#4 - Freeport-McMoRan (NYSE:FCX)
The last large-cap stock on this list is Freeport-McMoRan, Inc. (NYSE: FCX). With a price-to-earnings ratio of around 18x earnings, it’s not the cheapest stock on this list. But the company carries a $61 billion market cap and is up approximately 12% in 2023.
Freeport-McMoRan has operations in Indonesia which have proven to deliver large volumes at large cost. When the company reported earnings in January, they reported that the mine operates as the world’s second largest copper mine with a net unit cost of $0.06 a pound.
In the company’s latest earnings report, earnings were down year-over-year, but doubled from the previous quarter. That kind of earnings growth is likely to draw the attention of institutional investors that own approximately 77% of FCX stock.
It got the attention of a few analysts who raised their price targets for FCX stock after the report was issued. Short interest dropped over 30% in January 2023 which could remove a headwind on the stock.
About Freeport-McMoRan
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
Read More - Current Price
- $43.72
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 9 Buy Ratings, 5 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $54.00 (23.5% Upside)
