Morgan Stanley restated an "overweight" rating on shares of First Quantum Minerals in a research report on Wednesday, July 8th. TD Securities raised shares of First Quantum Minerals from a "hold" rating to a "buy" rating in a research note on Tuesday, July 14th. Finally, Citigroup reiterated a "positive" rating on shares of First Quantum Minerals in a report on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy".

First Quantum Minerals Price Performance

The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.03 and a current ratio of 1.90. The company's 50 day moving average price is $31.27 and its 200-day moving average price is $28.49. The company has a market cap of $23.69 billion, a price-to-earnings ratio of -258.18 and a beta of 1.40.

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

First Quantum Minerals Company Profile

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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