There’s a lot to be optimistic about in the Materials sector as 3 analysts just weighed in on Freeport-McMoRan (FCX), Gold Standard Ventures Corp (GSV) and Helmerich & Payne (HP) with bullish sentiments.
Freeport-McMoRan (FCX)
B.Riley FBR analyst Lucas Pipes maintained a Buy rating on Freeport-McMoRan today and set a price target of $14. The company’s shares closed yesterday at $11.94.
Pipes observed:
“We are updating our estimates on Freeport-McMoRan (FCX) after the company reported 2Q results yesterday that were largely consistent with its preannouncement from July 1 st . Importantly, FCX provided a number of updates regarding the development of the Zone, as ore extraction commenced at both underground mines. Management noted that progress exceeds expectations and that it has increased confidence in its earlier projections. In the Americas, management reiterated the strong economics of its Lone Star growth project, noting that it is expected to have the highest copper grade of all its U.S. mines. The mine is designed to add about 200M lbs of initial copper production with additional debottlenecking potential.”
According to TipRanks.com, Pipes is a 1-star analyst with an average return of -0.4% and a 47.3% success rate. Pipes covers the Basic Materials sector, focusing on stocks such as Peabody Energy Corporation Comm, Novagold Resources Inc New, and Covia Holdings Corporation.
The word on The Street in general, suggests a Hold analyst consensus rating for Freeport-McMoRan with a $13.30 average price target, which is an 11.4% upside from current levels. In a report issued on July 11, Deutsche Bank also upgraded the stock to Buy with a $13.50 price target.
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Gold Standard Ventures Corp (GSV)
Gold Standard Ventures Corp received a Buy rating and a $2.15 price target from B.Riley FBR analyst Adam Graf yesterday. The company’s shares closed yesterday at $1.05.
Graf noted:
“We are initiating coverage of Gold Standard Ventures Corp. (GSV) with a Buy rating and a 12- month price target of $2.15 per share. We believe that GSV is a strong acquisition candidate for both existing Nevada gold producers and other gold miners looking to gain a foothold in Nevada. The company has amassed significant land positions on the most sought-after gold trends in Nevada, becoming the second-largest landholder on the Carlin Trend. Over the last 10 years, GSV’s technical staff has taken a largely virgin district, made great leaps in understanding the geology, and used this knowledge to create value through exploration success. Furthermore, the company has discovered new gold resources, both oxide and sulfide, in proximity to existing Nevada infrastructure.”
According to TipRanks.com, Graf is a 1-star analyst with an average return of -1.6% and a 50.0% success rate. Graf covers the Basic Materials sector, focusing on stocks such as Newmont Mining Corporation, First Majestic Silver, and Hecla Mining Company.
The the analyst consensus on Gold Standard Ventures Corp is currently a Hold rating.
Helmerich & Payne (HP)
In a report released yesterday, Tom Curran from B.Riley FBR maintained a Buy rating on Helmerich & Payne, with a price target of $83. The company’s shares closed yesterday at $50.90.
Curran noted:
“Helmerich & Payne (HP) reported CY2Q19 (FY3Q19) revenue and adjusted EPS of $688.0M and $0.40 vs. consensus $688.5M and $0.34. HP’s offshore operations drove the better- than-expected profitability. The segment’s operating income increased by $0.5M, or 12%, to $5.1M. Turning to the U.S. land market, HP exited the quarter with 214 active rigs, just below management’s guidance range of 215-225.”
According to TipRanks.com, Curran is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -9.6% and a 38.6% success rate. Curran covers the Basic Materials sector, focusing on stocks such as Solaris Oilfield Infrastructure Inc, Independence Contract Drilling, and Select Energy Services Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Helmerich & Payne with a $66.50 average price target, a 30.6% upside from current levels. In a report issued on July 10, Susquehanna also maintained a Buy rating on the stock with a $62 price target.
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