Boston, MA 10/22/2013 (wallstreetpr) – Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX)’s buy rating has been reiterated at Credit Suisse. The rating agency has also assigned the stock a price objective of $39. This indicates a potential jump of roughly 12.36% against the stock’s prevailing price. This reaffirmation rating is contained in Credit Suisse’s latest search report to investors on this global mining company.
Quite a number of equity researchers have recently issued their view on the stock. At least 23 analysts have commented on the FCX stock standing. Out of these, 17 have issued a buy on the stock, while five have issued hold on the stock. One analyst has placed FCX in strong-buy category. It now goes that FCX has a consensus buy with $37.61 on target price.
The international mining company closed last week on a high note, recording 0.52% on percentile increase to settle at $34.89. Having witnessed trading volume that exceeded the daily average on Friday, FCX now stands at 36.21 billion in market cap. The company enters trading this week with a lot of anticipation as investors are keen to see it sustain this rise. However, the mining industry is also under intense pressure as prices sag under the weight of oversupply, especially the in the gold market.
In the most recent quarter, FCX announced $0.49 EPS on $4.29 billion revenue. Both the company’s per share earnings and revenue exceeded Thomson Reuters’ prediction on the stock of $0.41 EPS and $4.28 billion revenue. However, in the comparable duration a year earlier, the company’s latest revenue reporting indicates 4.2% drop. FCX posted $0.74 EPS in the comparable quarter last year.
Now analysts have pegged their hopes on the company earning $2.40 per share in the current fiscal year. On the first day of November, FCX will pay out $0.31 dividend per share to investors of record on October 15. This dividend reflects 3.60% yield and $1.25 on annualized basis.
