Glencore (LON:GLEN) Sets New 1-Year High – Time to Buy?

Glencore plc (LON:GLEN) hit a new 52-week high during trading on Wednesday . The company traded as high as GBX 501.83 and last traded at GBX 498.77, with a volume of 444062344 shares traded. The stock had previously closed at GBX 482.

Wall Street Analyst Weigh In

GLEN has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Glencore from GBX 400 to GBX 450 and gave the stock a “neutral” rating in a research report on Wednesday, December 3rd. Royal Bank Of Canada upped their price target on shares of Glencore from GBX 300 to GBX 330 and gave the stock an “outperform” rating in a report on Monday. Finally, Berenberg Bank reiterated a “hold” rating and set a GBX 350 price target on shares of Glencore in a research report on Thursday, October 30th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of GBX 393.33.

Glencore Stock Up 3.5%

The firm’s fifty day moving average is GBX 395.93 and its 200-day moving average is GBX 346.94. The company has a market capitalization of £58.43 billion, a P/E ratio of -31.17, a price-to-earnings-growth ratio of 0.43 and a beta of 1.21. The company has a debt-to-equity ratio of 77.14, a quick ratio of 0.32 and a current ratio of 1.30.

About Glencore

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy needs of today.
With over 150,000 employees and contractors and a strong footprint in over 35 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of more than 50 offices.