#4 - Freeport-McMoRan (NYSE:FCX)
Freeport-McMoRan Inc. (NYSE: FCX) is one of the largest miners by market cap. The company’s stock is up about 10% in 2024, but the market is not impressed by the company’s October earnings report which included tepid forward guidance.
However, in addition to gold, Freeport-McMoRan is one of the world’s leading copper miners. This diverse portfolio may, in fact, be the better reason to own FCX stock. The world will need an abundance of copper to match the demands of an economy that is becoming increasingly electrified.
In the short term, copper prices are likely to remain under pressure which could signal weakness in the economy. And Freeport is reporting steady, but not spectacular gold production. However, analysts are starting to bid the FCX stock price higher. The consensus estimate of $54 is a 15% increase from the stock’s closing price on October 24, 2024.
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
- $38.86
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 8 Buy Ratings, 5 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $53.92 (38.7% Upside)
