#5 - Freeport-McMoRan (NYSE:FCX)
Up to this point, the stocks we’ve looked at are down for the year. That’s not the case with Freeport-McMoRan (NYSE:FCX). The stock is up 42% this year. This is largely due to the rally in copper prices which tends to move higher in times of economic growth.
And the company’s assets include the Grasberg minerals district in Indonesia. This area has one of the world’s largest copper and gold deposits. With the demand for copper likely to increase with the U.S. infrastructure plan including the need for copper in electric vehicles, the company is likely to have a catalyst well into 2022.
Freeport-McMoRan last reported earnings in October and delivered a split decision with an earnings beat, but a slight revenue miss. The consensus price target of analysts suggests that the rally could be coming to an end. However, recent price targets are much higher than the consensus estimate.
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
- $43.45
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 9 Buy Ratings, 5 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $54.00 (24.3% Upside)
