Barclays Reiterates a Hold Rating on Southern CopperBy Carrie Williams
“We’d long expected that the challenges Tia Maria faces in Peru would result in a much slower pace of development, even with the election of what’s perceived to be a more mining-friendly government. With a pushback on Tia Maria, SCCO now sees 2017 capex at $1.5B vs. $1.9B previously guided and has reset production guidance lower for 2019/20.”
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Southern Copper has an analyst consensus of Moderate Buy, with a price target consensus of $38.
Based on Southern Copper’s latest earnings report from June 30, the company posted quarterly revenue of $1.34B and quarterly net profit of $221.9M. In comparison, last year the company earned revenue of $1.13B and had a net profit of $98.44M.
Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SCCO in relation to earlier this year.
Southern Copper Corp. engages in the business of mineral exploitation. It activities include extraction, milling, concentration, smelting, treating, preparation for market, manufacturing, sale, exchange, and production and negotiation for sales of copper, molybdenum, gold, silver, lead, zinc, iron, and other class of minerals and materials. It also involved in exploitation, exploration, sample, examination, investigation, identification, location, and appraisal, and other related activities of mining concessions, and mining deposits. The company was founded on December 12, 1952 and is headquartered in Phoenix, AZ.