|Over a week ago|
Glencore downgraded to Sector Perform from Outperform at RBC Capital » 05:5403/1103/11/20
RBC Capital analyst Tyler…
RBC Capital analyst Tyler Broda downgraded Glencore to Sector Perform from Outperform with a price target of 210 GBp, down from 280 GBp. The company's business model, with higher net funding levels and lower industrial margins versus peers, leaves the stock more exposed to current volatility, Broda tells investors in a research note. The analyst continues to view the long-term outlook for Glencore as favorable, but he downgrades the shares to reflect rising risks to the global economy from COVID-19.
Glencore price target lowered to 242 GBp from 257 GBp at Morgan Stanley » 15:0803/0903/09/20
Morgan Stanley analyst…
Morgan Stanley analyst Alain Gabriel lowered the firm's price target on Glencore to 242 GBp from 257 GBp and keeps an Overweight rating on the shares.
|Over a month ago|
Copper miners surge amid Glencore production decline » 14:0402/0402/04/20
GLNCY, FCX, SCCO, TRQ, GOLD
Shares of copper miners…
Shares of copper miners Glencore (GLNCY) and Freeport-McMoRan (FCX) are rallying on Tuesday after Glencore reported a 2019 shortfall in copper output. Earlier on Tuesday, Glencore said that its own-sourced copper production of 1,371,200 tonnes was 82,500 tons, or 6%, lower than in 2018. Approximately half of this related to the African Copper assets, with Katanga's ramp-up partially offsetting Mutanda scaling down and placement into temporary care and maintenance and Mopani's extensive smelter refurbishment shutdown. The remainder primarily comprised relatively minor portfolio changes and maintenance. TRADE ISSUES SIDELINE M&A: On January 13, Freeport-McMoRan CEO Richard Adkerson said that the miner has no interest in major strategic deals over the next three years, the Wall Street Journal's Alistair MacDonald reported. The comments potentially stymie informal overtures from Barrick Gold (GOLD), as Barrick CEO Mark Bristow told reporters that there is a logic in a tie-up with Freeport, MacDonald noted. Adkerson, on the other hand, said that his company is too focused on the engineering challenge of turning Grasberg from open-pit mining into an underground operation to consider M&A, and he added that market challenges related to the U.S.-China trade dispute mean this isn't the best time for big strategic moves, the author noted. "Our company is laser-focused on completing that, so we are focused on that and not M&A opportunities," Adkerson told The Journal. "After that is complete, we would be in a position to look at a number of alternatives that could be attractive to our shareholders," he said. PRICE ACTION: Shares of Glencore are up around 5% to $6.00 per share while Freeport is up 6% to $12.12 per share. OTHERS TO WATCH: Southern Copper (SCCO) shares are up over 4%, while Turquoise Hill (TRQ) shares are up 1.5%.
Glencore upgraded to Buy from Neutral at Goldman Sachs » 05:1401/2101/21/20
Goldman Sachs analyst…
Goldman Sachs analyst Eugene King upgraded Glencore to Buy from Neutral with a 280 GBp price target. The analyst sees an attractive risk/reward profile following the stock's underperformance and believes consensus expectations look low. Further, King sees a stronger coal outlook and expects better marketing performance from Glencore.
Tesla in talks to buy cobalt from Glencore for use in China, Bloomberg says » 08:0101/1501/15/20
Glencore (GLNCY) is…
Glencore (GLNCY) is negotiating a long-term contract to ship cobalt to Tesla's (TSLA) new vehicle manufacturing plant in Shanghai, China, according to Bloomberg's Mark Burton and Thomas Biesheuvel, citing people with knowledge of the talks.
Glencore upgraded to Buy from Hold at Liberum » 05:4401/1401/14/20
Liberum analyst Ben Davis…
Liberum analyst Ben Davis upgraded Glencore to Buy from Hold.
CN, NorFalco sign multi-year freight transportation agreement » 08:1501/0901/09/20
CN (CNI) and NorFalco…
CN (CNI) and NorFalco Sales, a division of Glencore Canada Corporation (GLNCY), announced they have signed a new multi-year agreement that will provide freight transportation of Sulphuric Acid from NorFalco's rail served productions facilities in Sudbury, ON; Rouyn-Noranda, QC; and Valleyfield, QC. The agreement reconfirms CN and NorFalco's strategic partnership for years to come. NorFalco is one of North America's largest merchant marketers of sulfuric acid, responsible for the marketing and distribution of about 2 million tons of sulfuric acid per year. Through parent company Glencore, NorFalco has exclusive access to sulfuric acid production from four major North American production facilities and to an unrivaled global sulfuric acid supply and trading network.
Glencore upgraded to Buy from Neutral at UBS » 04:5001/0801/08/20
UBS upgraded Glencore to…
UBS upgraded Glencore to Buy from Neutral with a 270 GBp price target.
|Over a quarter ago|
SFO confirms investigation into suspected bribery at Glencore » 10:3112/0512/05/19
Earlier, the U.K. Serious…
Earlier, the U.K. Serious Fraud Office issued this statement: "Following the announcement by Glencore PLC, the SFO confirms it is investigating suspicions of bribery in the conduct of business by the Glencore group of companies, its officials, employees, agents and associated persons. As this is a live investigation we cannot comment further."
Glencore CEO says successor could come in next year, Reuters says » 14:0212/0312/03/19
Glencore CEO Ivan…
Glencore CEO Ivan Glasenberg said at an investor meeting that the company could announce a new CEO next year once a new management team is in place, Reuters' Barbara Lewis and Eric Onstad report. Speculation about Glasenberg stepping down from the role has intensified after he said last year that he anticipated retiring in 2-5 years, the authors say. "The old guys will be leaving. How soon? We're reviewing it right now. I would imagine it would occur next year," Glasenberg said in the meeting. "I've always said I don't want to be an old guy running this company. As soon as those guys are ready to take over, I'll be ready to step aside." Reference Link