Analyst Upgrades: Freeport-McMoRan, Goldcorp, Range Resources

Analysts upwardly revised their ratings and price targets on Freeport-McMoRan Inc (NYSE:FCX), Goldcorp Inc. (USA) (NYSE:GG), and Range Resources Corp. (NYSE:RRC)

Karee Venema

May 2, 2016 at 9:47 AM

Analysts weighed in on miner Freeport-McMoRan Inc (NYSE:FCX), gold stock Goldcorp Inc. (USA) (NYSE:GG), and oil-and-gas issue Range Resources Corp. (NYSE:RRC). Here's a quick roundup of today's bullish brokerage notes in FCX, GG, and RRC.

After closing Friday at $14 -- its highest weekly settlement since last July, FCX is off 0.1% at $13.99, despite price-target hikes from Barclays (to $10) and Deutsche Bank (to $11). Longer term, the stock has nearly quadrupled since bottoming at a 15-year low of $3.52 on Jan. 20, even with last week's post-earnings slip. Nevertheless, put buyers have been active, per Freeport-McMoRan Inc's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 1.35 -- in the 98th annual percentile.

Gold stocks have been on fire this year, and GG is no exception. Year-to-date, the shares of GG are up roughly 71% at $19.81, and hit an annual high of $20.24 out of the gate, after Desjardins boosted its price target for Goldcorp Inc. (USA) to $26 from $23. More bullish brokerage notes could be on the horizon, considering half of those covering GG maintain a "hold" or "strong sell" recommendation. Plus, the average 12-month price target of $18.90 stands at a discount to the stock's current price.

Analysts have been enamored with RRC in recent weeks. Over the weekend, for example, the stock received no fewer than seven price-target hikes, including one to $49 from $39 at Bernstein. KLR, meanwhile, lowered its rating to "accumulate" from "buy." On the charts, Range Resources Corp. has tacked on 74.6% year-to-date, but is off 2.6% this morning at $42.98. Short-term options traders have shown a distinct preference for puts over calls, with RRC's Schaeffer's put/call open interest ratio (SOIR) of 1.59 resting above 82% of all comparable readings taken in the past year.

Sign up now for Schaeffer's Opening View newsletter to get a head start on all the major pre-market news!

Follow @Schaeffers

Which of These SUB-$5 Stocks Could 26x From Here? (AD)

He called a rare 11x on Tesla…

Then he called a 26x on Workhorse…

Then an even rarer 35x on Nio Inc…

Now Tim Bohen says these 5 tiny “America First” stocks are next up in 2025.

They’re trading for less than $5 right now.

But thanks to Elon & Trump’s new alliance…

They could be off to the races in Trump’s first 100 days.

And right now for a limited time…

You can get the names & tickers for just $1 here. (AD)

Featured Articles from Trusted Partners:

🚀 One Stock Pick Could Change Everything in 2025
What if one stock pick could define your success next year? Get 10 expert-vetted stocks set for 2025—plus 5 bonus picks to watch now. Get the Report →

🆕 New Options Need New Trading Strategies
Zero-DTE options are the newest (and hottest) options to trade. Professional traders have rushed into the market and are making a mint. Don’t get left behind - learn all about these options, how to trade them, market setups to profit from, plus much more. Download now →

👀 Revealed: 3 Defensive Stocks for Your Portfolio
Worried about the market? This free report reveals 3 under-the-radar defensive stocks for uncertain times in any kind of economy.