Freeport-McMoRan (NYSE:FCX) was downgraded by equities research analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. They currently have a $19.00 price target on the stock, down from their previous price target of $22.50. Bank of America’s target price would suggest a potential upside of 3.83% from the stock’s previous close.
Freeport-McMoRan (NYSE:FCX) opened at 18.25 on Monday. Freeport-McMoRan has a 52-week low of $16.43 and a 52-week high of $39.32. The stock’s 50-day moving average is $19. and its 200-day moving average is $23.. The company’s market cap is $18.96 billion.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, January 27th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by $0.10. The company had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $4.93 billion. During the same quarter in the previous year, the company posted $0.86 earnings per share. The company’s revenue for the quarter was down 11.0% on a year-over-year basis. On average, analysts predict that Freeport-McMoRan will post $0.76 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend is Monday, April 13th.
A number of other analysts have also recently weighed in on FCX. Analysts at Citigroup Inc. upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating in a research note on Monday. Analysts at Deutsche Bank lowered their price target on shares of Freeport-McMoRan from $30.00 to $26.00 and set a “buy” rating on the stock in a research note on Monday, April 6th. Analysts at JPMorgan Chase & Co. lowered their price target on shares of Freeport-McMoRan from $24.00 to $23.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 31st. Finally, analysts at Zacks downgraded shares of Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $17.00 price target on the stock in a research note on Thursday, March 26th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Freeport-McMoRan has an average rating of “Hold” and an average price target of $31.06.
Freeport-McMoRan Inc is a natural resource company with an industry portfolio of mineral assets, oil and natural gas resources and a production profile. The Company’s portfolio of assets includes the Grasberg minerals district in Indonesia, copper and gold deposits, mining operations in North and South America, the Tenke Fungurume (NYSE:FCX) minerals district in the Democratic Republic of Congo (DRC) in Africa and oil and natural gas assets in North America.
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