Argus Increases Freeport-McMoRan (NYSE:FCX) Price Target to $54.00

Freeport-McMoRan (NYSE:FCX) had its price target lifted by research analysts at Argus from $44.00 to $54.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the natural resource company’s stock. Argus’ target price suggests a potential upside of 6.97% from the company’s current price.

Other analysts have also issued reports about the stock. JPMorgan Chase & Co. dropped their target price on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday. Raymond James lifted their target price on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday. HSBC lifted their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a research report on Tuesday, April 9th. Finally, Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus price target of $50.07.

Freeport-McMoRan Trading Up 2.2 %

Shares of FCX stock opened at $50.48 on Thursday. The stock has a market capitalization of $72.41 billion, a price-to-earnings ratio of 44.67, a PEG ratio of 8.00 and a beta of 2.04. Freeport-McMoRan has a 1 year low of $32.83 and a 1 year high of $52.42. The company’s fifty day simple moving average is $44.47 and its two-hundred day simple moving average is $40.26. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.38.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same period in the previous year, the business earned $0.52 earnings per share. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. As a group, analysts anticipate that Freeport-McMoRan will post 1.67 earnings per share for the current year.

Institutional Investors Weigh In On Freeport-McMoRan

A number of hedge funds have recently modified their holdings of the business. Bruce G. Allen Investments LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at $27,000. Jones Financial Companies Lllp lifted its stake in shares of Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after buying an additional 532 shares in the last quarter. American National Bank lifted its stake in shares of Freeport-McMoRan by 348.8% during the 1st quarter. American National Bank now owns 745 shares of the natural resource company’s stock valued at $35,000 after buying an additional 579 shares in the last quarter. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at $32,000. Finally, BluePath Capital Management LLC purchased a new position in shares of Freeport-McMoRan during the 3rd quarter valued at $28,000. Institutional investors own 80.77% of the company’s stock.

About Freeport-McMoRan

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.