First Quantum Minerals (OTCMKTS:FQVLF) Shares Gap Down – Here’s Why

First Quantum Minerals Ltd. (OTCMKTS:FQVLF)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $33.3150, but opened at $31.50. First Quantum Minerals shares last traded at $32.9210, with a volume of 13,785 shares changing hands.

Analysts Set New Price Targets

FQVLF has been the subject of several recent research reports. Scotiabank reaffirmed an “outperform” rating on shares of First Quantum Minerals in a report on Wednesday, May 13th. Deutsche Bank Aktiengesellschaft raised First Quantum Minerals from a “hold” rating to a “buy” rating in a report on Wednesday. Barclays reaffirmed an “overweight” rating on shares of First Quantum Minerals in a report on Monday, May 4th. TD Securities reaffirmed a “hold” rating on shares of First Quantum Minerals in a report on Thursday, February 12th. Finally, Morgan Stanley raised First Quantum Minerals from an “overweight” rating to an “overweight” rating in a report on Monday, May 18th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy”.

First Quantum Minerals Stock Performance

The company has a debt-to-equity ratio of 0.44, a current ratio of 1.42 and a quick ratio of 0.86. The stock has a market cap of $27.44 billion, a price-to-earnings ratio of -131.57 and a beta of 1.33. The firm has a fifty day moving average of $26.68 and a 200 day moving average of $26.25.

First Quantum Minerals (OTCMKTS:FQVLF) last posted its quarterly earnings results on Tuesday, April 28th. The basic materials company reported ($0.18) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.22). The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.36 billion. First Quantum Minerals had a negative net margin of 3.69% and a negative return on equity of 1.21%. As a group, sell-side analysts forecast that First Quantum Minerals Ltd. will post 0.32 EPS for the current year.

First Quantum Minerals Company Profile

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.