Freeport-McMoRan (FCX - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.
Shares of this mining company have returned +11.3% over the past month versus the Zacks S&P 500 composite's -0.4% change. The Zacks Mining - Non Ferrous industry, to which Freeport-McMoRan belongs, has gained 2.8% over this period. Now the key question is: Where could the stock be headed in the near term?
While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.
Earnings Estimate RevisionsRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
Freeport-McMoRan is expected to post earnings of $0.73 per share for the current quarter, representing a year-over-year change of +46%. Over the last 30 days, the Zacks Consensus Estimate has changed +1.5%.
The consensus earnings estimate of $2.81 for the current fiscal year indicates a year-over-year change of +58.8%. This estimate has changed +1.9% over the last 30 days.
For the next fiscal year, the consensus earnings estimate of $3.77 indicates a change of +33.9% from what Freeport-McMoRan is expected to report a year ago. Over the past month, the estimate has changed +2.4%.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Freeport-McMoRan.
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Revenue Growth ForecastWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.
For Freeport-McMoRan, the consensus sales estimate for the current quarter of $7.07 billion indicates a year-over-year change of +1.4%. For the current and next fiscal years, $28.62 billion and $33.3 billion estimates indicate +10.5% and +16.3% changes, respectively.
Last Reported Results and Surprise HistoryFreeport-McMoRan reported revenues of $7.03 billion in the last reported quarter, representing a year-over-year change of -7.3%. EPS of $0.74 for the same period compares with $0.54 a year ago.
Compared to the Zacks Consensus Estimate of $6.47 billion, the reported revenues represent a surprise of +8.57%. The EPS surprise was +19.35%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.
ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Freeport-McMoRan is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Freeport-McMoRan. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
Copper's explosive rally has sent FCX shares surging nearly halfway toward a triple-digit price tag, but the path to $100 runs through a precise set of conditions that have nothing to do with Freeport-McMoRan's own execution.
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Copper’s 2026 rally has turned the sector’s largest producers into what looks like a single trade, with year-to-date returns clustered inside a tight band. That’s the signature of a commodity move rather than of company execution, and it frames the debate over whether Freeport-McMoRan stock can push toward the $100 mark.
Freeport-McMoRan (NYSE:FCX | FCX Price Prediction) shares closed Friday at $72.73, up 44% year to date (YTD). Meanwhile, Southern Copper (NYSE:SCCO) stock finished the week at $198.76, up 45% YTD in a near-identical trajectory. Teck Resources (NYSE:TECK) stock ended Friday at $69.10, up 45% YTD, rounding out the tight cluster.
Notably, the Global X Copper Miners ETF (NYSEARCA:COPX) has climbed 27% YTD, trailing the three majors as its developer and small-miner holdings failed to keep pace. For the broader context, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 13% YTD, giving the copper trio a wide lead on the broad tape.
Copper Price Did the Heavy Lifting The tight clustering among Freeport-McMoRan, Southern Copper, and Teck Resources reflects a commodity-driven tape. LME copper averaged $5.93 per pound year to date through June and closed at $6.30 per pound on July 22, per Freeport-McMoRan’s Q2 2026 call. Teck reported LME copper up 40% year over year (YoY) in Q2 2026, echoing the same tailwind across the peer set.
The U.S. COMEX benchmark traded at a 2% premium to LME pricing, adding to Freeport-McMoRan’s revenue mix given its Arizona and New Mexico footprint. Southern Copper stock rides the same wave, with Q2 2026 revenue up 40.6% YoY to $4.29 billion and an adjusted EBITDA margin at 66.6%.
Freeport-McMoRan’s own sensitivity math is telling. Management modeled annual EBITDA at roughly $13 billion at $5 copper and $20 billion at $7 copper, with each 10-cent move worth $390 million in EBITDA. That leverage is why the copper price, more than any Grasberg surprise, offers the cleanest path to $100.
Grasberg Reversal and the Q2 Turn The Freeport-McMoRan story split in half this year. A September 2025 Grasberg mud rush constrained Indonesian output and revised 2026 copper sales guidance down to 3.1 billion pounds from 3.4 billion, weighing on the shares into spring. The July quarter reset the narrative.
Block Cave production doubled during Q2, with April averaging 34,000 tons per day and June averaging 69,000. Management guided the district to 65% of full capacity in the second half of 2026, 80% by mid-2027, and full capacity by the end of 2027. Freeport-McMoRan also nudged its 2026 unit net cash cost estimate to $1.90 per pound, slightly below the April estimate.
Second-half 2026 copper sales are expected to be over 20% higher than first-half sales, with 2027 copper sales up more than 20% compared with 2026. That volume ramp compounds any copper-price tailwind and shapes the setup into year-end.
What a Move to $100 Actually Requires Freeport-McMoRan stock trades near the top of its 52-week range, with a 52-week high of $80.24 and a forward P/E ratio of 18x. The consensus 2027 EPS estimate for the company sits at $4.1354, with a high estimate of $5.69. Applying a peer-typical forward multiple to the upper end of that range gets FCX shares into the $100 zone without heroics.
The push higher likely requires copper closer to the $7 case, a smoother Grasberg ramp, and continued discipline on unit costs. Freeport-McMoRan’s $5 billion buyback with $2.9 billion remaining as of April 22, 2026, and its leach program targeting 300 million incremental pounds in 2026 and ramping to 800 million per year by 2030, are the internal levers.
Additionally, Freeport-McMoRan’s Baghdad expansion adds another catalyst, with a preliminary capital estimate near $4.5 billion and economics supported at $4 per pound copper. A final investment decision was expected in the second half of 2026, potentially unlocking a second U.S. mega-mine behind Morenci. Southern Copper stock, backed by an analyst target price of $169.06, and Teck Resources shares, with a target of $54.30, offer benchmarks for how the market values the peer group.
What to Watch Next The next Freeport-McMoRan earnings report will test whether Q2 momentum in Grasberg output and unit costs carries into the seasonally back-loaded second half. Copper’s tape, driven by tight concentrate markets, AI data center demand, and grid investment, remains the dominant variable. Traders can watch for LME price action and Grasberg quarterly production updates as near-term catalysts.
Investors weighing their exposure should treat FCX stock as high-beta commodity paper, with a beta of 1.4 and a history of sharp drawdowns when copper cracks. Moderate position sizing and a plan for copper reversals belong in any thesis that reaches for $100. The bull case is real, yet it runs through the copper price far more than through anything Freeport-McMoRan does at Grasberg.
Contact [email protected] for any questions or corrections.
Freeport-McMoRan Investigation Initiated: Kahn Swick & Foti, LLC Investigates the Officers and Directors of Freeport-McMoRan Inc. - FCX PR Newswire
NEW YORK and NEW ORLEANS, Sept. 4, 2026
, /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into Freeport-McMoRan Inc. (NYSE: FCX) ("Freeport" or the "Company").
On September 24, 2025, the Company issued a press release entitled "Freeport Provides Update on PT Freeport Indonesia Operations" disclosing "an update on the status of the previously reported mud rush incident at the Grasberg Block Cave mine (GBC) in Indonesia…[o]n September 20, 2025, PT Freeport Indonesia (PTFI) located two team members who were regrettably fatally injured in the September 8th incident."
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period in violation of federal securities laws, which remains ongoing.
KSF's investigation is focusing on whether Freeport's officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Freeport shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-538-3608 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-fcx/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.
TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-833-538-3608
1100 Poydras St., Suite 960
New Orleans, LA 70163
View original content to download multimedia:https://www.prnewswire.com/news-releases/freeport-mcmoran-investigation-initiated-kahn-swick--foti-llc-investigates-the-officers-and-directors-of-freeport-mcmoran-inc---fcx-302870504.html
, /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into Freeport-McMoRan Inc. (NYSE: FCX) ("Freeport" or the "Company").
On September 24, 2025, the Company issued a press release entitled "Freeport Provides Update on PT Freeport Indonesia Operations" disclosing "an update on the status of the previously reported mud rush incident at the Grasberg Block Cave mine (GBC) in Indonesia…[o]n September 20, 2025, PT Freeport Indonesia (PTFI) located two team members who were regrettably fatally injured in the September 8th incident."
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period in violation of federal securities laws, which remains ongoing.
KSF's investigation is focusing on whether Freeport's officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Freeport shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-538-3608 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-fcx/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.
TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-833-538-3608
1100 Poydras St., Suite 960
New Orleans, LA 70163
Jim Cramer mapped a copper rally to $100, then the breakout level collapsed within days. Now one portfolio manager is loading up on the dip and has already named the single event that would force him to abandon the entire…
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On the August 31 Mad Money “Off the Charts” segment with Bob Lang, Jim Cramer laid out a copper roadmap. Working the technicals on Freeport-McMoRan (NYSE:FCX | FCX Price Prediction), Cramer said “if 75 and change can break out, it goes to $80. That would be terrific. It’s smooth sailing then to “if 75 and change can break out, it goes to $80. That would be terrific. It’s smooth sailing then to $100.”00.” He added that the volume behind the copper miners meant “this rally is the real deal.”
The breakout level failed almost immediately. FCX closed at $75.74 on August 31, the exact level Cramer flagged, then slid 4.2% to $72.56 by September 3. Over the past week the stock is down 6.66% to $73.20. The one-year chart still shows a 59.91% gain, so this is a pullback inside a powerful uptrend.
Kevin Simpson Buys the Drop and Names His Kill Switch Kevin Simpson of Capital Wealth Planning added to both Freeport-McMoRan and Agnico Eagle Mines (NYSE:AEM) into the pullback on CNBC’s Halftime Report, extending a hard commodities theme he started the prior week with CF Industries (NYSE:CF). His reasoning for favoring copper over gold: “you’ve got an application for them with respect to electrification. If you believe in the data center build out.” That buildout runs on more than chips: we rounded up seven of the power, cooling, and infrastructure suppliers behind it in a free report on the AI infrastructure trade.
Simpson publicly named his macro kill switch: “If we get a rate hike in September, October, December, then forget the gold trade. I mean I’m completely off base with this,” he said. That is a rare admission of a specific condition that would invalidate the trade.
Copper Bull Case Freeport Is Selling Freeport’s numbers explain why Cramer and Simpson are aligned. In Q1 2026, FCX reported adjusted EPS of $0.57 versus $0.47 expected on revenue of $6.23 billion, up 12.2% year over year, with a realized copper price of $5.78 per pound versus $4.44 a year earlier. It was FCX’s fourth consecutive EPS beat.
On the Q2 conference call, CEO Kathleen Quirk said “as we look forward, it is clear the market will require additional copper supplies to meet growing demand.” Freeport modeled 2027-2028 EBITDA at roughly roughly $13 billion at $5 copper and $20 billion at $7 copper3 billion at $5 copper and $20 billion at $7 copper, with each 10-cent move in copper worth about $390 million in annual EBITDA. Details are in the company’s Q1 2026 8-K filing.
The macro tailwinds are real. The USGS added copper to the Critical Minerals list in November 2025, and S&P Global projects copper demand reaching 42 million metric tons by 2040, a 50% increase driven by electrification, AI data centers, and defense. Sell-side analysts carry an average price target of $72.05 on FCX, which the stock has already exceeded.
Gold and Fertilizer Legs of Simpson’s Trade Agnico Eagle is a pure gold play. Q2 2026 delivered adjusted EPS of $3.07 on revenue of $3.80 billion, up 35% year over year, with realized gold at $4,483 per ounce, close to today’s spot price near $4,418. AEM is still up 36.23% over the past month at $204.71 even after this week’s 4.76% pullback.
CF Industries has gained 9.56% since August 28 and is up 76.88% year to date.
What to Watch Next The trade hinges on two factors. First, the Grasberg ramp. Freeport targets roughly 65% of capacity in H2 2026, 80% by mid-2027, and near full capacity by end of 2027. Second, the Fed. Simpson has told the market exactly which outcome breaks his thesis. If copper holds the $5.78 realized level and rate cuts stay on the table, Cramer’s path to $100 stays alive. If not, the $75 breakout that failed on August 31 becomes a warning shot for the broader thesis.
Contact [email protected] for any questions or corrections.
B. Metzler seel. Sohn & Co. AG trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 11.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 126,285 shares of the natural resource company’s stock after selling 17,106 shares during the period. B. Metzler seel. Sohn & Co. AG’s holdings in Freeport-McMoRan were worth $7,942,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also made changes to their positions in FCX. XML Financial LLC grew its position in Freeport-McMoRan by 22.2% during the second quarter. XML Financial LLC now owns 6,065 shares of the natural resource company’s stock worth $381,000 after buying an additional 1,100 shares in the last quarter. Nan Shan Life Insurance Co. Ltd. raised its holdings in Freeport-McMoRan by 692.2% in the 2nd quarter. Nan Shan Life Insurance Co. Ltd. now owns 391,700 shares of the natural resource company’s stock valued at $24,634,000 after acquiring an additional 342,258 shares in the last quarter. Requisite Capital Management LLC acquired a new position in Freeport-McMoRan in the 2nd quarter valued at $225,000. Vanguard Capital Wealth Advisors lifted its position in shares of Freeport-McMoRan by 208.4% during the 2nd quarter. Vanguard Capital Wealth Advisors now owns 11,700 shares of the natural resource company’s stock valued at $736,000 after acquiring an additional 7,906 shares during the period. Finally, Triumph Capital Management lifted its position in shares of Freeport-McMoRan by 14,757.9% during the 2nd quarter. Triumph Capital Management now owns 14,115 shares of the natural resource company’s stock valued at $888,000 after acquiring an additional 14,020 shares during the period. 80.77% of the stock is currently owned by institutional investors.
Insider Activity at Freeport-McMoRan In related news, CAO Ellie L. Mikes sold 4,773 shares of the business’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $334,110.00. Following the sale, the chief accounting officer owned 36,000 shares in the company, valued at $2,520,000. The trade was a 11.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Lydia H. Kennard sold 3,798 shares of the company’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $79.11, for a total value of $300,459.78. Following the completion of the transaction, the director directly owned 122,702 shares of the company’s stock, valued at approximately $9,706,955.22. The trade was a 3.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 110,398 shares of company stock valued at $8,387,271 over the last three months. 0.73% of the stock is currently owned by corporate insiders.
Freeport-McMoRan Trading Down 1.6% FCX opened at $72.78 on Friday. The company has a market cap of $104.51 billion, a P/E ratio of 35.85, a PEG ratio of 0.73 and a beta of 1.41. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The company’s 50 day moving average is $66.19 and its 200-day moving average is $64.31. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $80.24. Freeport-McMoRan (NYSE:FCX – Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.54 EPS. Equities research analysts predict that Freeport-McMoRan Inc. will post 2.81 earnings per share for the current fiscal year.
Freeport-McMoRan Announces Dividend The business also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were issued a dividend of $0.075 per share. The ex-dividend date was Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is 14.78%.
Wall Street Analyst Weigh In A number of research analysts recently commented on the company. BNP Paribas Exane raised their price target on Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, June 18th. Jefferies Financial Group upped their price objective on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Wall Street Zen downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Royal Bank Of Canada raised their target price on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the company a “sector perform” rating in a report on Friday, July 24th. Finally, Barclays boosted their target price on shares of Freeport-McMoRan from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $70.27.
View Our Latest Stock Analysis on FCX
Freeport-McMoRan Company Profile (Free Report)
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
See Also Five stocks we like better than Freeport-McMoRan The Path to $230 Billion: Broadcom Outlines the Next Phase of Its AI Growth Story NVIDIA’s Hugging Face Deal Raises a Bigger Question About Its AI Moat Now Dropping the Dough: Yum! Brands Strategically Trims the Fat These 3 Stock Charts Just Flashed the Dreaded Death Cross Pattern Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX – Free Report).
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Freeport-McMoRan (FCX - Free Report) ended the recent trading session at $72.56, demonstrating a -1.85% change from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 1.06%. Elsewhere, the Dow gained 1.18%, while the tech-heavy Nasdaq added 1.4%.
The mining company's shares have seen an increase of 6.54% over the last month, not keeping up with the Basic Materials sector's gain of 12.41% and outstripping the S&P 500's gain of 2.46%.
Analysts and investors alike will be keeping a close eye on the performance of Freeport-McMoRan in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $0.73, marking a 46% rise compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $7.07 billion, up 1.4% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates project earnings of $2.81 per share and a revenue of $28.62 billion, demonstrating changes of +58.76% and +10.46%, respectively, from the preceding year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Freeport-McMoRan. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate has moved 2.19% higher within the past month. Right now, Freeport-McMoRan possesses a Zacks Rank of #3 (Hold).
From a valuation perspective, Freeport-McMoRan is currently exchanging hands at a Forward P/E ratio of 26.27. Its industry sports an average Forward P/E of 26.31, so one might conclude that Freeport-McMoRan is trading at a discount comparatively.
It's also important to note that FCX currently trades at a PEG ratio of 0.73. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Mining - Non Ferrous industry currently had an average PEG ratio of 1 as of yesterday's close.
The Mining - Non Ferrous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 188, positioning it in the bottom 24% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow FCX in the coming trading sessions, be sure to utilize Zacks.com.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of FCX either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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Bank of Nova Scotia lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 84.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 244,911 shares of the natural resource company’s stock after selling 1,334,941 shares during the period. Bank of Nova Scotia’s holdings in Freeport-McMoRan were worth $15,402,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Freeport-McMoRan by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock valued at $6,619,611,000 after acquiring an additional 1,572,769 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of Freeport-McMoRan by 1.0% in the fourth quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock worth $3,244,504,000 after purchasing an additional 622,343 shares during the last quarter. State Street Corp grew its stake in shares of Freeport-McMoRan by 0.6% in the fourth quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock worth $3,193,327,000 after purchasing an additional 395,226 shares during the last quarter. Bank of America Corp DE increased its holdings in Freeport-McMoRan by 20.0% in the first quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock valued at $2,489,069,000 after purchasing an additional 7,044,775 shares during the period. Finally, Franklin Resources Inc. increased its holdings in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after purchasing an additional 8,891,743 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Freeport-McMoRan In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 14,277 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the transaction, the chief accounting officer directly owned 54,618 shares in the company, valued at $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ellie L. Mikes sold 4,773 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the transaction, the chief accounting officer directly owned 36,000 shares of the company’s stock, valued at $2,520,000. This represents a 11.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 26,600 shares of company stock worth $1,802,012 over the last three months. 0.73% of the stock is owned by insiders.
Analyst Ratings Changes Several brokerages recently issued reports on FCX. Barclays raised their target price on Freeport-McMoRan from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Bank of America increased their target price on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Citigroup restated a “positive” rating on shares of Freeport-McMoRan in a report on Wednesday, July 15th. Jefferies Financial Group boosted their price target on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Finally, CICC Research reduced their price objective on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $70.27. Read Our Latest Report on FCX
Freeport-McMoRan Stock Performance Shares of Freeport-McMoRan stock opened at $77.79 on Tuesday. The company has a market cap of $111.71 billion, a PE ratio of 38.32, a price-to-earnings-growth ratio of 0.76 and a beta of 1.37. The business has a 50 day moving average price of $64.71 and a 200-day moving average price of $63.53. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $78.88. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business’s revenue was down 7.3% on a year-over-year basis. During the same period last year, the business earned $0.54 EPS. Equities analysts anticipate that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current fiscal year.
Freeport-McMoRan Dividend Announcement The firm also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan’s payout ratio is presently 14.78%.
Freeport-McMoRan Profile (Free Report)
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
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Key Takeaways FCX's expansion projects aim to boost copper output, backed by strong financial health.BHP boosts copper output and invests billions in new projects like the Escondida concentrator.Copper prices remain favorable amid demand strength, supply concerns and global tensions. Freeport-McMoRan Inc. (FCX - Free Report) and BHP Group Limited (BHP - Free Report) are two heavyweights in the copper mining industry. Both are navigating fluctuating copper prices and global economic uncertainties.
Copper prices continue to show strength driven by robust demand from China and the United States. Structural tailwinds, including electric vehicles (EVs), renewable energy projects, artificial intelligence data center growth and grid modernization, continue to boost copper consumption. Worries about tightening supply amid rising EV and infrastructure demand aided the red metal.
Copper surged to an all-time high near $6.9 per pound earlier this month on supply tightness and demand strength. Supply risks stemming from operational issues in top producer Chile, along with export bans on copper concentrates from the Democratic Republic of Congo, supported the price rally. Imports to the United States have also surged ahead of a potential tariff announcement by the Trump administration. Copper prices are currently hovering near $6.6 per pound.
Let’s dive deep and closely compare the fundamentals of these two copper giants to determine which one is a better investment option now.
The Case for FreeportFreeport continues to leverage its portfolio of high-quality copper assets, emphasizing disciplined execution and organic growth initiatives to strengthen its production profile. FCX has completed the evaluation of a large-scale expansion at El Abra in Chile to define a large sulfide resource that could potentially support a major mill project similar to the large-scale concentrator at Cerro Verde, with an estimated resource of approximately 20 billion recoverable pounds of copper. The expansion is expected to result in the addition of more than 700 million pounds of copper production annually.
In Arizona, FCX is progressing with pre-feasibility studies at its Safford/Lone Star operations, with completion targeted for 2026, to assess a sizable sulfide expansion opportunity. It has expansion opportunities at Bagdad in Arizona that can more than double the concentrator capacity of the operation. Technical and economic studies have revealed the potential to build concentrating facilities to boost copper production by 200-250 million pounds annually.
PT Freeport Indonesia (PT-FI) is developing the Kucing Liar ore body within the Grasberg district with a targeted ramp-up to commence in 2030. Studies completed by FCX in 2025 show an opportunity to increase Kucing Liar’s design capacity to 130,000 metric tons of ore per day and reserves by roughly 20% at low costs.
FCX has a strong liquidity profile and generates substantial cash flows, providing ample flexibility to fund expansion projects, reduce debt and enhance shareholder returns. It generated solid operating cash flows of $5.6 billion in 2025. Cash flows provided by operations were around $2 billion in the second quarter of 2026. Freeport ended the second quarter with strong liquidity, including $4.1 billion in cash and cash equivalents, $3 billion in availability under the Freeport revolving credit facility, and $1.5 billion in availability under the PT-FI credit facility.
At the end of the second quarter, Freeport had a net debt of $2.1 billion, excluding PTFI’s new downstream processing facilities. Its net debt is below its targeted range of $3-$4 billion. Freeport has a policy of distributing 50% of the available cash to its shareholders and the balance to either reduce debt or invest in growth projects. FCX has no significant debt maturities until 2027.
FCX offers a dividend yield of roughly 0.4% at the current stock price. Its payout ratio is 13% (a ratio below 60% is a good indicator that the dividend will be sustainable). Backed by strong financial health, the company's dividend is perceived to be safe and reliable.
Freeport faces headwinds from higher costs. Its second-quarter unit net cash costs jumped 74% year over year to $1.97 per pound due to lower copper volumes. Freeport expects unit net cash costs of $2 per pound for the third quarter, while projecting a full-year average of roughly $1.9 (compared with $1.65 in 2025). The projected third-quarter unit cost reflects a roughly 43% year-over-year increase. The uptick in costs reflects higher costs of energy and other consumables due to the Middle East conflict and persistent pressure on volumes. Higher costs are expected to weigh on the company's margins.
Freeport’s copper sales volumes tumbled approximately 30% year over year in the second quarter to 710 million pounds. The downside primarily resulted from lower operating rates during the phased ramp-up of the Grasberg Block Cave mine in Indonesia following the mud rush incident in September 2025.
While the company’s third-quarter outlook for copper sales volumes of 750 million pounds indicates a sequential improvement, it suggests a 23% year-over-year decline. The company, in April 2026, lowered its consolidated sales volume projections for full-year 2026 to around 3.1 billion pounds of copper from the prior view of 3.4 billion pounds due to an expected delay in achieving full ramp-up of the Grasberg Block Cave mine. Lower sales volumes are expected to weigh on its top line.
The Case for BHPBHP continues to reshape its portfolio toward commodities such as copper and potash, allocating a meaningful portion of its medium-term capital expenditure to these areas. This strategy positions the company to benefit from decarbonization, electrification, population growth and rising living standards in emerging markets. It is also making operations more efficient on the back of smart technology adoption across the entire value chain.
Fiscal 2026 copper production was 1,952.8 kt, within the company’s 1,900-2,000 kt guidance range, despite planned lower grades at Escondida and ore complexity at Spence. Escondida produced 1,261.2 kt, while Antamina output rose 27% to a record 151.5 kt and Copper South Australia delivered 320.7 kt. BHP’s fiscal 2027 copper guidance of 1,650-1,800 kt points to a near-term volume reset, but the longer-term pipeline remains intact.
BHP has copper projects under execution and a pipeline that could deliver around two Mtpa of attributable copper production by the 2030s. It is planning an Escondida New Concentrator project with a potential $4.4-$5.9 billion investment to replace the aging Los Colorados plant. BHP has approved a pre-commitment funding of $0.5 billion (BHP’s share) for the concentrator, which is expected to have a higher production capacity and add 230-270 kt of copper annually.
Resolution Copper, a joint venture owned by BHP (45%) and Rio Tinto (55%), completed a land exchange in Arizona. This enables the next phase of technical work and development planning for the Resolution Copper project, which is one of the most significant undeveloped copper resources in the United States.
The company’s balance sheet remains strong with cash and cash equivalents of $18.5 billion at the end of fiscal 2026. BHP also ended fiscal 2026 with net debt of $8.7 billion, down from $12.9 billion in fiscal 2025 and below its $10-$20 billion target range.
BHP’s net operating cash flow increased 17% year over year to $21.8 billion in fiscal 2026, partly driven by higher realized prices and cost management. Free cash flow surged 83% to $9.8 billion, after spending $10.3 billion on capital and exploration projects.
BHP remains committed to driving shareholder value, having determined a final dividend of $5 billion, leading to total returns to its shareholders of $8.7 billion for the year. Since the introduction of its capital allocation framework in 2016, BHP has delivered more than $115 billion to its shareholders. BHP offers a dividend yield of roughly 2.9% at the current stock price.
FCX & BHP: Price Performance, Valuation & Other ComparisonsFCX stock has rallied 78% over the past year, while BHP has gained 71.6%.
Image Source: Zacks Investment Research
FCX is currently trading at a forward 12-month earnings multiple of 23.21. BHP is currently trading at a forward 12-month earnings multiple of 18.99, below FCX.
Image Source: Zacks Investment Research
BHP’s return on equity of 21.6% is higher than FCX’s 10.6%. This reflects BHP’s efficient use of shareholder funds in generating profits.
Image Source: Zacks Investment Research
How the Zacks Consensus Estimate Compares for FCX & BHPThe Zacks Consensus Estimate for FCX’s 2026 sales and EPS implies a year-over-year rise of 10.2% and 57.6%, respectively. The EPS estimates for 2026 have been going up over the past 60 days.
Image Source: Zacks Investment Research
The consensus estimate for BHP’s current fiscal year sales implies a year-over-year rise of 10.1%. The same for EPS suggests a 5.9% year-over-year increase. The EPS estimates for the current fiscal year have been going south over the past 60 days.
Image Source: Zacks Investment Research
FCX or BHP: Which Is the Better Pick?Both FCX and BHP currently carry a Zacks Rank #3 (Hold), so picking one stock is not easy. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Both Freeport and BHP present compelling investment cases. FCX is poised to gain from progress in expansion activities that will boost production capacity. Robust financial health allows FCX to invest in growth projects and drive shareholder value. Strong cash generation, investment in growth projects and higher operational efficacy, aided by the adoption of technology, bode well for BHP Group. BHP appears to have an edge over FCX due to its more attractive valuation. BHP’s higher ROE also indicates that it is more effectively utilizing shareholder funds. Investors seeking exposure to the copper mining space might consider BHP to be the more favorable option at this time.
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Stock to Watch: Freeport-McMoRan (FCX - Free Report) Based in Phoenix, AZ, Freeport-McMoRan Inc., formerly Freeport-McMoRan Copper & Gold Inc., is engaged in mineral exploration and development; mining and milling of copper, gold, molybdenum and silver; as well as the smelting and refining of copper concentrates. The company conducts its operations primarily through its principal operating subsidiaries, PT Freeport Indonesia (PT-FI), Freeport Minerals Corporation and Atlantic Copper. PT Freeport Indonesia’s principal asset is Papua, Indonesia-based Grasberg mine, which contains the world’s largest copper and gold reserves.
FCX is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Momentum investors should take note of this Basic Materials stock. FCX has a Momentum Style Score of A, and shares are up 23.6% over the past four weeks.
10 analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.23 to $2.79 per share. FCX boasts an average earnings surprise of +32.6%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, FCX should be on investors' short list.
Freeport-McMoRan (FCX - Free Report) closed at $76.45 in the latest trading session, marking a -2.51% move from the prior day. The stock's performance was behind the S&P 500's daily loss of 0.25%. At the same time, the Dow lost 0.02%, and the tech-heavy Nasdaq lost 0.52%.
The stock of mining company has risen by 23.61% in the past month, leading the Basic Materials sector's gain of 15.14% and the S&P 500's gain of 4.34%.
The investment community will be paying close attention to the earnings performance of Freeport-McMoRan in its upcoming release. The company is forecasted to report an EPS of $0.73, showcasing a 46% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.07 billion, up 1.4% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $2.79 per share and revenue of $28.56 billion. These totals would mark changes of +57.63% and +10.21%, respectively, from last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Freeport-McMoRan. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.64% higher. Right now, Freeport-McMoRan possesses a Zacks Rank of #3 (Hold).
Investors should also note Freeport-McMoRan's current valuation metrics, including its Forward P/E ratio of 28.07. This denotes a discount relative to the industry average Forward P/E of 28.25.
It's also important to note that FCX currently trades at a PEG ratio of 0.78. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Mining - Non Ferrous industry had an average PEG ratio of 1.1 as trading concluded yesterday.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 207, putting it in the bottom 16% of all 250+ industries.
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Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Freeport-McMoRan Inc. (NYSE: FCX) (“Freeport” or the “Company”).
On September 24, 2025, the Company issued a press release entitled "Freeport Provides Update on PT Freeport Indonesia Operations" disclosing "an update on the status of the previously reported mud rush incident at the Grasberg Block Cave mine (GBC) in Indonesia…[o]n September 20, 2025, PT Freeport Indonesia (PTFI) located two team members who were regrettably fatally injured in the September 8th incident."
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period in violation of federal securities laws, which remains ongoing.
KSF’s investigation is focusing on whether Freeport’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Freeport shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-538-3606 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-fcx/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.
TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services
To learn more about KSF, you may visit www.ksfcounsel.com.
Arete Wealth Advisors LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,596 shares of the natural resource company’s stock, valued at approximately $666,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Freeport-McMoRan by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock valued at $6,619,611,000 after acquiring an additional 1,572,769 shares during the period. Fisher Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 1.0% in the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock worth $3,244,504,000 after purchasing an additional 622,343 shares during the last quarter. State Street Corp boosted its position in Freeport-McMoRan by 0.6% during the 4th quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock valued at $3,193,327,000 after purchasing an additional 395,226 shares during the period. Bank of America Corp DE boosted its position in Freeport-McMoRan by 20.0% during the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock valued at $2,489,069,000 after purchasing an additional 7,044,775 shares during the period. Finally, Franklin Resources Inc. grew its stake in Freeport-McMoRan by 31.2% during the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after buying an additional 8,891,743 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.
Freeport-McMoRan Price Performance Shares of FCX opened at $76.68 on Monday. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $77.33. The stock’s fifty day moving average is $64.55 and its 200-day moving average is $63.44. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The firm has a market capitalization of $110.11 billion, a price-to-earnings ratio of 37.77, a price-to-earnings-growth ratio of 0.76 and a beta of 1.37.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.54 earnings per share. Equities analysts anticipate that Freeport-McMoRan Inc. will post 2.79 EPS for the current year. Freeport-McMoRan Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were issued a $0.075 dividend. The ex-dividend date was Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.
Wall Street Analysts Forecast Growth Several brokerages have weighed in on FCX. Citigroup reaffirmed a “positive” rating on shares of Freeport-McMoRan in a research report on Wednesday, July 15th. Jefferies Financial Group upped their price target on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Stifel Nicolaus increased their price objective on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.27.
Get Our Latest Analysis on FCX
Insider Activity at Freeport-McMoRan In related news, CAO Stephen T. Higgins sold 14,277 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total transaction of $992,251.50. Following the sale, the chief accounting officer owned 54,618 shares of the company’s stock, valued at $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Ellie L. Mikes sold 4,773 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the sale, the chief accounting officer owned 36,000 shares of the company’s stock, valued at $2,520,000. This trade represents a 11.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 26,600 shares of company stock valued at $1,802,012 over the last quarter. Insiders own 0.73% of the company’s stock.
Freeport-McMoRan Company Profile (Free Report)
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
Featured Articles Five stocks we like better than Freeport-McMoRan VIG, VYM, and VYMI: Which Vanguard Dividend ETF Is Right for You? 3 Closed-End Funds to Maximize Dividend Payments Rocket Lab’s Sell-Off Is Fading—Is It Finally Safe to Buy? $27 Billion in Buybacks: 3 Stocks Betting Their Strong Runs Aren’t Over Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX – Free Report).
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Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 1.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,970,872 shares of the natural resource company’s stock after acquiring an additional 141,738 shares during the period. Freeport-McMoRan comprises approximately 1.9% of Barrow Hanley Mewhinney & Strauss LLC’s holdings, making the stock its 10th biggest holding. Barrow Hanley Mewhinney & Strauss LLC owned about 0.69% of Freeport-McMoRan worth $627,068,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Strategic Investment Solutions Inc. IL acquired a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $25,000. Steph & Co. grew its holdings in Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in shares of Freeport-McMoRan in the 1st quarter worth about $29,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at about $29,000. Finally, SHP Wealth Management bought a new position in shares of Freeport-McMoRan during the fourth quarter worth about $30,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.
Insider Activity In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 4,773 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the sale, the chief accounting officer directly owned 36,000 shares of the company’s stock, valued at approximately $2,520,000. This represents a 11.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total transaction of $992,251.50. Following the completion of the transaction, the chief accounting officer directly owned 54,618 shares in the company, valued at $3,795,951. This represents a 20.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 26,600 shares of company stock worth $1,802,012. 0.73% of the stock is owned by company insiders.
Analysts Set New Price Targets Several analysts have issued reports on the company. The Goldman Sachs Group cut their price objective on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. Weiss Ratings raised shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 31st. Morgan Stanley raised their target price on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 8th. Wells Fargo & Company upped their target price on Freeport-McMoRan from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Finally, CICC Research reduced their price objective on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.27. Get Our Latest Stock Analysis on FCX
Freeport-McMoRan Price Performance NYSE FCX opened at $76.68 on Monday. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $77.33. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The firm has a market capitalization of $110.11 billion, a PE ratio of 37.77, a P/E/G ratio of 0.76 and a beta of 1.37. The company’s 50 day simple moving average is $64.55 and its 200 day simple moving average is $63.44.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.54 earnings per share. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 2.79 EPS for the current fiscal year.
Freeport-McMoRan Announces Dividend The company also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, July 15th. Freeport-McMoRan’s payout ratio is presently 14.78%.
Freeport-McMoRan Profile (Free Report)
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
See Also Five stocks we like better than Freeport-McMoRan VIG, VYM, and VYMI: Which Vanguard Dividend ETF Is Right for You? 3 Closed-End Funds to Maximize Dividend Payments Rocket Lab’s Sell-Off Is Fading—Is It Finally Safe to Buy? $27 Billion in Buybacks: 3 Stocks Betting Their Strong Runs Aren’t Over
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Freeport-McMoRan (FCX +7.64%) is not a pure-play energy company, but it is definitely a play on the energy transition and the associated electrification megatrend, including the massive wave of investment in artificial intelligence (AI) infrastructure. All of these technologies imply ongoing growth in demand for copper, and that's where Freeport-McMoRan comes in.
Copper is the best metal to play the energy transition The company is the largest producer of copper in the U.S. and "supplies approximately 70% of the refined copper produced domestically," according to management. That makes it the key domestic supplier of a metal that's crucial to electricity applications. As such, Freeport-McMoRan would be a major beneficiary of a move by the Trump administration to extend tariffs on copper to refined copper products.
Today's Change
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The key driver of copper demand is electrical applications, with more than 65% of the world's copper used for electricity purposes. That demand is set to increase due to the relatively higher copper content in EVs compared to internal combustion engine vehicles (EVs have more than double the amount of copper due to extensive wiring). Solar panels are also copper-intensive, and copper is also needed to connect renewable energy to the grid.
Moreover, AI data centers are highly energy-intensive, and S&P Global estimates that the data center demand for U.S. electricity will rise from 5% of total electricity demand in 2025 to as much as 14% by 2030.
In a nutshell, the demand outlook for copper is strong, and it's driven by electrical applications.
Image source: Getty Images.
The supply side of the copper price equation Demand is one thing, and supply is another. If copper prices are set to continue rising (currently trading near an all-time high of about $6.50 per pound), a demand-supply imbalance is highly likely. That's probably going to be the case given declining ore grades, rising costs, and the difficulty of acquiring mining permits.
All of the above considerations imply industrywide difficulty in matching supply to demand -- which is usually good news for prices. However, Freeport-McMoRan has significant potential to expand its supply through a low-cost leaching initiative and brownfield expansion plans, including in the U.S.
It will need these plans, according to Wall Street, because the analyst consensus, per Visible Alpha, is for its overall copper production to plateau in 2031 at about 4.4 billion pounds.
Image source: Getty Images.
A stock to buy? The price of copper keeps rising, as do the threats of tariff actions, to the benefit of U.S. producers, and demand remains robust, while industrywide supply growth remains constrained. These things make Freeport-McMoRan a great way to play the energy transition and AI-led demand for electricity. Throw in the company's potential to expand its own supply, and it's an attractive stock for energy bulls.
Zámořské akciové trhy během dnešního obchodování vzrostly a zakončily volatilní týden v kladných číslech. Podporu trhům poskytla příznivá makroekonomická data ukazující nejrychlejší tempo růstu podnikatelské aktivity v USA za poslední čtyři roky. Index Dow Jones si připsal 0,98 % na 53277,01 bodu, širší S&P 500 vzrostl o 0,43 % na 7674,36 bodu a technologický Nasdaq Composite zpevnil o 0,43 % na 26180,46 bodu. Z jednotlivých odvětví indexu S&P 500 dosáhly nejvyšších zisků základní materiály s růstem o 2,2 %, následované zdravotní péčí o 1,3 % a zbytnou spotřebou o 1 %. Naopak nejvýraznější pokles zaznamenaly utility, které ztratily 2,3 %, zatímco energie a reality odepsaly 0,2 % a 0 %. Mezi jednotlivými tituly výrazně posílila společnost Robinhood Markets (HOOD) o 14 %, dále pak Moderna (MRNA) o 8,9 %, Freeport-McMoRan (FCX) o 7,7 %, Coinbase Global (COIN) o 8,2 % a Albemarle Corp (ALB) o 6,8 %. Největší propad naopak postihl společnost Marvell Technology (MRVL), jež oslabila o 5,6 %, a nedařilo se ani firmám Sempra (SRE) se ztrátou 5,1 %, Edison International (EIX) o 4,1 %, American Electric Power (AEP) o 3,8 % a CenterPoint Energy (CNP) s poklesem o 3,6 %. Na komoditních trzích mírně vzrostla cena severoamerické lehké ropy WTI o 0,2 % na 87 dolarů za barel, zatímco spotové zlato posílilo o 2,4 % na 4624,69 dolaru za unci. Americký dolar celkově mírně oslabil. Výnos desetiletých amerických vládních dluhopisů vzrostl o tři bazické body na 4,73 %. Výrazný růst zaznamenal bitcoin, jehož cena stoupla o 6,1 % na 77086,77 dolaru.
Index Dow Jones +0,98 % na 53277,01 b.
S&P 500 +0,43 % na 7674,36 b.
Nasdaq Composite +0,43 % na 26180,46 b.
Index S&P 500 +0,43 % na 7674,36 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Základní materiály +2,2 % Utility -2,3 % Zdravotní péče +1,3 % Energie -0,2 % Finanční sektor +1 % Reality 0 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Robinhood Markets (HOOD) +14 % Marvell Technology (MRVL) -5,6 % Moderna (MRNA) +8,9 % Sempra (SRE) -5,1 % Coinbase Global (COIN) +8,2 % Edison International (EIX) -4,1 % Freeport-McMoRan (FCX) +7,7 % American Electric Power (AEP) -3,8 % Albemarle Corp (ALB) +6,8 % CenterPoint Energy (CNP) -3,6 %
Daniel Marván
Fio banka, a.s.
Prohlášení
Freeport-McMoRan Inc. (NYSE:FCX) shares are trading higher and touching a new all-time high Friday, extending a strong run as copper-related stocks broadly rally. Here’s what you should know.
Freeport-McMoRan stock is approaching key resistance levels. What’s behind FCX new highs? Copper Strength and Broad Market Participation Lift FCXFreeport-McMoRan is benefiting from renewed attention on copper-linked stocks, with the broader market showing wide participation on Friday, eight of 11 sectors advancing and an advance/decline ratio of 2.7. The move also reads as a continuation of the stock’s strong 12-month run, with buyers pushing shares further above their key moving averages rather than the stock stalling out at prior resistance.
The broader tape is supportive too, with the Dow up 0.53% and the Russell 2000 up 0.27%, even as the Nasdaq slips slightly. FCX is outperforming both the Materials sector and the wider market in that environment, which points to targeted demand for cyclical and materials exposure rather than the stock simply riding a broad index move.
FCX’s Chart Shows a Stock Extending its BreakoutThat sector-wide strength shows up clearly on Freeport-McMoRan’s own chart. The stock touched a new all-time high Friday, with shares trading between $74.40 and $77.33 on the day, clearing the prior 52-week range of $35.15 to $72.275.
Shares are trading roughly 12.3% above their 20-day moving average of $67.05 and about 27.4% above their 200-day average of $59.14, keeping the longer-term trend firmly pointed higher. The 20-day average sitting above the 50-day average, which in turn sits above the 200-day average, reflects a bullish alignment across multiple timeframes that typically signals buyers are firmly in control.
Momentum backs up that picture. The MACD line remains above its signal line with a positive histogram, pointing to improving upside pressure compared with the stock’s prior pullback. In practical terms, that kind of reading usually means buyers step in quickly on dips rather than letting selling pressure build.
Because shares have now cleared their prior 52-week high of $72.28, that former ceiling could turn into a new support level if the stock consolidates instead of pulling back sharply. The stock’s recent path also included a swing high in June followed by a swing low in July, with shares working their way back into strength since then.
Traders are watching $65.50 as key support, a level where buyers have stepped in before and one that lines up closely with the stock’s 50-day moving average of $64.65 and 50-day exponential moving average of $65.42.
FCX Shares Are ClimbingFCX Price Action: Freeport-McMoRan shares were up 5.28% at $74.98 at the time of publication on Friday. The stock is trading at a new 52-week high, according to Benzinga Pro.
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B. Metzler seel. Sohn & Co. AG decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 11.9% during the second quarter, according to its most recent filing with the SEC. The firm owned 126,285 shares of the natural resource company’s stock after selling 17,106 shares during the period. B. Metzler seel. Sohn & Co. AG’s holdings in Freeport-McMoRan were worth $7,942,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of FCX. Pinnacle Bancorp Inc. lifted its holdings in Freeport-McMoRan by 7.9% during the first quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock worth $118,000 after buying an additional 147 shares during the period. Steph & Co. grew its stake in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the last quarter. Richardson Financial Services Inc. raised its holdings in Freeport-McMoRan by 11.6% in the second quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company’s stock worth $97,000 after purchasing an additional 160 shares in the last quarter. Essex Bank raised its holdings in Freeport-McMoRan by 1.2% in the first quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock worth $829,000 after purchasing an additional 163 shares in the last quarter. Finally, Fiduciary Financial Group LLC raised its holdings in Freeport-McMoRan by 2.6% in the second quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company’s stock worth $427,000 after purchasing an additional 173 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.
Freeport-McMoRan Price Performance NYSE FCX opened at $71.18 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The stock’s fifty day moving average price is $64.38 and its 200 day moving average price is $63.33. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28. The company has a market cap of $102.22 billion, a price-to-earnings ratio of 35.06, a PEG ratio of 0.69 and a beta of 1.37.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same quarter in the previous year, the business earned $0.54 EPS. The company’s quarterly revenue was down 7.3% compared to the same quarter last year. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current year. Freeport-McMoRan Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were paid a dividend of $0.075 per share. The ex-dividend date was Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 14.78%.
Insider Activity In related news, CAO Stephen T. Higgins sold 14,277 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total transaction of $992,251.50. Following the sale, the chief accounting officer directly owned 54,618 shares of the company’s stock, valued at $3,795,951. This trade represents a 20.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Ellie L. Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the transaction, the chief accounting officer owned 36,000 shares of the company’s stock, valued at approximately $2,520,000. This represents a 11.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 26,600 shares of company stock valued at $1,802,012. Insiders own 0.73% of the company’s stock.
Wall Street Analysts Forecast Growth A number of research analysts have recently issued reports on the stock. Bank of America lifted their price objective on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. HSBC raised their target price on shares of Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Weiss Ratings raised shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 31st. Scotiabank upped their price target on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research report on Monday, June 15th. Finally, UBS Group increased their price objective on Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $70.27.
Check Out Our Latest Stock Analysis on FCX
(Free Report)
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
Read More Five stocks we like better than Freeport-McMoRan 3 Energy Stocks Raising Dividends as the Sector Surges 5 Reasons the S&P 500 Could Keep Rallying Through Year-End Walmart’s Post-Earnings Drop Could Be a Buying Opportunity The Trade Desk’s Earnings Miss Raises a Bigger Question About Its AI Future Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX – Free Report).
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Advisors Preferred LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 28,136 shares of the natural resource company’s stock, valued at approximately $1,715,000.
Several other large investors also recently bought and sold shares of the business. Strategic Investment Solutions Inc. IL purchased a new position in Freeport-McMoRan in the fourth quarter worth about $25,000. Steph & Co. raised its position in Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the period. Cassaday & Co Wealth Management LLC bought a new stake in shares of Freeport-McMoRan in the 1st quarter valued at approximately $29,000. Kemnay Advisory Services Inc. bought a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $29,000. Finally, SHP Wealth Management purchased a new position in shares of Freeport-McMoRan in the 4th quarter worth approximately $30,000. Institutional investors own 80.77% of the company’s stock.
Freeport-McMoRan Price Performance Shares of FCX stock opened at $71.18 on Friday. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28. The stock has a market capitalization of $102.22 billion, a price-to-earnings ratio of 35.06, a P/E/G ratio of 0.69 and a beta of 1.37. The stock has a fifty day simple moving average of $64.38 and a two-hundred day simple moving average of $63.33. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.54 earnings per share. On average, analysts predict that Freeport-McMoRan Inc. will post 2.79 EPS for the current fiscal year. Freeport-McMoRan Announces Dividend The firm also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.
Analysts Set New Price Targets Several equities research analysts have recently weighed in on the stock. BNP Paribas Exane increased their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, June 18th. Bank of America lifted their price target on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Scotiabank upped their price target on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a report on Monday, June 15th. CICC Research reduced their price objective on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research report on Tuesday, April 28th. Finally, Wells Fargo & Company raised their price objective on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $70.27.
View Our Latest Stock Analysis on FCX
Insider Transactions at Freeport-McMoRan In other news, CAO Stephen T. Higgins sold 14,277 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the sale, the chief accounting officer owned 54,618 shares of the company’s stock, valued at approximately $3,795,951. This represents a 20.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Ellie L. Mikes sold 4,773 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the transaction, the chief accounting officer owned 36,000 shares in the company, valued at approximately $2,520,000. This represents a 11.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 26,600 shares of company stock worth $1,802,012 in the last three months. Insiders own 0.73% of the company’s stock.
(Free Report)
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
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Shares of Freeport-McMoRan Inc. (NYSE:FCX – Get Free Report) have received a consensus rating of “Moderate Buy” from the twenty-three ratings firms that are covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $70.2682.
Several equities analysts have recently commented on the stock. Sanford C. Bernstein upped their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday, June 10th. Wall Street Zen downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Wells Fargo & Company boosted their target price on Freeport-McMoRan from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Barclays upped their price target on Freeport-McMoRan from $80.00 to $82.00 and gave the stock an “overweight” rating in a research note on Monday, July 27th. Finally, The Goldman Sachs Group lowered their price target on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, July 8th.
Check Out Our Latest Stock Analysis on Freeport-McMoRan
Freeport-McMoRan Stock Up 3.0% Shares of NYSE FCX opened at $71.18 on Friday. The company has a market capitalization of $102.22 billion, a P/E ratio of 35.06, a P/E/G ratio of 0.69 and a beta of 1.37. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The company has a 50 day simple moving average of $64.38 and a 200-day simple moving average of $63.33. Freeport-McMoRan has a 1 year low of $35.15 and a 1 year high of $72.28. Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. The company had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.54 earnings per share. On average, equities research analysts predict that Freeport-McMoRan will post 2.79 earnings per share for the current year.
Freeport-McMoRan Announces Dividend The company also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.
Insider Activity In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 4,773 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the transaction, the chief accounting officer owned 36,000 shares in the company, valued at $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Stephen T. Higgins sold 14,277 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the sale, the chief accounting officer directly owned 54,618 shares in the company, valued at $3,795,951. This represents a 20.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 26,600 shares of company stock valued at $1,802,012. 0.73% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fifth Third Bancorp lifted its holdings in shares of Freeport-McMoRan by 34.5% during the 1st quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company’s stock valued at $62,478,000 after buying an additional 272,726 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in Freeport-McMoRan in the fourth quarter worth approximately $8,857,000. Franklin Resources Inc. increased its holdings in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after buying an additional 8,891,743 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Freeport-McMoRan by 205.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 317,429 shares of the natural resource company’s stock worth $16,122,000 after buying an additional 213,477 shares during the last quarter. Finally, Applied Finance Capital Management LLC bought a new position in Freeport-McMoRan during the fourth quarter valued at approximately $868,000. Institutional investors and hedge funds own 80.77% of the company’s stock.
(Get Free Report)
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
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Diversified mining groups are shifting their capital allocation strategies toward copper expansion to secure higher market valuations, according to a research report from investment bank UBS.
Analyst Daniel Major noted that major miners navigated their first-half financial results without severe guidance downgrades despite persistent cost inflation.
The broker maintained a buy rating on Anglo American with a £46 price target, naming the group and its partner Teck Resources Ltd (TSX:TECK.B) as its preferred diversified investment.
Anglo American is restructuring its portfolio through the sale of DeBeers to create a focused copper producer capable of growing output by up to 50% over five years.
Teck Resources also holds a buy rating with a price target of 105 Canadian dollars following three consecutive quarters of earnings beats and robust cash generation.
UBS retained a buy recommendation on Freeport-McMoRan Inc (NYSE:FCX, XETRA:FPMB) with a $77 price target, citing encouraging operational recovery at the Grasberg mine in Indonesia.
The bank maintained a neutral stance on BHP with a price target of £29.50, despite copper contributing 54% of group earnings in the latest financial year.
Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) remains rated neutral with a £73 price target as the group prepares to announce approximately $5 billion of non-core asset sales.
Glencore PLC (LSE:GLEN) also holds a neutral rating with a 570 pence price target, supported by strong trading earnings and an upcoming secondary listing in Australia.
In afternoon trading, shares in Anglo American rose 1.8% to 3,899 pence, Rio Tinto gained 0.6% to 7,160 pence, Glencore added 0.8% to 555 pence, and BHP slipped 0.4% to 3,254 pence.
Capital Management Associates NY purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 17,000 shares of the natural resource company’s stock, valued at approximately $1,069,000. Freeport-McMoRan comprises approximately 1.4% of Capital Management Associates NY’s portfolio, making the stock its 28th largest holding.
Other hedge funds also recently modified their holdings of the company. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Freeport-McMoRan during the fourth quarter valued at about $25,000. Steph & Co. increased its stake in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares during the period. Cassaday & Co Wealth Management LLC acquired a new position in shares of Freeport-McMoRan in the first quarter valued at approximately $29,000. Kemnay Advisory Services Inc. bought a new position in Freeport-McMoRan in the 4th quarter valued at approximately $29,000. Finally, SHP Wealth Management bought a new position in Freeport-McMoRan in the 4th quarter valued at approximately $30,000. Institutional investors and hedge funds own 80.77% of the company’s stock.
Freeport-McMoRan Trading Up 4.1% NYSE:FCX opened at $69.02 on Thursday. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The firm’s fifty day moving average is $64.29 and its 200-day moving average is $63.25. The firm has a market cap of $99.12 billion, a P/E ratio of 34.00, a P/E/G ratio of 0.66 and a beta of 1.37.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. Freeport-McMoRan’s quarterly revenue was down 7.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.54 earnings per share. Equities analysts expect that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current year. Freeport-McMoRan Announces Dividend The firm also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were given a dividend of $0.075 per share. The ex-dividend date was Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is presently 14.78%.
Analyst Upgrades and Downgrades FCX has been the topic of a number of research reports. CICC Research reduced their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. Wall Street Zen downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. HSBC lifted their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Sanford C. Bernstein boosted their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research note on Wednesday, June 10th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $78.00 target price on shares of Freeport-McMoRan in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $70.27.
View Our Latest Stock Report on FCX
Insider Buying and Selling In other news, CAO Stephen T. Higgins sold 14,277 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total transaction of $992,251.50. Following the completion of the sale, the chief accounting officer owned 54,618 shares of the company’s stock, valued at $3,795,951. This trade represents a 20.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Ellie L. Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the sale, the chief accounting officer owned 36,000 shares of the company’s stock, valued at $2,520,000. This represents a 11.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 26,600 shares of company stock worth $1,802,012 over the last 90 days. Company insiders own 0.73% of the company’s stock.
Freeport-McMoRan Company Profile (Free Report)
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
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On August 19, 2026, Freeport-McMoRan Inc
FCX +4.18% 88
shares rose 4.2% today, trading at $69.09. The stock has fluctuated between a 52-week high of $72.28 and a low of $35.15, reflecting significant volatility over the past year.
GF Value™ verdict: Current price is $69.09 vs GF Value™ of $48.19, indicating the stock is 43.4% overvalued.GF Score™: 88/100, which suggests a strong overall performance and potential for growth.Insider activity: Insiders have sold $39.5M in shares over the past 12 months, signaling potential concerns regarding the company's future performance.Is FCX Overvalued or Undervalued?According to the GF Value™, Freeport-McMoRan Inc is currently overvalued, with a current price of $69.09 compared to an estimated fair value of $48.19. This represents a significant margin of safety issue for potential investors, as the stock is trading at 43.4% above its intrinsic value. The GF Valuation label indicates that the stock is significantly overvalued, which raises concerns about the sustainability of its recent price increase.
The GF Value™ is GuruFocus' proprietary assessment that estimates a stock's intrinsic value based on historical multiples, business growth, and future performance expectations. When a stock is significantly overvalued, it poses risks for investors, especially if market conditions shift or if the company's fundamentals do not support continued growth. Given FCX's current valuation, investors might want to exercise caution.
How Does FCX's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)34.0x28.6xForward P/E22.9xN/AFreeport-McMoRan's current P/E (TTM) of 34.0x is 19% above its 5-year median of 28.6x, indicating that the stock is trading at a premium compared to its historical valuation. This P/E analysis aligns with the GF Value™ verdict of being overvalued, reinforcing the notion that the stock may not be a bargain at its current price level.
What Does FCX's GF Score™ Tell Us?The GF Score™ evaluates a company's overall performance based on various metrics, including financial strength, profitability, growth potential, valuation, and momentum. Freeport-McMoRan's GF Score™ of 88/100 indicates strong performance, particularly in areas of growth and profitability, while its valuation rank lags behind.
MetricRatingGF Score™88Financial Strength6/10Profitability8/10Growth9/10Valuation5/10Momentum10/10The strongest sub-ranks for FCX are in Growth (9/10) and Momentum (10/10), indicating that the company has strong growth prospects and positive price momentum. However, the Valuation rank of 5/10 is a concern, particularly as the stock is deemed overvalued according to both GF Value™ and historical P/E comparisons. This divergence suggests that while the company may be performing well operationally, its current price reflects a level of expectation that may not be justified.
What Are Gurus and Insiders Doing with FCX?Currently, 18 gurus hold shares of Freeport-McMoRan, with 5 increasing their positions while 13 have trimmed theirs in recent quarters. This mixed signal from institutional investors indicates a level of caution among market professionals regarding the stock’s outlook.
Additionally, insider activity has been notably bearish, with insiders selling $39.5 million worth of shares in the past year and no reported buying. This selling trend could suggest that those closest to the company may not have confidence in its future performance at the current valuation, which is an important factor for potential investors to consider.
What This Means for InvestorsIn summary, Freeport-McMoRan Inc appears to be overvalued based on the GF Value™, trading significantly above its estimated intrinsic value. Coupled with the recent insider selling, this suggests a cautious approach may be warranted for those considering an investment in FCX. A clear understanding of the company's valuation and market sentiment is critical before making any decisions.
For further details, you can visit the Freeport-McMoRan Inc
FCX +4.18% 88
stock page for more insights and data.
Frequently Asked QuestionsWhat is FCX's GF Score™?
FCX has a GF Score™ of 88/100, indicating a strong overall performance with significant growth potential.
Is FCX overvalued or undervalued?
FCX is currently overvalued, with its GF Value™ at $48.19, showing a 43.4% disparity from its market price.
What is FCX's P/E ratio?
FCX's P/E (TTM) is 34.0x, which is 19% above its 5-year median of 28.6x, indicating it is trading at a higher valuation compared to its historical average.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Ellie L. Mikes, Chief Accounting Officer at Freeport-McMoRan Inc. (FCX -1.23%), executed a sale of 4,773 shares of common stock on Aug. 5, 2026. SEC Form 4 filing
Transaction summaryMetricValueTransaction value$334,000Shares sold (directly held)4,773Post-transaction shares (directly held)36,000Post-transaction value$2.50 millionTransaction value based on SEC Form 4 weighted average sale price ($70.00); post-transaction value based on Aug. 5, 2026, market close ($69.39).
Key questionsWhat is the significance of the transaction relative to the insider's total position?
The sale of 4,773 shares reduced Ellie L. Mikes's direct equity position by 12%, though she maintains a remaining direct interest in 36,000 shares valued at $2.50 million as of the Aug. 5, 2026, close.How does the execution price compare to recent market performance?
The Chief Accounting Officer liquidated the position at $70.00 per share, while the stock was priced at $67.30 as of the Aug. 4, 2026, market close.What is the nature of the remaining equity holdings?
The entirety of the 36,000 shares remaining in the insider's direct holdings are restricted stock units, representing a total insider ownership stake of 0.0025% in the company.What is the market context surrounding this disposition?
The transaction follows a period of substantial appreciation, with the company's shares delivering a 73% return over the one-year period ending on the transaction date of Aug. 5, 2026.Company OverviewMetricValueShare Price (as of market close 2026-08-04)$67.30Market Capitalization$96.7 billionRevenue (TTM)$25.9 billionNet Income (TTM)$2.9 billionCompany SnapshotFreeport-McMoRan is a diversified mining enterprise that extracts and processes copper, gold, molybdenum, and silver from major operations across North America, South America, and Indonesia, with the Grasberg minerals district in Indonesia representing a cornerstone asset.The company generates revenue by extracting and selling mineral commodities in global markets, leveraging its integrated mining operations and processing capabilities to capture value across the commodity price cycle.Freeport-McMoRan serves global industrial customers, manufacturers, and commodity traders who require copper and precious metals for construction, electronics, renewable energy infrastructure, and other industrial applications.Freeport-McMoRan is one of the world's largest publicly traded copper producers, with a market capitalization of $96.7 billion and TTM revenues of $25.9 billion. The company's diversified asset base across multiple geographies and commodity exposures provides operational resilience and exposure to secular demand drivers, including electrification and the development of renewable energy infrastructure. With 29,000 employees and strategically positioned mining assets, Freeport-McMoRan maintains a competitive advantage through its low-cost production profile and significant mineral reserves.
What this transaction means for investorsInsider transactions can be a great window into the world of investing. Yet, many insider transactions don’t accurately reflect a company’s near-term prospects. For that reason, it’s always best to dive into a company’s fundamentals to determine whether a stock is worth owning. Let’s take a closer look at copper mining giant Freeport-McMoRan (FCX).
To begin, let’s see how FCX has performed relative to the S&P 500. Since 2021, the stock has generated a total return of 93%, equating to a compound annual growth rate (CAGR) of 14.1%. That’s slightly better than the benchmark S&P 500, which has delivered a total return of 86%, with a CAGR of 13.2% over this same period.
Today's Change
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-1.23
%) $
-0.85
Current Price
$
68.37
As the world’s largest publicly traded producer of copper, FCX is obviously tied to the overall price of copper, which, in turn, is often driven by macroeconomic conditions. Since copper plays such a key role in wiring, both the price of copper and FCX’s share price often move in tandem with global industrial demand.
Looking ahead, this means FCX could be an ancillary artificial intelligence (AI) stock. As data center construction continues to accelerate, the world will need significant amounts of heavy-duty copper to handle the massive electrical loads. Similarly, electric vehicles (EVs) require more copper wiring than a gas-powered vehicle.
All in all, FCX remains a savvy way for investors to gain exposure to the industrial economy through one of the world’s key commodity producers.
Key Takeaways Freeport-McMoRan's Q2 copper sales fell 30% Y/Y to 710 million pounds amid lower operating rates.FCX expects Q3 copper sales of 750 million pounds, indicating a 23% year-over-year decline.Freeport-McMoRan maintained its 2026 copper sales forecast of about 3.1 billion pounds.
Freeport-McMoRan Inc. (FCX - Free Report) delivered second-quarter 2026 earnings and revenue above expectations, driven by higher metal prices, though weaker sales volumes were a drag. Freeport’s copper sales volumes tumbled approximately 30% year over year in the second quarter to 710 million pounds.
The downside primarily resulted from lower operating rates during the phased ramp-up of the Grasberg Block Cave mine in Indonesia, following the mud rush incident in September 2025.
While the company’s third-quarter outlook for copper sales volumes of 750 million pounds indicates a sequential improvement, it still suggests a 23% year-over-year decline. In April 2026, the company lowered its consolidated sales volume projections for full-year 2026 to around 3.1 billion pounds of copper from the prior view of 3.4 billion pounds due to an expected delay in achieving full ramp-up of the Grasberg Block Cave mine. The company maintained that volume forecast in its second-quarter call.
Sales volume growth underpins Freeport’s ability to leverage higher copper and gold prices, maintain margin expansion and deliver on its targets. Despite gains in realized prices, lower expected volumes are likely to strain its financials.
Among FCX’s peers, Southern Copper Corporation (SCCO - Free Report) logged lower copper sales volumes in the second quarter. Southern Copper sold 220,712 tons of copper in the quarter, declining 1.5% year over year. Southern Copper also saw lower molybdenum sales volumes, which fell roughly 13.1% year over year.
BHP Group Limited (BHP - Free Report) saw lower year-over-year copper sales in the fourth quarter of fiscal 2026 (ended June 30, 2026). BHP Group’s copper sales for the quarter fell roughly 8% year over year to 483.3kt. BHP Group’s fiscal 2026 copper output fell 7% year over year.
The Zacks Rundown for FCXShares of Freeport-McMoRan have rallied 63.7% in a year compared with the Zacks Mining - Non Ferrous industry’s rise of 67.4%.
Image Source: Zacks Investment Research
From a valuation standpoint, FCX is currently trading at a forward 12-month earnings multiple of 20.8, an 8.9% discount to the industry average of 22.84X. It carries a Value Score of C.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for FCX’s 2026 and 2027 earnings implies a year-over-year rise of 55.9% and 33.3%, respectively. The EPS estimates for 2026 and 2027 have been trending higher over the past 60 days.
SummaryFreeport's Q2 results were bullish: production and sales exceeded estimates, unit cash costs fell to $1.92/lb, and Grasberg recovery ramped up faster than I expected.Growth initiatives, including leaching optimization and Bagdad expansion, could boost U.S. copper output by 60% by 2030, providing a significant future catalyst.FCX stock is +37% YTD and +70% over the past year, as higher realized copper prices outweighed a 20% pullback in the price of gold and the Grasberg disaster.Despite a strong balance sheet and near-record copper prices, FCX faces commodity price and Grasberg execution risks, and the current valuation tempers new buying.I reiterate my HOLD rating on Freeport but reserve the right to upgrade should Grasberg ramp-up continue successfully in Q3 and the copper price stays near an all-time record high. Four 9's Purity Gold Bars
Tverdohlib/iStock via Getty Images
The stock of miner Freeport-McMoRan (FCX) is +37% YTD despite the fact that the gold rally stalled this year and the shiny metal is down ~20% from its springtime high over $5,000/oz (see chart
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of FCX, COP either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
I am an electronics engineer, not a CFA. The information and data presented in this article were obtained from company documents and/or sources believed to be reliable, but have not been independently verified. Therefore, the author cannot guarantee their accuracy. Please do your own research and contact a qualified investment advisor. I am not responsible for the investment decisions you make.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
SummaryFreeport-McMoRan is well-positioned to benefit from strong copper market tailwinds and robust financials, supporting a Buy rating for long-term value investors.FCX's growth profile is underpinned by upgraded ore leaching, which further bolsters the effects of major expansion projects at Bagdad, Kucing Liar, and El Abra.Financial stability is evidenced by a Q2 asset-to-liability ratio of ~2.17, strong liquidity, and ongoing income generation matching CapEx.While FCX trades at a justified premium (P/E 23.46 vs. sector 17.12), upside is expected from growth execution, not technical re-rating. zetter/iStock via Getty Images
I think that Freeport-McMoRan Inc. (FCX) has captured the copper and other metal bull run over the last few years extremely well. This high-cap company has managed to see incredible growth over the past year, a
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Toronto, Ontario--(Newsfile Corp. - August 11, 2026) - C3 Metals Inc. (TSXV: CCCM) (OTCQB: CUAUF) ("C3 Metals" or the "Company") is pleased to announce the completion of a large-scale, 3D-electrical geophysical survey ("3DIP Survey") at the Company's 100% owned Bellas Gate project in Jamaica. 3DIP is an advanced subsurface mapping method measuring electrical properties of the geology at significant depths, an important technique applied to deeper porphyry copper and gold exploration.
The 3DIP Survey covered an area of over 80 square kilometres over two northwest/southeast trending porphyry belts confirmed in previous drilling at the Bellas Gate project (Figure 1). Previous drill results on these two porphyry belts includes:
Connors porphyry prospect (see press releases dated September 12, 2022 and May 15, 2024):309.0 metres ("m") at 0.44% copper and 0.33 g/t gold from 15m downhole depth.79.0m at 0.71% copper and 0.49 g/t gold from 128m downhole depth, including 46.0m at 0.95% copper and 0.69 g/t gold.Camel porphyry prospect (see press releases dated November 28, 2022, October 4, 2023 and June 5, 2024):178.5m at 0.37% copper and 0.16 g/t gold from 10m downhole depth.108.0m at 0.42% copper and 0.26 g/t gold from 6m downhole depth.207.8m at 0.43% copper and 0.20 g/t gold from 22m downhole depth, including 135.0m at 0.52% copper and 0.27 g/t gold.294.0m at 0.30% copper and 0.13 g/t gold from 9m downhole depth.Provost porphyry prospect (see press releases dated September 12, 2023 and November 27, 2023):285.9m at 0.37% copper and 0.21 g/t gold from 64m downhole depth.92.0m at 0.24% copper and 0.12 g/t gold from 60m downhole depth.280.7m at 0.37% copper and 0.21 g/t gold from 227m downhole depth, including 61.7m at 0.50% copper and 0.39 g/t gold.170.1m at 0.31% copper and 0.16 g/t gold from 68m downhole depth. Bellas Gate, Jamaica 3DIP Survey Highlights
The 3DIP Survey was highly successful in identifying multiple, deep-rooted chargeability anomalies that are coincident with broad zones of porphyry-style alteration and mineralization at surface, in particular at the Provost, Kola and Lucky Valley Prospects (Figure 2).Inversion of the 3DIP data defines two well-developed, northwest-southeast trending chargeability anomalies that parallel the Connors and Camel Hill Porphyry Belts, with the strongest chargeability anomalies covering the Provost, Kola and Lucky Valley Prospects (Figure 2). In the southeast project area, the 3DIP Survey was extended to cover the Kola Prospect, which confirmed a new, large chargeability anomaly that is now slated for drill testing.The Company has evaluated and ranked surface and geophysical data for each of the main prospects and designed a drill program of up to 11 holes totalling 10,800m. This program is anticipated to commence in October 2026 and be completed by April 2027. Dan Symons, President and CEO, stated, "The Bellas Gate project hosts multiple high-level porphyries that remain open at depth. Numerous drill holes from previous programs ended in copper/gold mineralization. The potential of the high-grade cores of these known porphyries requires deeper drilling. Investing in this 3DIP Survey to obtain deeper penetrating, high-quality chargeability and conductivity data prior to deeper drilling enables us to more accurately plan and prioritize our drill holes. The 3DIP data allows us to rate and rank prospects by better defining which porphyries have favourable deep-rooted anomalies. The survey also generated several new prospects where there are strong 3DIP anomalies. We anticipate deep drilling will commence early in the fourth quarter of 2026."
The Bellas Gate project comprises three separate Special Exclusive Prospecting Licenses and totals 13,020 hectares (Figure 1). On February 11, 2025, the Company announced it had entered into an earn-in agreement with Freeport-McMoRan Exploration Corporation ("Freeport"), a wholly-owned affiliate of Freeport-McMoRan Inc. (NYSE: FCX), whereby Freeport can earn up to 75% in the project by funding up to US$75 million in exploration and project related expenditures (see press release dated February 11, 2025).
Figure 1: Plan map on geology of the Bellas Gate Project area and showing the main copper-gold prospects.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2661/309032_a31c0bde54f32966_001full.jpg
Figure 2: Plan map of the Bellas Gate Project area and showing the main copper-gold prospects with respect to the strongest 3DIP chargeability signatures.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2661/309032_a31c0bde54f32966_002full.jpg
The completed 3DIP Survey covered the Provost, Camel Hill and Connors porphyry systems, together with other priority porphyry targets across the Bellas Gate project area. The program consisted of two 3D DC-resistivity and induced polarization survey areas, Arthurs Seat and Bellas Gate, acquired a rolling distributed 3D receiver array operating in common voltage reference mode. The Arthurs Seat block included four receiver lines and three transmitter lines, with line lengths ranging from approximately 8.3 km to 9.0 km. The Bellas Gate block included 19 receiver lines and 18 transmitter lines, with line lengths ranging from approximately 2.5 km to 7.5 km. Across the 3D grids, receiver and transmitter lines were spaced at 600 m, receiver stations at 250 m, and transmitter stations at 500 m. The completed 3D survey covered approximately 82.5 km² and included approximately 167 line-km of receiver coverage and 158 line-km of transmitter coverage, generating a high-density, multi-azimuth dataset for 3D resistivity and chargeability inversion modelling to an approximate depth of investigation of 1,000 m.
Two chargeability inversion models were produced from the survey data, one by Dias Geophysical (which conducted the 3DIP Survey) and one by Bolin Geophysical Services. Both models correlate well. The chargeability models have been fully integrated with a new magnetic inversion model. All surface data and the chargeability anomalies show a strong correlation with known porphyry centres (Figure 2).
Next Steps
The 3DIP Survey confirmed multiple, strong chargeability anomalies along the two known porphyry belts. After a review of these data concurrent with all existing surface and subsurface data, an 11-hole, 10,800m diamond drill program has been designed to test the highest-priority geophysical anomalies supported by geological and other geophysics survey data (e.g. airborne magnetics, surface alteration, geochemistry, etc.).
An example of a high-priority drill target is the Provost porphyry prospect, where deep drilling will test beneath known mineralization identified in previous drilling and where both chargeability and magnetic inversion models show deep-rooted anomalies (Figure 3).
Figure 3. (Left) Cross section through the magnetic inversion at the Provost porphyry prospect showing the large-scale magnetic anomaly that is adjacent to previously reported porphyry copper-gold drill intersections. Note the planned deep drill hole. (Right) Cross section through the 3DIP inversion at the Provost porphyry prospect showing the chargeability anomaly with completed and proposed drillholes. Note the planned deep drill hole.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2661/309032_a31c0bde54f32966_003full.jpg
ABOUT C3 METALS INC.
C3 Metals Inc. is a mineral exploration company focused on creating substantive value for its shareholders through the discovery and development of large copper and gold deposits. The Company holds approximately 31,000 hectares located in the prolific high-grade Andahuaylas-Yauri Porphyry-Skarn belt of Southern Peru, which contain the Company's Jasperoide and Khaleesi projects. Mineralization at Jasperoide is hosted in a similar geological setting to the nearby major mining operations at Las Bambas (MMG), Constancia (Hudbay) and Antapaccay (Glencore). At Jasperoide, the Company has identified over 13 skarn prospects and two porphyry prospects over two parallel 28km belts. The Company has published a maiden resource estimate on the first of these skarn targets, which contained Measured & Indicated Resources of 52Mt at 0.5% copper and 0.2 g/t gold[1]. The Company is also actively exploring in Jamaica where it has identified 16 porphyry, 40 epithermal and multiple volcanic redbed copper prospects over a 30km strike extent. The Company holds a 100% interest in 17,855 hectares of exploration licenses, of which Freeport-McMoRan Exploration Corporation, a wholly-owned affiliate of Freeport-McMoRan Inc. (NYSE: FCX), has the option on 13,020 hectares to earn up to a 75% interest by funding up to US$75 million of exploration and project related expenditures. The Company also holds a 50% interest in 9,870 hectares in a joint venture with Geophysx Jamaica Ltd, the largest mineral tenure holder in the country. Barrick Mining Corp. announced on May 1, 2024 that it had entered into an earn-in agreement with Geophysx Jamaica Ltd. on approximately 400,000 hectares of exploration licenses, several of which surround C3 Metals' mineral concessions. Mining is currently the second largest industry in Jamaica, and historical mining dates back to the colonial eras of the 1500s (Spanish) and 1800s (British).
Related Link: www.c3metals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
QP Statement
Stephen Hughes, P.Geo. is Vice President Exploration and a Director for C3 Metals and is a Qualified Person as defined by National Instrument 43-101. Mr. Hughes has reviewed the technical information in this news release and approves the written disclosure contained herein.
Caution Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Although such statements are based on reasonable assumptions of the Company's management, there can be no assurance that any conclusions or forecasts will prove to be accurate.
While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide demand for and supply of minerals, risks related to increased competition and current global financial conditions, access and supply risks, reliance on key personnel, operational risks, and regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks.
The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
1 Based on the assumptions and parameters outlined in the NI 43-101 Technical Report titled Jasperoide Copper-Gold Project Cusco Region, Peru dated July 5, 2023.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/309032
Source: C3 Metals Inc.
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Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
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It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
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Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Freeport-McMoRan (FCX - Free Report) Based in Phoenix, AZ, Freeport-McMoRan Inc., formerly Freeport-McMoRan Copper & Gold Inc., is engaged in mineral exploration and development; mining and milling of copper, gold, molybdenum and silver; as well as the smelting and refining of copper concentrates. The company conducts its operations primarily through its principal operating subsidiaries, PT Freeport Indonesia (PT-FI), Freeport Minerals Corporation and Atlantic Copper. PT Freeport Indonesia’s principal asset is Papua, Indonesia-based Grasberg mine, which contains the world’s largest copper and gold reserves.
FCX is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 22.74; value investors should take notice.
Eight analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.20 to $2.75 per share. FCX boasts an average earnings surprise of +32.6%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, FCX should be on investors' short list.
The host’s argument on Investing Insights lands with a specific market backdrop: Large AI companies like NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) and Microsoft (NASDAQ:MSFT) dominate indexes right now, but the buildout underneath is quietly minting a second tier of beneficiaries in power generation and industrial metals. The host compared today’s AI moment to the late 1990s internet boom, saying “Back in the late ’90s, it was a lot of hype, but then eventually try imagining doing your job today without accessing the internet in any way, shape, or form. So it’s nearly impossible.” The investing implication: today’s concentrated winners will eventually share the stage.
The Concentrated Winners Are Still Winning NVIDIA sits at the center of the concentration story. Q1 FY2027 revenue reached $81.615 billion, up 85.23% year over year, with Data Center revenue of $75.246 billion (up 92% YoY) and networking up 199% YoY. CEO Jensen Huang framed it directly in the Q1 release: “The buildout of AI factories, the largest infrastructure expansion in human history, is accelerating at extraordinary speed.” Shares are up 5.24% year to date and 919.18% over five years.
Microsoft is monetizing demand from the software side. Satya Nadella told investors “Our AI business surpassed an annual revenue run rate of $37 billion, up 123% year-over-year” in the most recent quarter, with commercial remaining performance obligations of $627 billion and capital expenditures of $30.88 billion in Q3 FY2026 alone. Shares are down 2.82% YTD following the company’s July 29 earnings report.
Taiwan Semiconductor (NYSE:TSM) provides the foundry capacity that makes all of it possible. Q2 2026 revenue hit $40.2 billion (up 36% YoY), and management guided full-year 2026 growth to slightly above 40% in USD terms, with 3nm at 30% and 2nm at 3% of wafer revenue. Shares are up 28.80% YTD and 70.37% over one year.
The Trickle-Down: Power and Copper The host’s more interesting call is that the infrastructure layer underneath AI, including power and data center construction, is becoming its own investable theme. The Department of Energy projects data centers will account for up to 12% of U.S. electrical demand by 2028, driven by AI. That is the ceiling utilities and independent power producers are building against.
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Constellation Energy (NASDAQ:CEG) is the cleanest listed vehicle for that thesis. After closing the Calpine acquisition on January 7, 2026, Constellation now runs 55 GW of combined capacity. Q1 2026 revenue jumped 63.9% to $11.12 billion, and management guided 2026 adjusted operating EPS to $11.00–$12.00 with 20%+ base EPS growth targeted through 2029. Data center contracts already signed include a 20-year PPA with Microsoft at the Crane Clean Energy Center, plus deals with Meta and CyrusOne. Shares are down 27.31% YTD after a strong 2025, with analyst target price at $356.86.
Freeport-McMoRan (NYSE:FCX) is the copper play behind the grid buildout and data centers themselves. CEO Kathleen Quirk described the company as “America’s Copper Champion and as a global leader in copper with large scale, geographically diverse operations.” Q1 2026 realized copper hit $5.78 per pound versus $4.44 a year earlier, and S&P Global projects copper demand reaching 42M metric tons by 2040, a 50% jump driven by electrification, AI, data centers and defense modernization. The stock is up 19.83% YTD and 54.65% over one year, despite the Grasberg mud rush limiting Indonesia output to roughly 65% of capacity through H2 2026.
What Investors Should Watch Next The host’s framework has one testable near-term implication. Microsoft’s July 29 report validated the $50 billion-plus CapEx trajectory, the spend flows directly to Taiwan Semiconductor wafers, Constellation megawatt-hours and Freeport copper tonnage. Concentration risk is real, and Reddit’s most-upvoted thread this month captures it: “34% of the S&P is 10 stocks making the same bet.” The counter-thesis worth positioning for is that the same capex cycle keeps pulling adjacent industries into the trade.
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USA Rare Earth (USAR +6.81%) is a fine and worthy investment option for investors seeking a high-risk, high-reward play on the solution to securing a domestic supply of rare-earth materials. However, on a risk/reward basis, I think copper miner Freeport-McMoRan (FCX +4.28%) is a better investment right now. Here's why.
USA Rare Earth has more upside potential To be clear, this isn't an argument about preferring a lower-risk, lower-reward option. Instead, it's based on the idea that Freeport-McMoran offers a better expected return than USA Rare Earth, given the potential upside and downside of the stocks.
Today's Change
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Current Price
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13.96
The investment case for the rare-earth company is based on its vertically integrated "mine-to-magnet" business model. However, it's somewhat unusual in that it's almost a back-to-front process, whereby the company will develop and ramp up metals and magnet production at its Stillwater, Oklahoma, manufacturing plant before commercial extraction from the Round Top, Texas, deposit begins in 2028.
Management has laid out its financial objectives, and we can compare them with what Wall Street analysts expect for Freeport-McMoRan to make a direct comparison. For reference, all the numbers in the following table are sourced from Visible Alpha consensus of Wall Street analysts. Note that the USA Rare Earth estimates are more optimistic than management's 2030 targets of $2.6 billion in revenue, $1.2 billion in earnings before interest, taxation, depreciation, and amortization (EBITDA), and $900 million in free cash flow (FCF).
Company Metric
USA Rare Earth Financial Target by 2030
Freeport-McMoran Wall Street Analyst Consensus for 2030
Revenue
$3.2 billion
$36.7 billion
EBITDA
$1.48 billion
$19.2 billion
FCF
$1.1 billion
$11.1 billion
Enterprise value/EBITDA ratio for 2030
1.2
5.59
Market cap/FCF ratio for 2030
5.1
8.1
Data source: Visible Alpha.
For argument's sake, assume 15 times FCF is a fair value for a cyclical miner. This assumption gives a target price of $67.50 for USA Rare Earth, representing an annual return of about 48%, compared with about $14.6% for Freeport-McMoran to get to $115 in 2030 from $62.60 now.
Based on the estimates in the table, USA Rare Earth has significantly more upside potential than Freeport-McMoRan. Still, that's not the full picture, because you also have to consider the risks involved in reaching those numbers.
USA Rare Earth risk considerations USA Rare Earth has a significantly more risky path. Not only does the company need to sustain losses and cash outflows before it turns profitable, but it also has to achieve commercial-scale production at Stillwater, manage potential delays in the supply of rare-earth feedstock, and execute on the development of a technologically complex, relatively low-grade mining project at Round Top. There may also be permitting issues.
Any failures along the way could require additional funding, diluting existing shareholders.
In contrast, Freeport-McMoRan's path to reaching the 2030 numbers and growing beyond it looks much less risky. It's a mature copper miner set to increase copper production from 3.1 billion pounds in 2026, a relatively low level because of a mining accident in Indonesia, to 4.1 billion pounds in 2028. Moreover, it has a low-cost leaching initiative, extracting copper from existing stockpiles, that management believes can lead to 800 million pounds of copper production by 2030.
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On top of that, Freeport-McMoRan can address the ever-more-important question of expanding copper production in an era when it's becoming increasingly difficult to obtain greenfield planning permissions.
The good news is that the company has brownfield expansion plans in progress to double production at its Bagdad, Arizona, site and add 200 million to 250 million pounds of annual copper production. It also submitted permit applications for a new mill at a site in Chile, which could add 700 million pounds of copper per annum in the early 2030s. In addition, it has expansion projects in place in Indonesia and is in the study phase for an expansion at a site in Lone Star, Arizona.
Image source: Getty Images.
Freeport-McMoRan is the better buy While both companies have to deal with the vagaries of the impact of the underlying price of the copper (Freeport-McMoRan) and rare-earth magnets (USA Rare Earth) on their revenue, Freeport-McMoRan's easier pathway and richer valuation more than offset the myriad political, execution, market, and dilutive risks around USA Rare Earth for most investors. Ultimately, it's a subjective choice, but I think the copper miner is the better option.
First Trust Advisors LP decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 1.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 550,355 shares of the natural resource company’s stock after selling 10,268 shares during the period. First Trust Advisors LP’s holdings in Freeport-McMoRan were worth $32,350,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $25,000. Steph & Co. grew its stake in shares of Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in Freeport-McMoRan in the first quarter worth approximately $29,000. Kemnay Advisory Services Inc. acquired a new position in Freeport-McMoRan in the fourth quarter worth approximately $29,000. Finally, SHP Wealth Management bought a new position in Freeport-McMoRan during the fourth quarter valued at approximately $30,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.
Analyst Upgrades and Downgrades A number of analysts have issued reports on FCX shares. BMO Capital Markets reiterated an “outperform” rating and issued a $78.00 target price on shares of Freeport-McMoRan in a research note on Thursday, July 23rd. Royal Bank Of Canada increased their price target on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the stock a “sector perform” rating in a research note on Friday, July 24th. Jefferies Financial Group raised their price target on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, June 8th. Weiss Ratings lowered shares of Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 7th. Finally, Scotiabank lifted their price objective on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research note on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.27.
Get Our Latest Stock Report on Freeport-McMoRan
Freeport-McMoRan Stock Performance Shares of FCX opened at $61.58 on Wednesday. The company has a market capitalization of $88.53 billion, a PE ratio of 30.34, a price-to-earnings-growth ratio of 0.64 and a beta of 1.37. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28. The company’s fifty day moving average price is $63.68 and its 200 day moving average price is $62.47.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The company had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.54 earnings per share. As a group, analysts expect that Freeport-McMoRan Inc. will post 2.74 earnings per share for the current year.
Freeport-McMoRan Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is currently 14.78%.
About Freeport-McMoRan (Free Report)
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
Read More Five stocks we like better than Freeport-McMoRan These 3 Stocks Have Soared in 2026—Can They Keep Climbing? Hasbro’s Earnings Beat Shows Why This Is No Longer Just a Toy Story Rambus: Another AI Phoenix Ready to Rise From the Ashes of Correction Chips & Clips: Memory Tariffs Rewire Tech Supply Chains Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX – Free Report).
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Amundi cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 24.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,693,916 shares of the natural resource company’s stock after selling 3,517,663 shares during the period. Amundi owned about 0.74% of Freeport-McMoRan worth $628,588,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the business. Pinnacle Bancorp Inc. grew its position in Freeport-McMoRan by 7.9% in the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock valued at $118,000 after acquiring an additional 147 shares during the last quarter. Steph & Co. lifted its position in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares during the last quarter. Essex Bank boosted its stake in shares of Freeport-McMoRan by 1.2% during the first quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock valued at $829,000 after purchasing an additional 163 shares during the period. Leo Wealth LLC boosted its stake in shares of Freeport-McMoRan by 2.5% during the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock valued at $347,000 after purchasing an additional 170 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. grew its holdings in shares of Freeport-McMoRan by 0.9% in the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock worth $1,098,000 after purchasing an additional 175 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.
Freeport-McMoRan Trading Down 1.8% NYSE FCX opened at $61.58 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The company has a market capitalization of $88.53 billion, a price-to-earnings ratio of 30.34, a price-to-earnings-growth ratio of 0.64 and a beta of 1.37. The company’s 50-day simple moving average is $63.68 and its two-hundred day simple moving average is $62.47. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company’s revenue was down 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.54 EPS. Equities analysts forecast that Freeport-McMoRan Inc. will post 2.74 EPS for the current fiscal year.
Freeport-McMoRan Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 14.78%.
Analyst Upgrades and Downgrades Several research analysts recently commented on FCX shares. Barclays raised their price target on shares of Freeport-McMoRan from $80.00 to $82.00 and gave the stock an “overweight” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Weiss Ratings lowered shares of Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 7th. Sanford C. Bernstein lifted their price target on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research note on Wednesday, June 10th. Finally, UBS Group boosted their price target on Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.27.
Get Our Latest Stock Report on Freeport-McMoRan
Freeport-McMoRan Company Profile (Free Report)
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
See Also Five stocks we like better than Freeport-McMoRan These 3 Stocks Have Soared in 2026—Can They Keep Climbing? Hasbro’s Earnings Beat Shows Why This Is No Longer Just a Toy Story Rambus: Another AI Phoenix Ready to Rise From the Ashes of Correction Chips & Clips: Memory Tariffs Rewire Tech Supply Chains Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX – Free Report).
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Freeport-McMoRan (FCX - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.
Over the past month, shares of this mining company have returned +1.8%, compared to the Zacks S&P 500 composite's +1.7% change. During this period, the Zacks Mining - Non Ferrous industry, which Freeport-McMoRan falls in, has gained 2.3%. The key question now is: What could be the stock's future direction?
Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.
We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
Freeport-McMoRan is expected to post earnings of $0.73 per share for the current quarter, representing a year-over-year change of +46%. Over the last 30 days, the Zacks Consensus Estimate has changed +3.4%.
For the current fiscal year, the consensus earnings estimate of $2.74 points to a change of +54.8% from the prior year. Over the last 30 days, this estimate has changed +7%.
For the next fiscal year, the consensus earnings estimate of $3.66 indicates a change of +33.8% from what Freeport-McMoRan is expected to report a year ago. Over the past month, the estimate has changed +4.6%.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Freeport-McMoRan.
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
In the case of Freeport-McMoRan, the consensus sales estimate of $7.09 billion for the current quarter points to a year-over-year change of +1.7%. The $28.48 billion and $32.82 billion estimates for the current and next fiscal years indicate changes of +9.9% and +15.2%, respectively.
Last Reported Results and Surprise HistoryFreeport-McMoRan reported revenues of $7.03 billion in the last reported quarter, representing a year-over-year change of -7.3%. EPS of $0.74 for the same period compares with $0.54 a year ago.
Compared to the Zacks Consensus Estimate of $6.47 billion, the reported revenues represent a surprise of +8.57%. The EPS surprise was +19.35%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.
ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Freeport-McMoRan is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Freeport-McMoRan. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
Investors in Freeport-McMoRan Inc. (FCX - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Sept. 18, 2026 $23 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for Freeport-McMoRan shares, but what is the fundamental picture for the company? Currently, Freeport-McMoRan is a Zacks Rank #3 (Hold) in the Mining - Non Ferrous industry that ranks in the Bottom 34% of our Zacks Industry Rank. Over the last 60 days, four analysts have increased their earnings estimates for the current quarter, while one has dropped the estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from 70 cents per share to 73 centsin that period.
Given the way analysts feel about Freeport-McMoRan right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
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How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
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Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Freeport-McMoRan (FCX - Free Report) Based in Phoenix, AZ, Freeport-McMoRan Inc., formerly Freeport-McMoRan Copper & Gold Inc., is engaged in mineral exploration and development; mining and milling of copper, gold, molybdenum and silver; as well as the smelting and refining of copper concentrates. The company conducts its operations primarily through its principal operating subsidiaries, PT Freeport Indonesia (PT-FI), Freeport Minerals Corporation and Atlantic Copper. PT Freeport Indonesia’s principal asset is Papua, Indonesia-based Grasberg mine, which contains the world’s largest copper and gold reserves.
FCX is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Momentum investors should take note of this Basic Materials stock. FCX has a Momentum Style Score of A, and shares are up 1.1% over the past four weeks.
Seven analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.17 to $2.72 per share. FCX boasts an average earnings surprise of +32.6%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, FCX should be on investors' short list.
Key Takeaways FCX expects Grasberg to reach 65% capacity in late 2026 and approach full capacity by year-end 2027.Morenci mining rates rose 30% above the five-year average as reliability and workforce stability improved.Freeport targets a 300-million-pound leach run rate by year-end 2026, with 800 million pounds longer term. Freeport-McMoRan Inc. (FCX - Free Report) used its second-quarter 2026 earnings call to emphasize steady progress at Grasberg, improving U.S. operating performance and a widening pipeline of brownfield copper projects.
The quarter also showed how favorable metals pricing and better-than-expected execution can offset lower year-over-year production while the company rebuilds Indonesian output.
FCX Keeps Grasberg Ramp on SchedulePresident and chief executive officer Kathleen Quirk said the Grasberg Block Cave ramp remained aligned with the company’s April plan. Production rates doubled during the quarter, rising from an April average of 34,000 metric tons per day to 69,000 in June.
Quirk said overall Grasberg district rates should approximate 65% of full capacity in the second half of 2026, reach 80% by mid-2027 and approach full capacity by year-end 2027.
Mark Johnson, president and chief operating officer of Freeport-McMoRan Indonesia, added that material-handling upgrades and drainage work are progressing, while preparations continue for a 2027 restart of Production Block 1 South.
Freeport Builds a Larger U.S. Copper BaseQuirk said Morenci’s second-quarter mining rate was 30% above its five-year average, supported by better equipment reliability, maintenance execution and workforce stability.
Senior vice president Cory Stevens said higher-capacity haul trucks, centralized operating support and additional technology should help sustain those gains. Management expects stronger mining rates to translate into higher copper production over time.
The leach program remains another central growth lever. Freeport is targeting a 300-million-pound annual run rate by year-end 2026 and continues to frame 800 million pounds annually as the longer-term opportunity.
FCX Weighs Higher Bagdad Capital CostsQuirk said preliminary capital for the Bagdad expansion is now around $4.5 billion, roughly 30% above the 2023 estimate, reflecting labor and commodity inflation, scope changes and added engineering.
Despite the increase, management said the project remains supported at an incentive copper price of about $4 per pound. The expansion would add 200 million to 250 million pounds of annual copper production and could be completed in three to four years.
During the Q&A, a BofA Securities analyst pressed management on the economics. Quirk said automation, operating-model changes and throughput optimization are helping offset the higher capital requirement, with a board decision still targeted for the second half of 2026.
Freeport Maintains Volume and Cost OutlookExecutive vice president and chief financial officer Maree Robertson said 2026 sales expectations remain broadly consistent with April estimates. Second-half copper sales are projected to exceed first-half levels by more than 20%, while gold sales are expected to rise more than 65%.
The company expects 2026 unit net cash costs of about $1.9 per pound, slightly better than the prior $1.95 estimate, as stronger by-product credits offset higher energy and input costs.
FCX reported adjusted earnings of $0.74 per share versus the Zacks Consensus Estimate of $0.62. Revenues of $7.03 billion also exceeded the $6.47 billion consensus.
FCX Q&A Sharpens Key Execution RisksA Goldman Sachs analyst asked whether Grasberg’s strong June exit rate created upside to second-half guidance. Quirk said planned maintenance and chute-gallery upgrades should keep output near the existing range rather than produce a near-term step-up.
A Barclays analyst questioned the shift of copper sales from the third quarter into the fourth. Quirk said production plans were largely unchanged, but inventory-building and refined-copper timing at the new Indonesian smelter altered the sales schedule.
A UBS analyst also challenged the prior goal of reducing U.S. costs to $2.5 per pound in 2027. Quirk said the target remains valid, but current energy, sulfur and acid markets make it unattainable in 2027.
Freeport’s Near-Term FocusManagement’s tone remained confident on execution but disciplined on timing. Grasberg restoration, leach scaling and U.S. operating improvements are the immediate priorities.
At the same time, Freeport is advancing Bagdad, El Abra and Safford/Lone Star without committing to overlapping large-project schedules before studies, permits and capital reviews are complete.
Zacks Signals Point to a Mixed SetupFCX currently carries a Zacks Rank #3 (Hold). Its Growth Score of B, Momentum Score of A and VGM Score of A indicate favorable growth and trading characteristics, while the Value Score of C is more neutral.
The Style Scores are most powerful when paired with a Zacks Rank #1 (Strong Buy) or Zacks Rank 2 (Buy). The current Hold rating supports a balanced stance, and it can change as analysts revise estimates following the reported results.
You can see the complete list of today’s Zacks #1 Rank stocks here.
ABN Amro Investment Solutions increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 18.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,712 shares of the natural resource company’s stock after acquiring an additional 11,033 shares during the period. ABN Amro Investment Solutions’ holdings in Freeport-McMoRan were worth $4,098,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently bought and sold shares of FCX. Arrowstreet Capital Limited Partnership increased its stake in Freeport-McMoRan by 98.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock valued at $1,014,434,000 after acquiring an additional 9,924,573 shares during the period. Franklin Resources Inc. increased its stake in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after acquiring an additional 8,891,743 shares during the period. Amundi raised its position in Freeport-McMoRan by 102.5% in the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock worth $721,806,000 after purchasing an additional 7,192,955 shares in the last quarter. PointState Capital LP acquired a new position in Freeport-McMoRan in the fourth quarter worth about $198,523,000. Finally, Victory Capital Management Inc. lifted its stake in Freeport-McMoRan by 28.9% during the fourth quarter. Victory Capital Management Inc. now owns 17,366,596 shares of the natural resource company’s stock worth $882,050,000 after purchasing an additional 3,894,872 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.
Wall Street Analyst Weigh In A number of research firms have weighed in on FCX. Stifel Nicolaus lifted their price objective on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday. BMO Capital Markets reaffirmed an “outperform” rating and issued a $78.00 price target on shares of Freeport-McMoRan in a research note on Thursday. Bank of America upped their price target on Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Scotiabank upped their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a report on Monday, June 15th. Finally, Barclays increased their target price on shares of Freeport-McMoRan from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $68.95.
Check Out Our Latest Analysis on FCX
Key Stories Impacting Freeport-McMoRan Here are the key news stories impacting Freeport-McMoRan this week:
Positive Sentiment: FCX reported second-quarter earnings of $0.74 per share, ahead of the $0.62 consensus, while revenue of $7.03 billion also topped estimates, helped by higher realized metal prices. Article Title Positive Sentiment: Freeport-McMoRan said net income rose sharply year over year, and commentary around strong income growth and improved operations points to healthy underlying profitability. Article Title Positive Sentiment: Higher copper prices provided a tailwind to results, and one analyst also raised FCX’s price target to $80, suggesting some optimism remains around the stock’s longer-term setup. Article Title Neutral Sentiment: Management posted its quarterly and six-month results and highlighted strategic expansions, but also noted challenges from capital spending and regulatory approvals. Article Title Negative Sentiment: Shares are under pressure because lower operating rates at the Grasberg mine and a softer copper sales outlook for the next quarter have raised concerns about near-term production and revenue. Article Title Negative Sentiment: Recent weakness in copper prices has also weighed on sentiment across the sector, adding to investor caution around FCX’s near-term earnings momentum. Article Title Freeport-McMoRan Trading Down 2.6% Shares of FCX opened at $63.31 on Friday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28. The firm has a market capitalization of $91.01 billion, a PE ratio of 33.67, a price-to-earnings-growth ratio of 0.64 and a beta of 1.37. The stock’s fifty day simple moving average is $63.59 and its 200-day simple moving average is $62.33.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last released its earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the prior year, the company posted $0.54 EPS. The company’s revenue was down 7.3% compared to the same quarter last year. As a group, research analysts predict that Freeport-McMoRan Inc. will post 2.72 earnings per share for the current year.
Freeport-McMoRan Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is presently 15.96%.
Freeport-McMoRan Profile (Free Report)
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
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On July 23, Freeport-McMoRan NYSE: FCX delivered an earnings report shaped by two forces that will define how investors read the quarter.
Copper and gold prices sat at historically elevated levels, lifting realizations across the board. The report also showed the company continues to move toward full production at its Grasberg mine in Indonesia. The mine was closed in 2025 following a mining accident that locked up a significant portion of the company’s production.
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Freeport-McMoRan Today
FCX
Freeport-McMoRan
$61.09 -2.41 (-3.80%)
As of 09:56 AM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$35.15▼
$72.28Dividend Yield0.49%
P/E Ratio32.49
Price Target$69.04
However, FCX was down after the report.
This could be a “buy the rumor, sell the news” situation. The stock climbed approximately 15% from July 17 through the market's close on July 22.
That suggests a lot of good news was priced into the report, which, by the numbers, was good but maybe not enough to justify FCX at a 52-week high in the short term.
But in the long term, there are two key factors to consider in analyzing Freeport-McMoRan's earnings.
Freeport Earnings Get a Boost From Higher Copper and Gold PricesThe headline numbers for the second quarter of 2026 show why investors were pushing FCX higher ahead of earnings. Freeport-McMoRan posted second-quarter net income of $984 million, or 68 cents per share, with adjusted earnings per share (EPS) of 74 cents after backing out one-time charges tied to the Grasberg incident. Revenue totaled $7 billion, and the company generated $2 billion in operating cash flow for the quarter.
The real story was pricing:
The company realized an average of $6.17 per pound for copper in the quarter, up roughly 36% from $4.54 a year ago.
Gold realizations jumped to $4,520 per ounce from $3,291, a year-over-year (YOY) gain of roughly 37%.
Molybdenum, often an afterthought in Freeport's story, also strengthened meaningfully, realizing $28.75 per pound versus $21.10 last year.
Copper sales volumes were down significantly year over year (710 million pounds versus 1.0 billion), a direct consequence of Grasberg's phased restart. In other words, FCX is earning more money while selling less copper. That dynamic won't repeat itself once Grasberg volumes normalize, which is worth keeping in mind when projecting forward growth rates.
Grasberg Mine Ramp-Up Strengthens Freeport's Long-Term OutlookThe other half of the bull case is de-risking, not just pricing. Freeport confirmed that its Grasberg Block Cave ramp-up met expectations in the second quarter, with mining rates climbing from 34,000 tons per day in April to 69,000 tons per day in June. Management now expects PTFI's overall production capacity to reach roughly 65% in the second half of 2026, 80% by mid-2027, and near full capacity by the end of 2027.
That timeline also explains why unit net cash costs in Indonesia remain negative. PT Freeport Indonesia (PTFI) reported unit net cash credits of 81 cents per pound of copper in the quarter, meaning by-product gold credits more than offset production costs. As volumes recover, that credit dynamic should provide a continued tailwind to consolidated margins even if copper prices cool off from current levels.
Freeport Maintains Strong Balance Sheet While Returning CapitalFreeport also used the quarter to reinforce its capital discipline story. The company returned $600 million to shareholders in the first half of 2026, including $200 million in share repurchases, and separately increased its ownership stake in the Cerro Verde mine to 55.66% for roughly $107 million.
Net debt stood at just $2.1 billion (excluding downstream processing debt), well below the company's $3–$4 billion target ceiling. That balance sheet flexibility is part of why analysts have been comfortable raising price targets even as the stock notches new highs. The company is showing its ability to keep funding both shareholder returns and its growth pipeline (Bagdad, El Abra, Kucing Liar) without straining its investment-grade rating.
Is the Post-Earnings Pullback a Buying Opportunity?Turning to the technical picture, FCX spent most of 2025 consolidating in the low-$40s before staging a sustained breakout beginning in December, eventually pushing to a 52-week high near $72 in June. The pullback since then, including the post-earnings drop to around $63, has brought shares back toward both the 50-day moving average (about $64) and the lower end of the recent trading range, without breaking the broader uptrend.
Notably, the 200-day moving average has been rising steadily since bottoming near $40 late last year, now sitting at about $56—a sign that the medium-term trend remains constructive even after the post-earnings dip. Volume on the down day was elevated but not dramatically outsized relative to recent sessions, which is consistent with profit-taking after a steep run-up rather than a fundamental reassessment of the story.
Is Freeport-McMoRan Stock Still a Buy After Earnings?One problem with pricing FCX is that the company’s current strong growth is an outlier for two reasons. First, the spot prices of copper and gold are at historically elevated levels. Second, the company is just now reporting production from its Grasberg mine that had been closed. That skews the year-over-year comparisons.
Both variables are likely to support strong earnings and free cash flow growth, which are two of the best predictors of stock price growth. But many traditional discounted cash flow models suggest more modest growth.
That said, the structural case for copper demand remains in place. Price is starting to follow that demand. The same is true of gold.
It will take another earnings report or two to see if that demand is priced into FCX. For now, the stock is trading in a defined range. But a rising 50- and 200-day simple moving average shows that investors have been willing to let the stock grind higher.
Leading into the report, analysts raised their price targets for FCX, with the highest price targets coming in at $80. With the Grasberg project moving towards full production by the end of 2027, the current stock price may create an attractive entry point.
Should You Invest $1,000 in Freeport-McMoRan Right Now?Before you consider Freeport-McMoRan, you'll want to hear this.
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Bank of Nova Scotia reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 16.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,579,852 shares of the natural resource company’s stock after selling 314,026 shares during the quarter. Bank of Nova Scotia owned approximately 0.11% of Freeport-McMoRan worth $92,862,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Strategic Investment Solutions Inc. IL acquired a new stake in Freeport-McMoRan during the 4th quarter valued at $25,000. Steph & Co. boosted its stake in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in Freeport-McMoRan in the first quarter worth $29,000. Kemnay Advisory Services Inc. bought a new stake in shares of Freeport-McMoRan during the fourth quarter worth $29,000. Finally, SHP Wealth Management acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $30,000. 80.77% of the stock is currently owned by institutional investors.
Key Stories Impacting Freeport-McMoRan Here are the key news stories impacting Freeport-McMoRan this week:
Positive Sentiment: FCX reported second-quarter earnings of $0.74 per share, ahead of the $0.62 consensus, while revenue of $7.03 billion also topped estimates, helped by higher realized metal prices. Article Title Positive Sentiment: Freeport-McMoRan said net income rose sharply year over year, and commentary around strong income growth and improved operations points to healthy underlying profitability. Article Title Positive Sentiment: Higher copper prices provided a tailwind to results, and one analyst also raised FCX’s price target to $80, suggesting some optimism remains around the stock’s longer-term setup. Article Title Neutral Sentiment: Management posted its quarterly and six-month results and highlighted strategic expansions, but also noted challenges from capital spending and regulatory approvals. Article Title Negative Sentiment: Shares are under pressure because lower operating rates at the Grasberg mine and a softer copper sales outlook for the next quarter have raised concerns about near-term production and revenue. Article Title Negative Sentiment: Recent weakness in copper prices has also weighed on sentiment across the sector, adding to investor caution around FCX’s near-term earnings momentum. Article Title Freeport-McMoRan Stock Down 2.6% NYSE FCX opened at $63.31 on Friday. The stock has a market capitalization of $91.01 billion, a P/E ratio of 33.67, a price-to-earnings-growth ratio of 0.64 and a beta of 1.37. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The stock has a fifty day moving average of $63.59 and a 200-day moving average of $62.33.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.54 earnings per share. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 2.72 EPS for the current year.
Freeport-McMoRan Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is presently 15.96%.
Analyst Ratings Changes A number of research analysts recently issued reports on the company. Wells Fargo & Company cut their price target on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Jefferies Financial Group increased their price objective on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. Stifel Nicolaus boosted their target price on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, BNP Paribas Exane upped their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $68.95.
View Our Latest Research Report on FCX
Freeport-McMoRan Profile (Free Report)
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
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Freeport McMoRan Post-Earnings: Why Good Enough May Finally Be Good EnoughFreeport-McMoRan NYSE: FCX executives said the copper producer’s second-quarter 2026 results reflected “progress” across its major operating regions, citing better-than-forecast copper sales and unit cash costs, a continuing recovery at the Grasberg Block Cave mine in Indonesia and stronger performance from U.S. operations.
Richard Adkerson, Freeport-McMoRan’s chairman of the board, said the company continues to benefit from its long-standing focus on copper and its portfolio of long-lived assets. “Electricity means copper,” Adkerson said, adding that the company is positioned to grow as global electrification increases copper demand.
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3 Multi-Metal Stocks for Income and Long-Term GrowthPresident and Chief Executive Officer Kathleen Quirk said second-quarter copper sales and unit cash costs exceeded the company’s forecast. She also said favorable metal prices supported “significant margins, cash flows, and earnings.” For the first half of 2026, Quirk said Freeport-McMoRan’s U.S. mining operations contributed 2.4 times more operating income than in the prior-year period, while consolidated net income rose 65% from the first half of 2025.
The company returned $600 million to shareholders in the first half of the year, including roughly $200 million through share repurchases. Quirk also said Freeport-McMoRan increased its ownership in Cerro Verde through open-market purchases, bringing total purchases over roughly two years to more than $300 million and increasing its ownership by 2 percentage points to more than 55%.
Grasberg Ramp-Up Remains Central to 2026 Outlook Freeport Tanks Again on Mine Delay—Long Term Outlook Stays StrongExecutives highlighted the ongoing ramp-up of the Grasberg Block Cave mine as a major operating priority. Quirk said production rates at the mine doubled during the quarter, rising from an average of 34,000 tons per day in April to 69,000 tons per day in June.
Freeport-McMoRan continues to target overall rates in the Grasberg district at approximately 65% of full capacity in the second half of 2026, rising to 80% by mid-2027 and approaching full capacity by the end of 2027. Quirk said upgrades to the material handling system for the automated rail system are progressing on schedule, and the company is advancing work to restart Production Block One South in 2027.
Mark Johnson, president and chief operating officer of Freeport-McMoRan Indonesia, said the company is installing new technology in chute galleries and pursuing risk mitigation initiatives, including drilling and drainage work related to the old pit bottom.
Freeport-McMoRan also submitted a formal application in June to extend its operating rights in Indonesia for the life of the resource, following a memorandum of understanding with the Indonesian government earlier this year. Quirk said the company is working through the regulatory process and aims to complete the extension this year, though there is no prescribed timeline. Adkerson said recent meetings with Indonesian officials were positive and that the extension would benefit shareholders, the government, workers and local communities.
U.S. Operations Show Higher Mining Rates In the U.S., Quirk said the company is making “important and tangible progress” in increasing mining and processing rates. At Morenci, second-quarter mining rates were 30% higher than the average achieved over the past five years. Quirk said sustaining those higher rates should translate into improved copper production over time.
Cory Stevens, president and chief operating officer for the Americas, said the company has focused on people, process and technology to improve equipment reliability and mine performance. He said Freeport-McMoRan is also transitioning trucks at Morenci to higher-capacity 400-ton ultra-class trucks, with additional trucks planned next year.
The company continues to pursue its leaching initiative, which is aimed at increasing copper recovery from existing stockpiles. Quirk said Freeport-McMoRan is currently producing around 200 million pounds annually from these efforts and is targeting a 300 million-pound run rate by the end of 2026. Longer term, the company has described a potential path to 800 million pounds per year.
Stevens said early results from the company’s first-generation leach additives have been better than expected, and additional additive tests are planned at Morenci, New Mexico and El Abra. Freeport-McMoRan is also testing heated leaching solutions at Morenci and El Abra.
Growth Projects Advance in Arizona, Chile and Indonesia Quirk said Freeport-McMoRan is nearing an investment decision on a major expansion of its Bagdad mine in Arizona. The project would more than double production at Bagdad and make it the second-largest copper mine in the U.S. behind Morenci, according to Quirk.
The company is finalizing capital cost estimates and expects to seek board approval in the second half of 2026. Preliminary indications based on current market conditions point to capital of about $4.5 billion, approximately 30% above a 2023 estimate. Quirk attributed the increase to commodity and labor escalation, revisions to project scope and updated engineering estimates. She said the project remains supported at a $4 per pound copper price, below current market levels.
Freeport-McMoRan is also advancing regulatory work for a major expansion at El Abra in Chile, where it partners with Codelco. Quirk said the Chilean government is engaged in the review process following the company’s environmental impact study submission in March. The company is also studying expansion and development options in the Safford Lone Star District in the U.S. and continuing development of the Kucing Liar project in Indonesia.
Financial Outlook Reflects Higher Volumes Ahead Chief Financial Officer Maree Robertson said Freeport-McMoRan’s three-year outlook for copper, gold and molybdenum sales remains broadly consistent with April estimates. The company expects second-half 2026 copper sales to be more than 20% higher than the first half, while gold sales are expected to be more than 65% higher.
For 2027, Robertson said annual copper sales are expected to increase by more than 20% compared with 2026, while gold volumes are expected to rise by more than 50%. Additional growth is projected in 2028.
Robertson said the company now estimates 2026 average unit net cash costs at approximately $1.90 per pound, slightly below the April estimate of $1.95 per pound, as higher by-product credits more than offset other cost increases. She noted that oil, sulfur and acid markets remain volatile.
Freeport-McMoRan’s modeled outlook shows annual EBITDA ranging from approximately $13 billion at $5 per pound copper to $20 billion at $7 per pound copper, using average 2027 and 2028 volume and cost estimates and assuming gold at $4,000 per ounce and molybdenum at $30 per pound. Robertson said each $0.10 per pound move in copper equates to about $390 million in annual EBITDA during that period.
Capital expenditures for 2026 remain consistent with the prior forecast, while 2027 capital is now estimated at $4.8 billion, about $300 million higher than the April estimate. Robertson said the increase reflects investments in upgraded mining equipment and revised cost estimates. The forecast excludes major projects still subject to final studies and board approval, including the Bagdad expansion.
Robertson said Freeport-McMoRan’s financial policy remains focused on maintaining a strong balance sheet, returning cash to shareholders and investing in value-enhancing growth projects. Since adopting the policy in 2021, she said the company has distributed $6.3 billion to shareholders through dividends and share purchases.
About Freeport-McMoRan (NYSE:FCX)Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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(Kitco News) - Even as gold prices suffered their steepest quarterly decline in more than 13 years, the mining sector continues to set a brisk pace as earnings season kicks off with the world’s largest copper producer.
Although its core metal is copper, Freeport-McMoRan's (NYSE: FCX) gold business proved remarkably resilient, underscoring how elevated bullion prices continue to support the company’s earnings.
Despite gold’s sharp correction, prices remained elevated by historical standards, allowing Freeport to realize an average gold price of $4,520 an ounce, a 37% increase from $3,291 an ounce in the second quarter of 2025. At the same time, the copper price climbed 36% to $6.17 per pound from $4.54 per pound in the second quarter of 2025.
The stronger gold price, combined with robust copper prices, helped Freeport report adjusted second-quarter earnings of $1.1 billion, or $0.74 per share, compared with $790 million, or $0.54 per share, a year earlier. Net income attributable to shareholders rose to $984 million, or $0.68 per share.
The company’s earnings were slightly lower than analyst expectations as consensus estimates forecasted $0.78 per share.
"Our team achieved strong results in the second quarter, supported by solid execution of our operating plans and favorable pricing for our products," said President and CEO Kathleen Quirk. "We made steady progress with our Grasberg ramp-up and our Americas operations delivered excellent performance, which resulted in year-over-year improvements to bottom-line results."
Freeport produced 192,000 ounces of gold and sold 123,000 ounces during the quarter. Gold production remains constrained by the ongoing recovery of the company's Grasberg Block Cave underground mine in Indonesia, where operations continue to ramp up following last September's mud rush incident. Copper production totaled 786 million pounds, while copper sales of 710 million pounds exceeded the company's April guidance.
Management said the Grasberg recovery remains on schedule. Production Blocks 2 and 3 achieved their planned operating rates during the second quarter, and the company expects the mine to operate at approximately 65% of capacity during the second half of 2026, reaching 80% by mid-2027 before returning to full production by the end of next year.
Grasberg remains one of the world's premier gold assets. At full operating rates, the underground complex is expected to produce roughly 1.3 million ounces of gold annually, alongside 1.7 billion pounds of copper, making the successful restoration of operations one of the mining sector's most closely watched developments.
Looking ahead, Freeport expects to sell approximately 650,000 ounces of gold this year while assuming an average gold price of $4,000 an ounce during the second half of 2026. Under that price scenario, the company forecasts full-year operating cash flow of roughly $8.3 billion, highlighting how even after gold's sharp quarterly correction, prices remain high enough to generate substantial cash flow for major producers.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
Custom Health Holdings Inc (TSX:CHLT) just landed Buy-rated coverage from Stifel, with analysts setting a C$12 price target and pointing to upside as high as C$18 a share.
The pitch: a pill-dispensing platform that's quietly solving one of healthcare's most expensive headaches.
That headache is medication non-adherence, which costs the US healthcare system an eye-watering $0.5 trillion a year. Only about half of prescriptions get taken as directed, and the fallout, hospitalizations, ER visits, disease progression, adds up fast.
Custom Health's answer is a full-stack system: a device called Spencer that dispenses and monitors pills at home, an AI-powered platform called AdhereNet, and a network of automated pharmacies behind it. Stifel says the result is a 98% adherence rate, far above the industry norm.
Insurers have taken notice. Custom Health already has more than 100,000 patients contracted through deals with major US health plans, including Humana (NYSE:HUM), Elevance and BlueCross BlueShield, plus pain management specialists Commonwealth and BKC. Stifel expects the company to nearly triple its active patient count next year, from about 6,000 to 17,000, helped along by its recent acquisition of InnovativeRx, with revenue more than doubling.
One area where Custom Health has a particularly good story to tell: opioids. The platform helps physicians safely wean patients off opioid prescriptions, which lines up with the NOPAIN Act, a law that kicked in this past January and sweetens Medicare reimbursement for opioid-reduction efforts. Better adherence also tends to boost Medicare Star ratings, translating into higher rebates and bonus payments for health plans.
The typical Custom Health patient is in their 50s or 60s and juggling more than 10 chronic medications, exactly the population set to grow as the US and Canada keep aging.
Stifel thinks the InnovativeRx deal could unlock 4x revenue growth over the next two to three years as Custom Health works through 30,000 of the 100,000 patients already under contract, with more acquisitions still on the table.
The margin story is arguably the most compelling part: the Spencer device alone represents close to a $200 million recurring revenue opportunity at gross margins north of 60%. Layered on top of traditional pharmacy dispensing margins around 20%, Stifel sees a path to EBITDA margins in the high teens, well above what most pharmacy peers manage.
Stifel's initiation wasn't the only news out of Custom Health this month. The company has since signed a binding letter of intent to acquire Wisconsin-based Evergreen Pharmacy LLC, a deal expected to add more than US$78 million in annual revenue.
The price tag is modest relative to that boost: US$3.5 million total, including at least US$1 million in prescription drug inventory and US$450,000 in net working capital, cash on closing, with US$175,000 held back for six months as an indemnity cushion.
Evergreen is licensed to operate in Wisconsin, Illinois and Michigan, with room to expand into Minnesota, and specializes in managing complex therapies across behavioral health, dermatology, gastroenterology, infectious disease, rheumatology and neurology. It brought in about US$78.8 million in revenue and US$0.6 million in normalized EBITDA for the 12 months ended December 31, 2025, and posted positive net income in both fiscal 2025 and the first quarter of 2026.
For Custom Health, the deal fits neatly with the growth story Stifel laid out: more patients on complex drug regimens, a bigger Midwest footprint, and another building block toward that four-times revenue potential.
Freeport-McMoRan Inc (NYSE:FCX, XETRA:FPMB) reported stronger-than-expected second quarter 2026 results on Thursday, with earnings and revenue topping Wall Street expectations, although shares edged about 2% lower as investors weighed a slightly reduced near-term copper sales outlook.
The company reported adjusted earnings per share of $0.74, ahead of analyst estimates of $0.62, while revenue came in at $7.03 billion, exceeding consensus expectations of $6.71 billion.
The company produced 786 million pounds of copper, 192,000 ounces of gold and 23 million pounds of molybdenum during the quarter. Consolidated sales totaled 710 million pounds of copper, 123,000 ounces of gold and 25 million pounds of molybdenum.
Freeport highlighted strong operational performance during the quarter, noting that consolidated copper sales exceeded its April 2026 estimates and average unit net cash costs were better than expected.
Average realized prices during the period were $6.17 per pound for copper, $4,520 per ounce for gold and $28.75 per pound for molybdenum.
Freeport maintained its full-year 2026 copper sales forecast at approximately 3.1 billion pounds, but lowered its third-quarter copper sales outlook to 750 million pounds.
The company expects third-quarter sales of 160,000 ounces of gold and 22 million pounds of molybdenum.
“We achieved strong results in the second quarter, supported by solid execution of our operating plans and favorable pricing for our products,” Freeport CEO Kathleen Quirk said.
“We made steady progress with our Grasberg ramp-up and our Americas operations delivered excellent performance, which resulted in year-over-year improvements to bottom-line results.”
Jefferies reiterated its ‘Buy’ rating on Freeport-McMoRan following the results, noting that second-quarter EBITDA came in 12% above consensus estimates, supported by higher copper sales and lower-than-expected costs.
The analyst highlighted that copper sales of 710 million pounds exceeded prior guidance of 690 million pounds, while net cash costs of $1.97 per pound were below the previous outlook of $2.24 per pound.
Jefferies noted that full-year copper sales guidance remained unchanged, while cost guidance was reduced by $0.05 per pound following the quarterly performance.
Jefferies wrote that the Grasberg Block Cave ramp-up appears to be progressing in line with expectations, although the timing of planned sales has shifted from the third quarter into the fourth quarter.
The analyst noted that the company’s 2028 production outlook was slightly reduced, but maintained that the key focus remains on delivering the Grasberg recovery plan over the next two years.
“The key for Freeport is to deliver the recovery at the GBC in line with guidance over the next two years,” Jefferies wrote, adding that a successful ramp-up could provide a “double benefit” through higher earnings and a higher valuation multiple for the shares.
The analyst concluded that Freeport remains a higher-risk, higher-reward investment opportunity.
Key Takeaways FCX beat earnings and revenue estimates despite lower copper and gold sales volumes. Freeport projects 2026 sales of 3.1B pounds of copper, 650,000 ounces of gold and 93M pounds of molybdenum. FCX expects 2026 operating cash flow of about $8.3B and capital spending of around $4.3B. Freeport-McMoRan Inc. (FCX - Free Report) recorded net income of $984 million or 68 cents per share for the second quarter of 2026, up from $772 million or 53 cents per share in the year-ago quarter.
Barring one-time items, adjusted earnings per share were 74 cents, up around 37% year over year from 54 cents. The figure topped the Zacks Consensus Estimate of 62 cents.
Revenues declined around 7.3% year over year to approximately $7.03 billion. The figure surpassed the Zacks Consensus Estimate of $6.47 billion. Lower copper and gold volumes were partly offset by significantly higher realized metal prices.
Freeport-McMoRan Inc. Price, Consensus and EPS SurpriseFCX’s Operational HighlightsCopper production fell around 18.4% year over year to 786 million pounds in the reported quarter.
Consolidated copper sales declined approximately 30.1% year over year to 710 million pounds. The fall primarily resulted from lower operating rates at PTFI during the phased ramp-up of the Grasberg Block Cave underground mine.
The company sold 123,000 ounces of gold in the quarter, down 76.4% year over year. Freeport also sold 25 million pounds of molybdenum, up 13.6% from the prior-year quarter.
Consolidated average unit net cash costs per pound of copper were $1.97, up around 74.3% from $1.13 a year ago. The figure missed our estimate of $2.12 per pound.
The average realized copper price was $6.17 per pound, up around 35.9% year over year. The figure exceeded our estimate of $6.05 per pound. The average realized gold price rose around 37.3% year over year to $4,520 per ounce. The figure marginally lagged our estimate of $4,536.26. The average realized molybdenum price was $28.75 per pound, up around 36.3% year over year. It surpassed our estimate of $27.73.
Freeport’s Financial PositionCash and cash equivalents at the end of the quarter were $4.1 billion, down around 9.1% year over year. Total debt was roughly $9.4 billion, up modestly from $9.25 billion at the end of the year-ago quarter.
Cash flows provided by operating activities were $2 billion in the reported quarter, down around 6.7% year over year. Capital expenditures totaled $1.1 billion compared with $1.26 billion in the prior-year quarter.
FCX’s GuidanceFor full-year 2026, consolidated sales volumes are expected to 3.1 billion pounds of copper, 650,000 ounces of gold and 93 million pounds of molybdenum.
This includes projected third-quarter sales of 750 million pounds of copper, 160,000 ounces of gold and 22 million pounds of molybdenum.
Consolidated average unit net cash costs are expected to average $1.90 per pound of copper for 2026, including $2 per pound in the third quarter. Freeport also projects full-year operating cash flows of $8.3 billion and capital expenditures of around $4.3 billion.
FCX’s Price PerformanceShares of Freeport have gained 45.8% over the past year compared with a 58.2% rise in its industry.
Image Source: Zacks Investment Research
FCX’s Zacks Rank & Key PicksFCX currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are CSW Industrials, Inc. (CSW - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Ternium S.A. (TX - Free Report) .
CSW Industrials is expected to report second-quarter results on July 30. The Zacks Consensus Estimate for CSW’s second-quarter earnings is pegged at $3.66 per share. It carries a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
CRS is slated to report second-quarter results on July 30. The Zacks Consensus Estimate for earnings is pegged at $3.03 per share. CRS has a Zacks Rank #1 at present.
Ternium is scheduled to report second-quarter results on Aug. 4. The Zacks Consensus Estimate for TX’s second-quarter earnings is pegged at $1.06 per share. It currently carries a Zacks Rank #1.
Freeport-McMoRan Inc (NYSE:FCX, XETRA:FPMB) reported stronger-than-expected second quarter 2026 results on Thursday, with earnings and revenue topping Wall Street expectations, although shares edged about 2% lower as investors weighed a slightly reduced near-term copper sales outlook.
The company reported adjusted earnings per share of $0.74, ahead of analyst estimates of $0.62, while revenue came in at $7.03 billion, exceeding consensus expectations of $6.71 billion.
The company produced 786 million pounds of copper, 192,000 ounces of gold and 23 million pounds of molybdenum during the quarter. Consolidated sales totaled 710 million pounds of copper, 123,000 ounces of gold and 25 million pounds of molybdenum.
Freeport highlighted strong operational performance during the quarter, noting that consolidated copper sales exceeded its April 2026 estimates and average unit net cash costs were better than expected.
Average realized prices during the period were $6.17 per pound for copper, $4,520 per ounce for gold and $28.75 per pound for molybdenum.
Freeport maintained its full-year 2026 copper sales forecast at approximately 3.1 billion pounds, but lowered its third-quarter copper sales outlook to 750 million pounds.
The company expects third-quarter sales of 160,000 ounces of gold and 22 million pounds of molybdenum.
“We achieved strong results in the second quarter, supported by solid execution of our operating plans and favorable pricing for our products,” Freeport CEO Kathleen Quirk said.
“We made steady progress with our Grasberg ramp-up and our Americas operations delivered excellent performance, which resulted in year-over-year improvements to bottom-line results.”
Jefferies reiterated its ‘Buy’ rating on Freeport-McMoRan following the results, noting that second-quarter EBITDA came in 12% above consensus estimates, supported by higher copper sales and lower-than-expected costs.
The analyst highlighted that copper sales of 710 million pounds exceeded prior guidance of 690 million pounds, while net cash costs of $1.97 per pound were below the previous outlook of $2.24 per pound.
Jefferies noted that full-year copper sales guidance remained unchanged, while cost guidance was reduced by $0.05 per pound following the quarterly performance.
Jefferies wrote that the Grasberg Block Cave ramp-up appears to be progressing in line with expectations, although the timing of planned sales has shifted from the third quarter into the fourth quarter.
The analyst noted that the company’s 2028 production outlook was slightly reduced, but maintained that the key focus remains on delivering the Grasberg recovery plan over the next two years.
“The key for Freeport is to deliver the recovery at the GBC in line with guidance over the next two years,” Jefferies wrote, adding that a successful ramp-up could provide a “double benefit” through higher earnings and a higher valuation multiple for the shares.
The analyst concluded that Freeport remains a higher-risk, higher-reward investment opportunity.
SummaryFreeport-McMoRan delivered a solid Q2, beating EPS and revenue estimates, and reaffirmed full-year guidance despite recent stock volatility.FCX lowered 2026 unit cost guidance to $1.90/lb, raised molybdenum production targets, and remains well positioned with $962 million in Q2 free cash flow.I maintain a “Buy” rating, with fair value near $81 based on $3.40 NTM EPS and a 24x P/E multiple, supported by strong copper prices and operational execution.Technically, FCX faces resistance in the low $70s but benefits from a rising 200-day moving average, with $55 as key support. Michel Lunanga/Getty Images News
It has been a frustrating few months for Freeport-McMoRan Inc. (FCX) investors. Shares have fluctuated wildly since January and have been little changed since my April 2026 “Buy” rating. Still, the world’s largest copper miner has seen its stock return 24% so
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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