Scotiabank Has Optimistic View of TSE:FM FY2024 Earnings

First Quantum Minerals Ltd. (TSE:FM) – Equities research analysts at Scotiabank raised their FY2024 earnings per share estimates for First Quantum Minerals in a report issued on Wednesday, January 8th. Scotiabank analyst O. Wowkodaw now expects that the company will post earnings per share of ($0.16) for the year, up from their previous estimate of ($0.49). Scotiabank currently has a “Sector Perform” rating and a $23.00 target price 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 firms also recently weighed in on FM. JPMorgan Chase & Co. decreased their price target on shares of First Quantum Minerals from C$20.00 to C$18.00 in a research note on Friday, November 8th. Barclays upgraded First Quantum Minerals from an “equal weight” rating to an “overweight” rating in a report on Tuesday, November 12th. CIBC raised their price target on First Quantum Minerals from C$18.00 to C$20.00 in a research note on Wednesday, October 23rd. Royal Bank of Canada increased their target price on shares of First Quantum Minerals from C$23.00 to C$24.00 in a report on Wednesday. Finally, National Bankshares raised their target price on shares of First Quantum Minerals from C$21.00 to C$22.50 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Nine research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of C$21.05.

First Quantum Minerals Price Performance

First Quantum Minerals stock 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 has a market cap of C$17.31 billion, a price-to-earnings ratio of -8.01, a price-to-earnings-growth ratio of -1.28 and a beta of 1.73. The firm has a 50-day moving average of C$18.91 and a two-hundred day moving average of C$17.79. First Quantum Minerals has a 1 year low of C$10.91 and a 1 year high of C$21.45.

Insiders Place Their Bets

In other news, Senior Officer Zenon Wozniak sold 45,000 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of C$20.32, for a total value of C$914,400.00. Also, Director Simon John Scott bought 1,397 shares of First Quantum Minerals stock in a transaction that occurred on Tuesday, December 31st. The shares were acquired at an average cost of C$18.57 per share, with a total value of C$25,942.29. 19.35% of the stock is owned by insiders.

About First Quantum Minerals

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.