Shares of First Quantum Minerals (TSE:FM) experienced a decline after being downgraded by National Bank Financial. The research analysts at National Bank Financial lowered First Quantum Minerals’ rating from “outperform spec market weight” to “sec perform spec market wgt.” As a result of the downgrade, estimates for First Quantum Minerals’ earnings for Q4 2023 and the fiscal year 2023 were also revised. The stock is now projected to have earnings of $0.10 EPS for Q4 2023, $1.13 EPS for FY2023, $1.12 EPS for FY2023, $0.36 EPS for Q1 2024, $1.63 EPS for FY2024, $2.52 EPS for FY2025, $2.54 EPS for FY2025, and $3.56 EPS for FY2026.
Other equities research analysts have also provided reports on First Quantum Minerals. Barclays lowered their price objective for the stock from C$28.00 to C$25.00 and gave it an “underweight” rating. Scotiabank reduced their price objective from C$40.00 to C$38.00 and maintained an “outperform” rating for the company. CIBC raised their price target from C$29.00 to C$34.00, while National Bankshares downgraded First Quantum Minerals from an “outperform” rating to a “sector perform” rating. Royal Bank of Canada also downgraded the stock from an “outperform” rating to a “sector perform” rating and lowered the target price from C$42.00 to C$38.00. Overall, the stock has an average rating of “Hold” and a consensus price target of C$31.12.
Stock Performance
First Quantum Minerals opened at C$16.07 on Monday. The stock has a market capitalization of C$11.15 billion and a price-to-earnings ratio of 13.28. It has a PEG ratio of -1.28 and a beta of 2.21. The company’s 52-week low is C$16.00, while its 52-week high is C$39.13. First Quantum Minerals has a quick ratio of 1.41, a current ratio of 1.85, and a debt-to-equity ratio of 54.90. Over the past 50 days, the stock has had an average trading price of C$31.90, while the 200-day average was C$32.71.
Earnings Report
In its most recent quarterly earnings report on October 24th, First Quantum Minerals posted earnings per share (EPS) of C$0.70 for the quarter. This exceeded analysts’ consensus estimates by C$0.36. The company reported a return on equity of 5.35% and a net margin of 8.63%. Additionally, First Quantum Minerals generated C$2.72 billion in revenue, surpassing analysts’ expectations of C$2.68 billion. Sell-side analysts anticipate that the company will have earnings per share of 1.9971449 for the current fiscal year.
Insider Trading
Senior Officer Zenon Wozniak recently sold 55,647 shares of First Quantum Minerals’ stock. The transaction took place on August 16th at an average price of C$33.38, resulting in a total transaction value of C$1,857,496.86. Insiders currently own 19.76% of the company’s stock.
About First Quantum Minerals
First Quantum Minerals Ltd. is an exploration and production company that focuses on mineral properties. Its primary interests lie in copper, nickel, pyrite, silver, gold, and zinc ores. The company operates mines in various locations, including Zambia, Panama, Finland, Turkey, Spain, Australia, and Mauritania. First Quantum Minerals also has a development project in Zambia.
FAQ
1. What rating did National Bank Financial give First Quantum Minerals?
National Bank Financial downgraded First Quantum Minerals from “outperform spec market weight” to “sec perform spec market wgt.”
2. How did the downgrade affect First Quantum Minerals’ earnings estimates?
The downgrade prompted a revision in First Quantum Minerals’ earnings estimates, with updated projections for Q4 2023 and fiscal year 2023.
3. What is the stock’s average rating and price target according to MarketBeat.com?
According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of C$31.12.
4. What were First Quantum Minerals’ earnings per share for the most recent quarter?
First Quantum Minerals reported earnings per share of C$0.70 for the last quarter, surpassing analysts’ consensus estimates by C$0.36.
5. How much of First Quantum Minerals’ stock is currently owned by insiders?
Insiders currently own 19.76% of First Quantum Minerals’ stock.
Sources:
First Quantum Minerals – https://www.first-quantum.com/
MarketBeat.com – https://www.marketbeat.com/