Could Sociedad Química y Minera de Chile S.A. (SQM) Change Direction After This Bullish Double Top Chart Pattern

January 23, 2018 - By Darrin Black

The chart of Sociedad Química y Minera de Chile S.A. (SQM) shows a double top with $60.15 target or 4.00 % above today’s $57.84 share price. The 5 months chart pattern indicates low risk for the $15.22 billion company. It was reported on Jan, 23 by Finviz.com. If the $60.15 price target is reached, the company will be worth $608.92 million more. Double tops are rare but powerful chart patterns.

The stock increased 1.60% or $0.91 during the last trading session, reaching $57.84. About 1.42 million shares traded or 10.69% up from the average. Sociedad Química y Minera de Chile S.A. (NYSE:SQM) has risen 69.80% since January 23, 2017 and is uptrending. It has outperformed by 53.10% the S&P500.

Analysts await Sociedad Química y Minera de Chile S.A. (NYSE:SQM) to report earnings on March, 7. They expect $0.44 EPS, up 41.94 % or $0.13 from last year’s $0.31 per share. SQM’s profit will be $115.80M for 32.86 P/E if the $0.44 EPS becomes a reality. After $0.43 actual EPS reported by Sociedad Química y Minera de Chile S.A. for the previous quarter, Wall Street now forecasts 2.33 % EPS growth.

Sociedad Química y Minera de Chile S.A. (NYSE:SQM) Ratings Coverage

Among 8 analysts covering Sociedad Quimica y Minera de Chile (NYSE:SQM), 2 have Buy rating, 1 Sell and 5 Hold. Therefore 25% are positive. Sociedad Quimica y Minera de Chile has $60.0 highest and $17 lowest target. $35.20’s average target is -39.14% below currents $57.84 stock price. Sociedad Quimica y Minera de Chile had 24 analyst reports since August 28, 2015 according to SRatingsIntel. The firm earned “Buy” rating on Wednesday, September 13 by Bank of America. BMO Capital Markets maintained the stock with “Hold” rating in Tuesday, October 24 report. BMO Capital Markets maintained the shares of SQM in report on Thursday, August 24 with “Hold” rating. On Friday, August 28 the stock rating was downgraded by Zacks to “Hold”. The rating was upgraded by Bank of America to “Buy” on Friday, December 18. The stock has “Hold” rating by BMO Capital Markets on Thursday, October 5. The firm has “Hold” rating given on Tuesday, November 17 by HSBC. The rating was downgraded by JP Morgan to “Neutral” on Wednesday, September 30. Citigroup downgraded the stock to “Sell” rating in Wednesday, July 13 report. Citigroup upgraded the shares of SQM in report on Wednesday, January 25 to “Neutral” rating.

More notable recent Sociedad Química y Minera de Chile S.A. (NYSE:SQM) news were published by: Benzinga.com which released: “Mid-Day Market Update: Blackhawk Surges On News Of Acquisition By Silver Lake …” on January 16, 2018, also Benzinga.com with their article: “Earnings Scheduled For November 22, 2017” published on November 22, 2017, Midasletter.com published: “Lithium Americas Corp’s David Deak on Sociedad Quimica y Minera de Chile (NYSE …” on February 21, 2017. More interesting news about Sociedad Química y Minera de Chile S.A. (NYSE:SQM) were released by: Marketwatch.com and their article: “Sociedad Quimica y Minera De Chile SA ADR” published on December 21, 2009 as well as Business.Financialpost.com‘s news article titled: “Tesla Motors Inc ignites a lithium race among Albemarle, SQM and FMC” with publication date: April 05, 2016.

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