Southern Copper Corporation (SCCO): Up 2.32% Today, Time To Buy This Stock?

The biggest gainers of the session on the Wall Street include Southern Copper Corporation (NYSE:SCCO), which rose 0.86 points or 2.32% to trade at $37.85 as last check. The stock closed last session at $36.99 and sets an active trading volume day with a reported 297664 contracts so far this session. SCCO shares had a relatively better volume day versus average trading capacity of 708.76 thousand shares, but with a 82.18 million float and a -3.17% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for SCCO stock indicates that the average analyst price target is $36.9 per share. This means the stock has a potential decrease of -2.51% from where the SCCO share price has been trading recently which is between $36.8 and $37.5.

During the recent trading session for Southern Copper Corporation (NYSE:SCCO), the company witnessed their stock drop by $-0.19 over a week and tumble down $-0.08 from the price 20 days ago. When compared to their established 52-week high of $42.42, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 04/17/19. The recent low of $29.01 stood for a -10.77% since 03/01/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0.96 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Southern Copper Corporation, the two-week RSI stands at 56.03. This figure suggests that SCCO stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current SCCO readings is similarly very revealing as it has a stochastic reading of 41.12% at this stage. This figure means that SCCO share price today is being neutral.

Technical chart claims that Southern Copper Corporation (SCCO) would settle between $37.39/share to $37.8/share level. However, if the stock price goes below the $36.69 mark, then the market for Southern Copper Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $36.4 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.24. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at Morgan Stanley raised their recommendation on shares of SCCO from Underweight to Equal-Weight in their opinion released on September 24. BofA/Merrill analysts again handed out a Buy recommendation to Southern Copper Corporation (NYSE:SCCO) stock but they lifted target price for the shares in a flash note issued to investors on August 15. The target price has been raised from $46 to $42. Analysts at Macquarie, made their first call for the equity with a Underperform recommendation, according to a research note that dated back to July 11.

SCCO equity has an average rating of 2.58, with the figure leaning towards a bullish end. 5 analysts who tracked the company were contacted by Reuters. Amongst them, 2 rated the stock as a hold while the remaining 3 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 2 analysts rated Southern Copper Corporation (NYSE:SCCO) as a buy or a strong buy while 1 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, SCCO stock price is currently trading at 17.74X forward 12-month Consensus EPS estimates, and its P/E ratio is 19.4 while for the average stock in the same group, the multiple is 38.6. Southern Copper Corporation current P/B ratio of 4.2 means it is trading at a premium against its industry’s 1.7.

Southern Copper Corporation (SCCO)’s current-quarter revenues are projected to climb by nearly 10.4% to hit $1.87 billion, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over 2.1% from $7.1 billion to a noteworthy $7.25 billion. At the other end of the current quarter income statement, Southern Copper Corporation is expected to see its adjusted earnings surge by roughly 26.3% to hit $0.48 per share. For the fiscal year, SCCO’s earnings are projected to climb by roughly -0.5% to hit $1.99 per share.