Freeport-McMoRan Copper & Gold (NYSE:FCX)‘s stock had its “buy” rating reiterated by Credit Suisse in a research note issued on Thursday, StockRatingsNetwork reports. They currently have a $39.00 price target on the stock. Credit Suisse’s price objective would indicate a potential upside of 7.26% from the company’s current price.
The analysts wrote, “We believe FCX shares have further upside potential from current levels despite our relatively flat copper and gold price forecast as the company executes on its production growth plan, deleveraging goals, and value-enhancing MLP opportunities in the Oil & Gas business. We are increasing our TP to $42 driven by improved oil & gas guidance (production and costs) and stronger assumptions for cost controls in the mining business.”
Other equities research analysts have also recently issued reports about the stock. Analysts at BB&T Corp. raised their price target on shares of Freeport-McMoRan Copper & Gold from $36.00 to $38.00 in a research note to investors on Thursday, October 17th. They now have a “buy” rating on the stock. Separately, analysts at FBR Capital Markets raised their price target on shares of Freeport-McMoRan Copper & Gold from $35.00 to $38.00 in a research note to investors on Thursday, October 10th. They now have an “outperform” rating on the stock. Finally, analysts at Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Freeport-McMoRan Copper & Gold in a research note to investors on Tuesday, October 8th. Five investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $37.55.
Shares of Freeport-McMoRan Copper & Gold (NYSE:FCX) traded up 0.33% during mid-day trading on Thursday, hitting $36.48. 8,707,923 shares of the company’s stock traded hands. Freeport-McMoRan Copper & Gold has a 1-year low of $26.37 and a 1-year high of $42.89. The stock has a 50-day moving average of $30.74 and a 200-day moving average of $30.65. The company has a market cap of $37.862 billion and a P/E ratio of 12.95. Freeport-McMoRan Copper & Gold also was the target of some unusual options trading activity on Monday. Stock traders bought 19,803 put options on the stock. This is an increase of approximately 103% compared to the average daily volume of 9,756 put options.
Freeport-McMoRan Copper & Gold (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 22nd. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.17. The company had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $5.68 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 up 39.6% on a year-over-year basis. Analysts expect that Freeport-McMoRan Copper & Gold will post $2.38 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, November 1st. Investors of record on Tuesday, October 15th will be given a dividend of $0.31 per share. This represents a $1.25 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend is Thursday, October 10th.
Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) is an international mining company.
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