Scotiabank Has Positive Outlook of TSE:FM FY2024 Earnings

First Quantum Minerals Ltd. (TSE:FM) – Stock analysts at Scotiabank boosted their FY2024 EPS estimates for shares of First Quantum Minerals in a research note issued on Wednesday, January 8th. Scotiabank analyst O. Wowkodaw now forecasts that the company will post earnings per share of ($0.16) for the year, up from their prior estimate of ($0.49). Scotiabank has a “Sector Perform” rating and a $23.00 price target on the stock. The consensus estimate for First Quantum Minerals’ current full-year earnings is $0.56 per share. Scotiabank also issued estimates for First Quantum Minerals’ FY2025 earnings at ($0.59) EPS.

Several other research analysts also recently commented on FM. Barclays raised First Quantum Minerals from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, November 12th. JPMorgan Chase & Co. lowered their price target on shares of First Quantum Minerals from C$20.00 to C$18.00 in a research report on Friday, November 8th. CIBC increased their price objective on shares of First Quantum Minerals from C$18.00 to C$20.00 in a report on Wednesday, October 23rd. Royal Bank of Canada boosted their target price on First Quantum Minerals from C$23.00 to C$24.00 in a report on Wednesday. Finally, National Bankshares increased their price target on First Quantum Minerals from C$21.00 to C$22.50 and gave the company an “outperform” rating in a report on Thursday, October 24th. Nine research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, First Quantum Minerals currently has a consensus rating of “Hold” and an average price target of C$21.05.

First Quantum Minerals Stock Performance

TSE FM opened at C$20.75 on Friday. The company has a debt-to-equity ratio of 67.00, a current ratio of 2.35 and a quick ratio of 1.41. The stock’s 50 day simple moving average is C$18.91 and its 200-day simple moving average is C$17.79. The company has a market cap of C$17.31 billion, a PE ratio of -8.01, a price-to-earnings-growth ratio of -1.28 and a beta of 1.73. First Quantum Minerals has a 1-year low of C$10.91 and a 1-year high of C$21.45.

Insider Activity at First Quantum Minerals

In related news, Director Simon John Scott purchased 1,397 shares of the business’s stock in a transaction on Tuesday, December 31st. The shares were bought at an average price of C$18.57 per share, for a total transaction of C$25,942.29. Also, Senior Officer Zenon Wozniak sold 45,000 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of C$20.32, for a total value of C$914,400.00. Company insiders own 19.35% of the company’s stock.

First Quantum Minerals Company Profile

First Quantum Minerals Ltd., together with its subsidiaries, engages in the exploration, development, and production of mineral properties. It primarily explores for copper, nickel, pyrite, silver, gold, and zinc ores, as well as produces acid. The company has operating mines located in Zambia, Panama, Finland, Turkey, Spain, Australia, and Mauritania, as well as a development project in Zambia.