BNP Paribas Exane Lowers Freeport-McMoRan (NYSE:FCX) Price Target to $56.00

Freeport-McMoRan (NYSE:FCX) had its price target reduced by BNP Paribas Exane from $58.00 to $56.00 in a research report issued on Friday,MarketScreener reports. The firm currently has an “outperform” rating on the natural resource company’s stock. BNP Paribas Exane’s price objective suggests a potential upside of 22.70% from the company’s previous close.

FCX has been the subject of a number of other research reports. CICC Research decreased their target price on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a report on Friday, September 26th. HSBC dropped their target price on shares of Freeport-McMoRan from $50.00 to $48.00 and set a “buy” rating for the company in a research report on Wednesday, November 19th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a research note on Wednesday, November 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a report on Wednesday, October 8th. Finally, Johnson Rice dropped their price target on Freeport-McMoRan from $55.00 to $48.00 in a research report on Monday, September 29th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $47.30.

Freeport-McMoRan Trading Up 2.3%

NYSE:FCX opened at $45.64 on Friday. The firm has a market capitalization of $65.54 billion, a P/E ratio of 32.12, a P/E/G ratio of 1.00 and a beta of 1.49. Freeport-McMoRan has a 52 week low of $27.66 and a 52 week high of $49.12. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. The company has a fifty day moving average of $40.98 and a 200 day moving average of $42.12.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. The firm had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.38 earnings per share. On average, research analysts predict that Freeport-McMoRan will post 1.68 earnings per share for the current year.

Hedge Funds Weigh In On Freeport-McMoRan

Several large investors have recently modified their holdings of the stock. Allworth Financial LP increased its stake in Freeport-McMoRan by 14.4% during the 3rd quarter. Allworth Financial LP now owns 26,167 shares of the natural resource company’s stock valued at $1,026,000 after purchasing an additional 3,302 shares in the last quarter. Cantor Fitzgerald L. P. bought a new stake in shares of Freeport-McMoRan during the third quarter valued at approximately $1,883,000. Strategic Advocates LLC increased its position in shares of Freeport-McMoRan by 5.8% during the third quarter. Strategic Advocates LLC now owns 18,184 shares of the natural resource company’s stock valued at $713,000 after acquiring an additional 993 shares in the last quarter. Oarsman Capital Inc. raised its holdings in Freeport-McMoRan by 4.8% in the 3rd quarter. Oarsman Capital Inc. now owns 52,211 shares of the natural resource company’s stock worth $2,048,000 after acquiring an additional 2,405 shares during the last quarter. Finally, Danske Bank A S bought a new position in Freeport-McMoRan in the 3rd quarter valued at approximately $652,000. Hedge funds and other 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.