#3 - Freeport-McMoRan (NYSE:FCX)
Mining stocks like Freeport-McMoRan Inc. (NYSE: FCX) can make for tricky investments. The company’s fortunes are intricately tied to the performance of the underlying commodity. One way to mitigate that risk is to buy best-in-class companies such as Freeport-McMoRan.
The catalyst for this miner is that demand for copper is expected to increase for the rest of the decade. This trend was supposed to have started in 2023, but it didn’t really show up in the company’s revenue. That looks to be changing in 2024, and that’s bullish for Freeport-McMoRan, which produced over one billion pounds of copper in its most recent quarter.
Prior to the company’s earnings report on July 23, FCX stock was down about 15% from its recent peak. After a double beat, analysts are confirming their bullish ratings and price targets for the stock which has confirmed a level of support. And with an RSI of around 40, there looks to be solid upside ahead.
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
- $45.48
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 11 Buy Ratings, 4 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $53.07 (16.7% Upside)
