#2 - Freeport-McMoRan (NYSE:FCX)
Sticking in the commodities arena, it’s time to focus on copper which is approaching highs seen when it was selling for an all-time high of $4.50 in 2011. Prices are likely to remain high for the considerable future because copper is needed for electronic vehicles (EVs) as well as many other electronic products.
And Freeport-McMoRan (NYSE:FCX) is the world’s largest publicly traded copper producer. In fact, Sean Sechler recently reminded investors that “Freeport adds roughly $300 million in free cash flow for every $0.10 lb increase in the price of copper.”
Mining stocks are not always great investments. But when they’re hot, they’re boiling. A simple truth of investing is that for mature stocks, stock price growth should follow earnings growth. Freeport-McMoRan is coming off a year that saw it post 2,600% EPS growth. And while it’s “only” projecting growth of just under 480% for 2021, FCX stock is a great buy.
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
- $43.80
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 9 Buy Ratings, 5 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $54.00 (23.3% Upside)
