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

First Quantum Minerals Ltd. (OTCMKTS:FQVLF)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $29.8850, but opened at $26.53. First Quantum Minerals shares last traded at $30.8520, with a volume of 3,049 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on FQVLF shares. Barclays reissued an “overweight” rating on shares of First Quantum Minerals in a research note on Wednesday, July 15th. Citigroup reiterated a “positive” rating on shares of First Quantum Minerals in a report on Wednesday, July 15th. Morgan Stanley reissued an “overweight” rating on shares of First Quantum Minerals in a research report on Wednesday, July 8th. TD Securities upgraded shares of First Quantum Minerals from a “hold” rating to a “buy” rating in a report on Tuesday, July 14th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of First Quantum Minerals in a research report on Monday, June 15th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, First Quantum Minerals currently has an average rating of “Buy”.

First Quantum Minerals Stock Performance

The company has a current ratio of 1.42, a quick ratio of 0.86 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $25.92 billion, a price-to-earnings ratio of -282.47 and a beta of 1.36. The stock’s fifty day simple moving average is $28.50 and its 200-day simple moving average is $27.23.

First Quantum Minerals (OTCMKTS:FQVLF) last posted its quarterly earnings results on Tuesday, July 28th. The basic materials company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.06). The business had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.40 billion. First Quantum Minerals had a negative return on equity of 2.28% and a negative net margin of 1.44%. Analysts predict that First Quantum Minerals Ltd. will post 0.29 EPS for the current year.

About First Quantum Minerals

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.