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What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

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Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

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Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

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.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

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The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

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.

Posted by Defense World Staff on Jul 24th, 2026

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.

Recommended Stories Five stocks we like better than Freeport-McMoRan Premium Retail’s Stress Test Is Separating Winners From Losers D-Wave Quantum or a Quantum ETF: Which Is the Better Bet? GE Vernova Just Sent a Mixed AI Signal to Investors Alphabet Crushed Earnings, But One Number Spooked the Market 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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Posted by Defense World Staff on Jul 24th, 2026

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].

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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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.

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.

HomeStock IdeasLong IdeasBasic Materials

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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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.

Freeport-McMoRan (FCX - Free Report) came out with quarterly earnings of $0.74 per share, beating the Zacks Consensus Estimate of $0.62 per share. This compares to earnings of $0.54 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +19.36%. A quarter ago, it was expected that this mining company would post earnings of $0.47 per share when it actually produced earnings of $0.57, delivering a surprise of +21.28%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Freeport-McMoRan, which belongs to the Zacks Mining - Non Ferrous industry, posted revenues of $7.03 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 8.57%. This compares to year-ago revenues of $7.58 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Freeport-McMoRan shares have added about 28% since the beginning of the year versus the S&P 500's gain of 9.6%.

What's Next for Freeport-McMoRan?While Freeport-McMoRan has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Freeport-McMoRan was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.77 on $7.29 billion in revenues for the coming quarter and $2.72 on $28.37 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Non Ferrous is currently in the bottom 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Energy Fuels (UUUU - Free Report) , has yet to report results for the quarter ended June 2026.

This uranium and vanadium miner and developer is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of +50%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Energy Fuels' revenues are expected to be $30.2 million, up 617.3% from the year-ago quarter.

PHOENIX--(BUSINESS WIRE)--Freeport (NYSE: FCX) today announced that it has posted its second-quarter and six-month 2026 financial and operating results press release on the Investor Relations page of its website at https://investors.fcx.com/investors/news-releases. As previously indicated on its website, FCX will host a conference call today with securities analysts at 10:00 a.m. Eastern Time to discuss quarterly and six-month results. The conference call will be webcast on the Internet along w.

Posted by Defense World Staff on Jul 22nd, 2026

Bessemer Group Inc. grew its position in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 58.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,960 shares of the natural resource company’s stock after purchasing an additional 16,289 shares during the quarter. Bessemer Group Inc.’s holdings in Freeport-McMoRan were worth $2,584,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Freeport-McMoRan by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after purchasing an additional 1,572,769 shares in the last quarter. Fisher Asset Management LLC increased its position in Freeport-McMoRan by 1.0% during the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock valued at $3,244,504,000 after buying an additional 622,343 shares in the last quarter. State Street Corp increased 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 buying an additional 395,226 shares in the last quarter. Franklin Resources Inc. raised 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 buying an additional 8,891,743 shares during the last quarter. Finally, Morgan Stanley raised its stake in Freeport-McMoRan by 10.1% in the fourth quarter. Morgan Stanley now owns 34,262,241 shares of the natural resource company’s stock valued at $1,740,179,000 after buying an additional 3,130,046 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 6.4% FCX stock opened at $62.57 on Wednesday. The firm’s fifty day simple moving average is $63.69 and its 200-day simple moving average is $62.15. The company has a market capitalization of $89.94 billion, a P/E ratio of 33.28, a price-to-earnings-growth ratio of 0.59 and a beta of 1.37. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.10. The firm had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm’s revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.24 earnings per share. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 2.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement The business also recently declared 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. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 15.96%.

Wall Street Analyst Weigh In A number of equities research analysts have recently weighed in on FCX shares. JPMorgan Chase & Co. boosted their price target on Freeport-McMoRan from $73.00 to $77.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Scotiabank upped their price objective 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. Morgan Stanley increased their price objective on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 8th. BNP Paribas Exane lifted their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a research note on Thursday, June 18th. Finally, Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. One equities research 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.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.95.

Read Our Latest Analysis on FCX

More Freeport-McMoRan News Here are the key news stories impacting Freeport-McMoRan this week:

Positive Sentiment: Stifel Nicolaus raised its price target on Freeport-McMoRan from $76 to $80 and kept a buy rating, signaling confidence in further upside for FCX. Article Link Positive Sentiment: Analysts have increased their earnings forecast for FCX’s upcoming quarter to about $0.60 per share, suggesting stronger profitability even though revenue is expected to decline year over year due to cost discipline and operational efficiency. Article Link Positive Sentiment: Multiple earnings-preview and sector pieces highlighted FCX as a miner with potential to beat Q2 estimates, helped by stronger commodity prices. Article Link Positive Sentiment: Coverage around the global AI data center buildout continues to support the long-term copper demand story, with FCX positioned as a key beneficiary if AI infrastructure spending keeps accelerating. Article Link Neutral Sentiment: Recent articles also discussed FCX’s “copper turning point” and its attention in the copper market, but these were more thematic than immediately actionable for the stock. Article Link 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 Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible 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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Key Takeaways Freeport reports Q2 results on July 23 with a positive Earnings ESP of 6.93%. FCX is expected to benefit from higher copper prices despite lower sales volumes and higher costs. Freeport's Q2 revenue estimate is $6.47B, down 14.6% year over year, with weaker volumes weighing on sales. Freeport-McMoRan Inc. (FCX - Free Report) is set to release second-quarter 2026 results before the opening bell on July 23.

The mining giant beat the Zacks Consensus Estimate for earnings in each of the last four quarters. It has a trailing four-quarter earnings surprise of 32.1% on average. While higher unit costs and weaker volumes are likely to have impacted FCX’s performance, it is expected to have benefited from favorable copper prices.

FCX’s shares have gained 36.6% in a year, underperforming the Zacks Mining - Non Ferrous industry’s 40.7% rise.

Image Source: Zacks Investment Research

Let’s see how things are shaping up for this announcement.

What Our Model Unveils for FCX StockOur proven model predicts an earnings beat for Freeport this time around. The combination of a positive Earnings ESP  and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat.

Earnings ESP: Earnings ESP for FCX is +6.93%. The Zacks Consensus Estimate for the second quarter is currently pegged at 60 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: FCX currently carries a Zacks Rank #3.

What do FCX’s Revenue Estimates Indicate?The Zacks Consensus Estimate for FCX’s second-quarter consolidated sales is currently pegged at $6,474 million, calling for a decline of 14.6% from the year-ago quarter’s tally.

Factors at Play for FCX StockFreeport’s second-quarter results are expected to reflect favorable copper prices. Copper prices started 2026 on a strong note, underpinned by robust demand from China and the United States. Structural tailwinds, including electric vehicles (EVs), renewable energy projects, data center growth and grid modernization, continue to boost copper consumption. Worries about tightening supply amid rising EV and infrastructure demand also supported the red metal. These factors led to prices surging to roughly $6.4 per pound in late January. Prices of the red metal were mostly volatile during February, largely trading near $6 per pound.

Copper prices came under pressure in March amid concerns about the impact of surging oil prices on the global economy due to the war in the Middle East. This dragged down prices to a three-month low of around $5.3 per pound in late March. Prices rebounded in April on hopes of a de-escalation in the Iran war. Prices shot up to around $6.6 per pound in May amid robust demand in China and supply worries linked to the Middle East conflict.

Copper surged to an all-time high near $6.7 per pound in early June on supply woes. Prices are currently hovering near $6.5 per pound. Our estimate for the second-quarter average realized copper price for FCX is $5.98 per pound, which indicates a year-over-year rise of 31.7%.

FCX’s results are likely to be unfavorably impacted by lower sales volumes due to the Grasberg mine incident. Freeport’s copper sales volumes tumbled approximately 25% year over year in the first quarter to 657 million pounds, and fell from 709 million pounds in the prior quarter. The downside primarily resulted from lower operating rates due to the temporary suspension of operations since the mud rush incident at the Grasberg Block Cave mine in Indonesia in September 2025.

While the company’s outlook for copper sales volumes for the second quarter of 690 million pounds indicates a sequential improvement, it still suggests a 32% year-over-year decline.  For full-year 2026, consolidated sales volume projections were revised lower 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 year-over-year sales volumes are expected to have weighed on its top line.

Higher unit costs are also likely to have affected the company’s performance in the June quarter. Its outlook for the second quarter suggests higher costs on a sequential basis. FCX expects unit net cash costs to rise to $2.24 per pound, while projecting a full-year average of roughly $1.95 (compared with $1.65 in 2025). The projected second-quarter unit cost reflects a roughly 98% year-over-year and 17% increase from the prior quarter. The uptick in costs reflects higher costs of energy and other consumables due to the Middle East conflict and persistent pressure on volumes.

Basic Materials Stocks That Warrant a LookHere are some companies in the basic materials space you may want to consider, as our model shows they too have the right combination of elements to post an earnings beat this quarter:

The Sherwin-Williams Company (SHW - Free Report) , scheduled to release earnings on July 28, has an Earnings ESP of +0.94% and carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

The consensus estimate for SHW’s earnings for the second quarter is currently pegged at $3.56.

Methanex Corporation (MEOH - Free Report) , scheduled to release earnings on July 28, has an Earnings ESP of +0.06%.

The Zacks Consensus Estimate for MEOH's earnings for the second quarter is currently pegged at $4. MEOH currently carries a Zacks Rank #2.

Element Solutions Inc (ESI - Free Report) , slated to release earnings on July 27, has an Earnings ESP of +1.54% and carries a Zacks Rank #2 at present.

The consensus mark for ESI’s second-quarter earnings is currently pegged at 43 cents.

The mining industry is set to report second-quarter 2026 earnings against a backdrop of stronger year-over-year commodity prices and resilient demand for copper, gold and other critical minerals. While precious metals such as gold and silver retreated from the record highs reached earlier this year, they remained well above year-ago levels throughout the quarter. Meanwhile, industrial metals, including copper and zinc, strengthened during the period. 

The mining stocks fall within the broader Zacks Basic Materials sector, which seems positioned for a solid performance this earnings season. Per the latest Earnings Trends report, the sector is among seven of the 16 Zacks sectors expected to deliver double-digit year-over-year earnings growth. Sector earnings are projected to increase 45.2% on 14.3% revenue growth, supported by higher realized commodity prices. 

Against this favorable backdrop, we have identified four mining companies, FreeportMcMoRan (FCX - Free Report) , Teck Resources (TECK - Free Report) , DPM Metals Inc. (DPMLF - Free Report) and Triple Flag Precious Metals Corp. (TFPM - Free Report) that appear poised to beat earnings estimates this season and are also likely to deliver improved year-over-year results. 

How Have Things Shaped Up for These Companies?Price movements across key non-ferrous metals during the April–June 2026 period remained favorable, providing meaningful support to miners’ top lines. 

Gold had a volatile second quarter following its strong start to the year. The metal touched a high of $4,917.70 per ounce in mid-April, below the record $5,626.80 reached in January, before falling to $3,955.40 by the end of June. Despite the pullback, gold averaged roughly $4,532 per ounce during the quarter, up 37% year over year.

Gold prices came under pressure for much of the quarter on expectations of a resolution to the U.S.-Iran conflict. Rising real yields and a stronger U.S. dollar increased the opportunity cost of holding non-yielding assets such as gold. Even after the correction, gold remained among the best-performing commodities over the past year.

Silver also experienced heightened volatility. Prices reached a high of $90 an ounce during the second quarter, lower than the high of $121.78 an ounce hit in January. The metal remained sensitive to geopolitical developments, inflation concerns driven by higher energy prices, a stronger U.S. dollar and shifting expectations for U.S. monetary policy. Nevertheless, silver averaged $73.54 per ounce during the quarter, representing a 118% increase from the year-ago period.

Copper prices ranged between $5.51 and $6.72 per pound during the quarter, averaging $6.19 per pound, up 30% year over year. Continued demand from electrification, renewable energy projects and grid infrastructure investment, along with improving industrial activity and persistent supply concerns, continued to support prices.

Among other base metals, zinc prices increased roughly 30% year over year, supported by improving industrial activity, tight concentrate supplies and production cuts at several smelters.

Overall, these favorable commodity price trends are expected to have supported revenues for companies such as Freeport-McMoRan, Teck Resources, DPM Metals and Triple Flag Precious Metals.

However, operating conditions remained challenging. Higher input costs, particularly fuel and energy expenses, are likely to have partially offset the benefit of stronger commodity prices during the quarter. Miners continued focusing on improving throughput, optimizing portfolios and mining higher-grade ore to help mitigate cost pressures.

How to Pick Earnings Estimates Beating Stocks?Identifying stocks that are poised to beat on earnings in their upcoming releases might seem a daunting task. However, our proprietary Zacks methodology makes it fairly simple. 

One can pick stocks which have the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

Our research shows that for stocks with this combination, the chance of an earnings surprise is as much as 70%.

Earnings ESP is our proprietary methodology for determining stocks that have the best chances to surprise with their next earnings announcement. It is the percentage difference between the Most Accurate Estimate and the Zacks Consensus Estimate. You can uncover the best stocks before they are reported with our Earnings ESP Filter.

4 Potential Outperformers This SeasonTeck Resources has an Earnings ESP of +19.61% and a Zacks Rank of 2 at present. The company is scheduled to report second-quarter 2026 results on July 23.

The Zacks Consensus Estimate for TECK’s second-quarter earnings is pegged at 79 cents per share, implying an 185% surge from the year-ago quarter’s actual. The estimate has moved up 14.9% over the past 60 days. TECK has an average earnings surprise of 52.6% in the trailing four quarters.

Our model projects second-quarter copper production of 127.8 thousand tons, up 17% year over year, supported by higher output from Quebrada Blanca, Highland Valley Copper, Antamina and Carmen de Andacollo. Copper sales are also projected to increase 25% to 127.8 thousand tons.

We estimate second-quarter zinc production of 108.3 thousand tons, down 36% year over year, reflecting lower output at Antamina and Red Dog. We project second-quarter refined zinc output at 52.8 thousand tons, indicating a 3.5% rise. Sales at Red Dog are expected to be 30-40 thousand tons, and our estimate is 40 thousand tons, implying a 14% increase. We expect total refined zinc sales to decline 5.7% to 52.8 thousand tons and zinc in concentrate sales to be down 22.5% to 50.4 thousand tons.

Higher sales volumes for copper and higher prices for copper and zinc are expected to have offset the impacts of lower zinc sales volumes and elevated costs in the quarter.

FreeportMcMoRan has an Earnings ESP of +6.93% and a Zacks Rank of 3 at present. It is scheduled to release second-quarter 2026 results on July 23 

The Zacks Consensus Estimate for FCX’s second-quarter earnings has moved up 5.26% over the past 60 days and is pegged at 60 cents per share. It indicates a 11% increase from the year-ago quarter. The company has an average earnings surprise of 32.1% in the trailing four quarters.

The company’s outlook for copper sales volumes for the second quarter of 2026 of 690 million pounds indicates a sequential improvement, but suggests a 32% year-over-year decline. Freeport's outlook for the second quarter of 2026 also suggested higher costs on a sequential basis. It expects unit net cash costs to rise to $2.24 per pound, which reflects a roughly 98% 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 prices of copper and gold are expected to negate the impact of lower sales and higher costs on its margins.

DPM Metals has an Earnings ESP of +25.76% and a Zacks Rank of 3 at present. It is expected to release second-quarter 2026 results on July 30.

The Zacks Consensus Estimate for DPM Metals’ second-quarter earnings is pegged at 66 cents per share, indicating a 27% increase from the year-ago quarter. The estimate has moved down 4.3% over the past 60 days. DPMLF has an average earnings surprise of 8.77% in the trailing four quarters.

The company recently reported second-quarter production of approximately 102,000 gold equivalent ounces (GEOs) compared with 84,042 GEOs in the first quarter, driven by strong performance at Chelopech and the continued ramp-up at the Vareš mine.

Vareš produced approximately 35,000 GEOs, in line with its planned ramp-up toward full production. Development rates exceeded 400 meters per month, while processed ore increased 48% sequentially to 117,000 tons. Chelopech produced approximately 56,000 GEOs, benefiting from higher planned gold and silver grades. Ada Tepe produced approximately 11,000 GEOs in the second quarter. 

Payable metals in concentrate sold were 87,000 GEOs in the second quarter. Overall, higher production, sales and prices are expected to boost the company’s second-quarter results. 

Triple Flag Precious Metals has an Earnings ESP of +1.52% and a Zacks Rank of 3 at present. It is expected to release second-quarter 2026 results on Aug. 5.

The Zacks Consensus Estimate for TFPM’s second-quarter 2026 earnings is 33 cents per share, indicating a 37.5% year-over-year increase. The estimate has moved down 5.7% over the past 60 days. TFPM has an average earnings surprise of 7.79% in the trailing four quarters.

The company recently reported preliminary second-quarter metal sales of 28,674 GEOs, essentially unchanged from 28,682 GEOs in the year-ago quarter. Gold GEOs declined 6% year over year to 18,181, but this was offset by a 6% increase in silver GEOs to 9,846. Copper GEOs totaled 647 during the quarter. Second-quarter revenues reached $129.2 million, up 37% year over year, driven primarily by higher silver sales volumes and stronger realized metal prices. Preliminary cost of sales, excluding depletion, was approximately $25 million.

During the second quarter, the company also completed the $440 million acquisition of a gold stream on the Ravenswood mine in Australia, adding immediate cash flow, and bought back $20 million of shares in the open market.

In its upcoming report, Freeport-McMoRan (FCX - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $0.60 per share, reflecting an increase of 11.1% compared to the same period last year. Revenues are forecasted to be $6.47 billion, representing a year-over-year decrease of 14.6%.

The consensus EPS estimate for the quarter has been revised 6.5% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.

Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.

While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.

Given this perspective, it's time to examine the average forecasts of specific Freeport-McMoRan metrics that are routinely monitored and predicted by Wall Street analysts.

The collective assessment of analysts points to an estimated 'Revenues- Indonesia' of $1.23 billion. The estimate indicates a change of -64% from the prior-year quarter.

It is projected by analysts that the 'Revenues- Molybdenum' will reach $350.55 million. The estimate points to a change of +94.8% from the year-ago quarter.

Analysts' assessment points toward 'Revenues- South America copper mines' reaching $1.66 billion. The estimate suggests a change of +31.5% year over year.

Analysts expect 'Revenues- North America copper mines' to come in at $2.15 billion. The estimate points to a change of +25.5% from the year-ago quarter.

According to the collective judgment of analysts, 'Sales in thousands of ounces - Gold - Consolidated basis' should come in at 140 thousands of ounces. The estimate compares to the year-ago value of 522 thousands of ounces.

The average prediction of analysts places 'Production in millions of pounds - Molybdenum - By-product - North America' at 8 millions of pounds. The estimate is in contrast to the year-ago figure of 9 millions of pounds.

The consensus among analysts is that 'Sales in millions of pounds - Copper - Consolidated' will reach 692 millions of pounds. Compared to the current estimate, the company reported 1016 millions of pounds in the same quarter of the previous year.

The consensus estimate for 'Sales in millions of pounds - Copper - Indonesia - Grasberg' stands at 113 millions of pounds. The estimate compares to the year-ago value of 443 millions of pounds.

Analysts forecast 'Sales in millions of pounds - Copper - Total South America' to reach 259 millions of pounds. The estimate is in contrast to the year-ago figure of 265 millions of pounds.

The combined assessment of analysts suggests that 'Sales in millions of pounds - Copper - Total North America' will likely reach 321 millions of pounds. Compared to the present estimate, the company reported 308 millions of pounds in the same quarter last year.

Based on the collective assessment of analysts, 'Sales in millions of pounds - Molybdenum - Consolidated basis' should arrive at 22 millions of pounds. The estimate is in contrast to the year-ago figure of 22 millions of pounds.

Analysts predict that the 'Average realized price per pound - Molybdenum' will reach $27.73 . Compared to the current estimate, the company reported $21.10 in the same quarter of the previous year.

View all Key Company Metrics for Freeport-McMoRan here>>>

Shares of Freeport-McMoRan have demonstrated returns of -15% over the past month compared to the Zacks S&P 500 composite's +0.6% change. With a Zacks Rank #3 (Hold), FCX is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Freeport-McMoRan (FCX - Free Report) is expected to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 23. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis mining company is expected to post quarterly earnings of $0.60 per share in its upcoming report, which represents a year-over-year change of +11.1%.

Revenues are expected to be $6.47 billion, down 14.6% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 6.52% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Freeport-McMoRan?For Freeport-McMoRan, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +6.93%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Freeport-McMoRan will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Freeport-McMoRan would post earnings of $0.47 per share when it actually produced earnings of $0.57, delivering a surprise of +21.28%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Freeport-McMoRan appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerAmong the stocks in the Zacks Mining - Non Ferrous industry, First Quantum Minerals (FQVLF - Free Report) , is soon expected to post loss of $0 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of -100%. This quarter's revenue is expected to be $1.42 billion, up 15.4% from the year-ago quarter.

The consensus EPS estimate for First Quantum Minerals has been revised 11.3% higher over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -424.99%.

When combined with a Zacks Rank of #4 (Sell), this Earnings ESP makes it difficult to conclusively predict that First Quantum Minerals will beat the consensus EPS estimate. Over the last four quarters, the company surpassed EPS estimates just once.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Freeport-McMoRan (FCX - Free Report) closed the most recent trading day at $61.52, moving +1.64% from the previous trading session. The stock outperformed the S&P 500, which registered a daily gain of 0.42%. Elsewhere, the Dow saw an upswing of 0.29%, while the tech-heavy Nasdaq appreciated by 0.29%.

Coming into today, shares of the mining company had lost 8.76% in the past month. In that same time, the Basic Materials sector lost 4.07%, while the S&P 500 gained 2.2%.

The investment community will be closely monitoring the performance of Freeport-McMoRan in its forthcoming earnings report. The company is scheduled to release its earnings on July 23, 2026. The company's upcoming EPS is projected at $0.58, signifying a 7.41% increase compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $6.4 billion, indicating a 15.55% decline compared to the corresponding quarter of the prior year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $2.62 per share and revenue of $27.84 billion. These totals would mark changes of +48.02% and +7.42%, respectively, from last year.

Investors should also pay attention to any latest changes in analyst estimates for Freeport-McMoRan. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 4.8% higher. Freeport-McMoRan is currently a Zacks Rank #3 (Hold).

Looking at its valuation, Freeport-McMoRan is holding a Forward P/E ratio of 23.06. This signifies a premium in comparison to the average Forward P/E of 22.71 for its industry.

We can additionally observe that FCX currently boasts a PEG ratio of 0.62. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Mining - Non Ferrous stocks are, on average, holding a PEG ratio of 1.29 based on yesterday's closing prices.

The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 89, which puts it in the top 37% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

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.

Shares of this mining company have returned -7.4% over the past month versus the Zacks S&P 500 composite's +1.1% change. The Zacks Mining - Non Ferrous industry, to which Freeport-McMoRan belongs, has lost 5.6% over this period. Now the key question is: Where could the stock be headed in the near term?

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.

Revisions to Earnings EstimatesHere 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.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

For the current quarter, Freeport-McMoRan is expected to post earnings of $0.61 per share, indicating a change of +13% from the year-ago quarter. The Zacks Consensus Estimate has changed +2.7% over the last 30 days.

The consensus earnings estimate of $2.63 for the current fiscal year indicates a year-over-year change of +48.6%. This estimate has changed +4.8% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $3.5 indicates a change of +32.9% from what Freeport-McMoRan is expected to report a year ago. Over the past month, the estimate has changed +1.2%.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Freeport-McMoRan is rated Zacks Rank #3 (Hold).

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.

In the case of Freeport-McMoRan, the consensus sales estimate of $6.38 billion for the current quarter points to a year-over-year change of -15.8%. The $27.84 billion and $32.36 billion estimates for the current and next fiscal years indicate changes of +7.4% and +16.2%, respectively.

Last Reported Results and Surprise HistoryFreeport-McMoRan reported revenues of $6.23 billion in the last reported quarter, representing a year-over-year change of +8.8%. EPS of $0.57 for the same period compares with $0.24 a year ago.

Compared to the Zacks Consensus Estimate of $5.61 billion, the reported revenues represent a surprise of +11.05%. The EPS surprise was +21.28%.

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.

Freeport-McMoRan (FCX - Free Report) closed the most recent trading day at $59.33, moving -2.74% from the previous trading session. This move lagged the S&P 500's daily loss of 0.45%. On the other hand, the Dow registered a loss of 0.25%, and the technology-centric Nasdaq decreased by 1.16%.

Prior to today's trading, shares of the mining company had lost 4.55% lagged the Basic Materials sector's loss of 0.89% and the S&P 500's gain of 2.14%.

Investors will be eagerly watching for the performance of Freeport-McMoRan in its upcoming earnings disclosure. The company is expected to report EPS of $0.6, up 11.11% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $6.35 billion, indicating a 16.25% downward movement from the same quarter last year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.59 per share and a revenue of $27.61 billion, signifying shifts of +46.33% and +6.56%, respectively, from the last year.

It is also important to note the recent changes to analyst estimates for Freeport-McMoRan. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.15% higher. Currently, Freeport-McMoRan is carrying a Zacks Rank of #3 (Hold).

Investors should also note Freeport-McMoRan's current valuation metrics, including its Forward P/E ratio of 23.51. This valuation marks a premium compared to its industry average Forward P/E of 23.17.

We can also see that FCX currently has a PEG ratio of 0.63. 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 1.34 as trading concluded yesterday.

The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 88, putting it in the top 36% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

The metals supercycle argument holds that long-term spending on decarbonization, electrification, renewable energy, and AI infrastructure will boost end demand for miners, even as supply constraints remain real and constant. While this presents opportunities for rare earth companies like MP Materials (MP 1.79%) and copper miners like Freeport-McMoRan (FCX +0.73%), there's a key difference in their risk/reward calculations that favors the latter.

Freeport-McMoRan over MP Materials If you believe in the metals supercycle argument, loosely sketched out above, then it makes sense to invest in a stock that best manifests that view, rather than one that contains risks over and above that view. In this context, I think Freeport-McMoRan is a better investment than MP Materials on a risk/reward basis for metals supercycle investors.

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MP Materials carries substantive risk MP Materials is a fine and worthy stock, but investors need to carry the execution risk inherent in its construction of a rare-earth magnet manufacturing facility in Northlake, Texas, known as "10X." On top of that its partnership with the U.S. Department of Defense (DoD) is not without controversy, not least as the DoD has invested in the company and provided it with a 10-year pricing floor guarantee, and, according to the press release, "DoD has agreed to ensure that 100% of the magnets produced at the 10X Facility will be purchased by defense and commercial customers."

Meanwhile, recent export controls imposed by China will make it harder for the company to acquire rare-earth processing technology.

Copper is a safer bet On the demand side, copper looks like a safe bet. It's used extensively in data centers, and the electrification needed to support it. In addition, electric vehicles use multiple times as much copper as internal combustion engines, and copper is also a core part of charging networks and indispensable for connecting renewable energy to the grid. In short, copper lies at the heart of the electrification of everything trend.

Image source: Getty Images.

On the other hand, ongoing supply constraints linked to long development lead times (more than 15 years from discovery to production), increasing political inflexibility in approving new mines, and declining ore grades are challenging supply growth.

Rising demand and curtailed supply growth point to higher prices down the line, and the good news is Freeport-McMoRan is well placed to benefit from them.

Three reasons why Freeport-McMoRan can win out First, the company is on track to recover copper production through 2026 and into 2027 following a traffic accident in Indonesia last year, with management forecasting 3.1 billion pounds of copper sales in 2026, rising to 3.8 billion in 2027 and then 4.1 billion in 2028.

Second, management's cost-effective leaching initiative (recovering copper from existing material stockpiles) targets up to 400 million pounds per annum by 2027 and 800 million pounds per annum by 2030 -- a cost-effective way to increase production.

Image source: Getty Images.

Third, the company has multiple expansion projects in its pipeline, notably in the U.S., where management believes it can expand production (in concert with its leaching initiative) to increase copper production from 1.2 billion pounds to 2 billion pounds by 2030.

All told, Freeport-McMoran presents a lower downside risk option than MP Materials, but still has the upside potential to handsomely reward investors who believe in a long-term metals supercycle.

© ShutterstockProfessional / Shutterstock.com

Southern Copper (NYSE:SCCO | SCCO Price Prediction) is the name on every commodity desk’s lips right now, with the stock up 73.95% over the past year on the back of a screaming copper tape.

Southern Copper is the wrong vehicle for the copper supercycle, and the market is starting to figure it out. The stock has already slid 11.23% in the past week, and the fundamentals justify more. Southern Copper’s $142.89 billion market cap commands a forward P/E of 39 and an EV/EBITDA of 16, premium multiples for a producer whose Q1 2026 results were a pricing story, not a volume story. Copper production actually declined 4.0% year over year, with Peruvian operations off 9.8% on softer ore grades, while the headline $1.92 EPS and 36.2% revenue growth were almost entirely driven by metal price tailwinds the company does not control.

Worse, Southern Copper produces nothing in the United States. The 50% U.S. copper import tariff that took effect August 1, 2025 is a direct headwind for a Peru and Mexico based producer, and the growth pipeline (Tia Maria, Los Chancas, Michiquillay, El Arco) is back-loaded into 2027 through 2032 and exposed to permitting and political risk on two unfriendly borders. Analysts have noticed: six rate the stock strong sell against zero strong buys.

The Domestic Copper King Trading at a Discount Freeport-McMoRan (NYSE:FCX) is the redirect. At $62.45 with an EV/EBITDA of 10 and a forward P/E of 23, the stock is materially cheaper than Southern Copper on every cash-flow multiple that matters.

1. The tariff moat is real cash. Freeport is the largest domestic U.S. copper producer, with the U.S. mines segment generating $2.20 billion in Q1 2026 revenue. The COMEX premium baked into the tariff structure flows straight to Freeport. Southern Copper sees none of it.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Freeport-McMoRan didn't make the cut. Grab the names FREE today.

2. The U.S. growth pipeline is funded and permitted. CEO Kathleen Quirk called Freeport “America’s Copper Champion” and flagged “the potential for a 60% increase in copper production over the next several years” from U.S. assets alone. Management is targeting 800 million pounds per annum from its leach innovation program by 2030, plus a Bagdad expansion decision later in 2026. None of this requires Peruvian permits.

3. The earnings power is being underestimated. Freeport has now beaten EPS estimates for eight consecutive quarters, including a 21.28% surprise in Q1 2026 ($0.57 against $0.47). At copper prices of $6 per pound, management modeled roughly $17.5 billion in annual EBITDA and $13 billion in operating cash flow. Yet the stock trades only 23.53% higher year to date, and is down 9.07% in the past week on a temporary Grasberg ramp issue management has already engineered around.

That Grasberg overhang is the gift. Quirk described it as “a timing issue with an engineered solution, not a significant cost issue and not a change in the ultimate recovery of the resource”, with full ramp by mid-2027. Meanwhile, the company still has $2.9 billion remaining on its $5 billion buyback authorization.

Freeport-McMoRan looks like the domestic producer the tariff regime was practically written for, while Southern Copper carries the Peruvian premium.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Freeport-McMoRan didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Freeport-McMoRan (FCX - Free Report) closed the most recent trading day at $62.80, moving +1.55% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.01%. Meanwhile, the Dow experienced a rise of 0.14%, and the technology-dominated Nasdaq saw a decrease of 0.46%.

Prior to today's trading, shares of the mining company had lost 2.81% was narrower than the Basic Materials sector's loss of 3.7% and lagged the S&P 500's loss of 1.4%.

Investors will be eagerly watching for the performance of Freeport-McMoRan in its upcoming earnings disclosure. The company is predicted to post an EPS of $0.6, indicating a 11.11% growth compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $6.37 billion, indicating a 15.99% decrease compared to the same quarter of the previous year.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.56 per share and revenue of $27.5 billion, indicating changes of +44.63% and +6.12%, respectively, compared to the previous year.

It is also important to note the recent changes to analyst estimates for Freeport-McMoRan. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 0.21% fall in the Zacks Consensus EPS estimate. Freeport-McMoRan presently features a Zacks Rank of #3 (Hold).

In terms of valuation, Freeport-McMoRan is presently being traded at a Forward P/E ratio of 24.16. This expresses a premium compared to the average Forward P/E of 23.37 of its industry.

We can also see that FCX currently has a PEG ratio of 0.75. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Mining - Non Ferrous industry held an average PEG ratio of 1.31.

The Mining - Non Ferrous industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 104, placing it within the top 43% of over 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.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

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PHOENIX--(BUSINESS WIRE)--Freeport (NYSE: FCX) announced today that its Board of Directors declared cash dividends of $0.15 per share on FCX’s common stock payable on August 3, 2026, to shareholders of record as of July 15, 2026. The declaration includes a base dividend of $0.075 per share and variable dividend of $0.075 per share in accordance with FCX's performance-based payout framework. The payment of dividends is at the discretion of the Board, which will consider FCX's financial results, cash requirements, global economic conditions and other factors it deems relevant.

FREEPORT: Foremost in Copper

FCX is a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world’s largest publicly traded copper producers.

FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant operations in the U.S. and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.

By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available on FCX's website at fcx.com.

More News From Freeport-McMoRan Inc.

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Key Takeaways FCX's expansion projects aim to boost copper output, backed by a strong financial health.BHP boosts copper output and invests billions in new projects like the Escondida concentrator.Copper prices remain volatile yet 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.

Prices of copper, the backbone of electrification, were volatile yet mostly favorable last year due to global economic and trade uncertainties. Copper prices started 2026 on a strong note, underpinned by robust demand from China and the United States. Structural tailwinds, including electric vehicles (EVs), renewable energy projects, data center growth and grid modernization, continue to boost copper consumption. Worries about tightening supply amid rising EV and infrastructure demand also supported the red metal. These factors led to prices surging to roughly $6.4 per pound in late January. Prices of the red metal were mostly volatile during February, largely trading near $6 per pound.

Copper prices came under pressure in March amid concerns about the impact of surging oil prices on the global economy due to the war in the Middle East. This dragged down prices to a three-month low of around $5.3 per pound in late March. Prices rebounded in April on hopes of a de-escalation in the Iran war. Prices shot up to around $6.6 per pound in May amid robust demand in China and supply worries linked to the Middle East conflict.

Copper surged to an all-time high near $6.7 per pound earlier this month on supply woes. Prices have pulled back from that level and are currently hovering near $6.3 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. It 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.

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. FCX completed studies in 2025 that showed 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 surged 36% year over year to around $1.5 billion in the first quarter of 2026. Freeport ended the first quarter with strong liquidity, including $3.7 billion in cash and cash equivalents, $3 billion in availability under the FCX revolving credit facility, and $1.5 billion in availability under the PT-FI credit facility.

At the end of the first quarter, Freeport had a net debt of $2.4 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 14% (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, however, faces headwinds from higher costs. Its outlook for the second quarter of 2026 suggests higher costs on a sequential basis. It expects unit net cash costs to rise to $2.24 per pound, while projecting a full-year average of roughly $1.95 (compared with $1.65 in 2025). The projected second-quarter unit cost reflects a roughly 98% year over year and 17% increase from the prior quarter. 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 25% year over year in the first quarter to 657 million pounds, and fell from 709 million pounds in the prior quarter. The downside primarily resulted from lower operating rates due to the temporary suspension of operations since the mud rush incident at the Grasberg Block Cave mine in Indonesia in September 2025.

While the company’s outlook for copper sales volumes for the second quarter of 2026 of 690 million pounds indicates a sequential improvement, it still suggests a 32% year-over-year decline.  For full-year 2026, consolidated sales volume projections were revised lower 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 nearly 70% 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.

   BHP has achieved 30% growth in copper production in the last four years, and copper production reached 1,460.9 kt in the first nine months ended March 31, 2026. BHP guides copper output in fiscal 2026 to be at the upper half of its previously stated range of 1,900-2,000 kt.

BHP, in March 2026, submitted the Environmental Impact Declaration (DIA) permit for the Escondida New Concentrator to replace the aging Los Colorados plant as it nears the end of operations, a move that backs its growth strategy while addressing asset longevity. With an estimated investment of $4.4-$5.9 billion, the project targets new capacity to produce 220-260 kt of copper annually. If executed on schedule, it could provide a significant boost to BHP’s broader copper expansion plans.

The company’s balance sheet remains strong with cash and cash equivalents of $13.5 billion as of Dec. 31, 2025. BHP’s net operating cash flow increased 13% to $9.4 billion in the first half of fiscal 2026, driven by higher realized copper and iron ore prices. Free cash flow increased 10% to $2.9 billion, after spending $5.3 billion on capital and exploration projects. BHP also ended the first half with net debt of $14.7 billion, well within its $10-$20 billion target range.

BHP remains committed to driving shareholder value, having determined an interim dividend of $3.7 billion. Since the introduction of its capital allocation framework in 2026, BHP has delivered more than $110 billion to its shareholders. BHP offers a dividend yield of roughly 3.3% at the current stock price.

FCX & BHP: Price Performance, Valuation & Other ComparisonsThe FCX stock has gained 64.7% over the past year, while BHP has rallied 81.4%.

Image Source: Zacks Investment Research

FCX is currently trading at a forward 12-month earnings multiple of 23.01. BHP is currently trading at a forward 12-month earnings multiple of 15.86, below FCX. 

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BHP’s return on equity of 17.72% is higher than FCX’s 9.88%. This reflects BHP’s efficient use of shareholder funds in generating profits.

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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 6.1% and 44.6%, respectively. The EPS estimates for 2026 have been going up over the past 60 days.

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The consensus estimate for BHP’s current fiscal year sales implies a year-over-year rise of 2.6%. The same for EPS suggests a 41.5% year-over-year increase. The EPS estimates for the current fiscal year have been trending northward over the past 60 days.

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FCX or BHP: Which Is a Better Pick?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.

BHP currently carries a Zacks Rank #2 (Buy), while FCX has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the latest trading session, Freeport-McMoRan (FCX - Free Report) closed at $70.13, marking a +2.51% move from the previous day. This change outpaced the S&P 500's 1.65% gain on the day. Meanwhile, the Dow experienced a rise of 0.92%, and the technology-dominated Nasdaq saw an increase of 3.07%.

Heading into today, shares of the mining company had gained 8.57% over the past month, outpacing the Basic Materials sector's loss of 4.3% and the S&P 500's gain of 0.48%.

Market participants will be closely following the financial results of Freeport-McMoRan in its upcoming release. The company is forecasted to report an EPS of $0.6, showcasing a 11.11% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.37 billion, down 15.99% from the year-ago period.

FCX's full-year Zacks Consensus Estimates are calling for earnings of $2.56 per share and revenue of $27.5 billion. These results would represent year-over-year changes of +44.63% and +6.12%, respectively.

It's also important for investors to be aware of any recent modifications to analyst estimates for Freeport-McMoRan. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).

Investors should also note Freeport-McMoRan's current valuation metrics, including its Forward P/E ratio of 26.67. This valuation marks a premium compared to its industry average Forward P/E of 26.42.

It is also worth noting that FCX currently has a PEG ratio of 0.82. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Mining - Non Ferrous industry had an average PEG ratio of 1.55 as trading concluded yesterday.

The Mining - Non Ferrous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 186, positioning it in the bottom 24% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Crude oil settling near $95 a barrel after touching almost $115 in early April has handed the market a cleaner rotation setup than anything tech has offered in months. The IBD Stock Market Today host made the call directly: with USO breaking its 10-week moving average and the 10-year Treasury yield retreating from mid-May highs, conditions favor travel, materials, and infrastructure plays that have lagged the AI trade.

I have followed enough rotation calls to know most fade inside a week. This one has the weight behind it.

Jets Catch a Bid as Fuel Costs Cool The U.S. Global Jets ETF (NYSEARCA:JETS) closed Friday near $30, up almost 6% for the week and 13% over the past month. The host said: “A lot of times these travel stocks do much better when oil starts coming in. And this is not a bad setup. It had a good week, up over 5% for this week.” JETS also found support at its 40-week moving average, which technicians read as a credible base.

Jet fuel is the second-largest cost item for airlines after labor. Every $10 drop in crude flows directly into operating margin. With WTI down 4% for the month and the 12-month average sitting near $73, carriers have room either to expand earnings or to hold fares and grab share.

Materials Break the Downtrend The Materials Select Sector SPDR (NYSEARCA:XLB) rose 2% Friday and 3% for the week to near $52. The host flagged the chart: “Are we crossing that downtrend? And it certainly looks the case in XLB.” Three names inside XLB matter most to this story.

Linde (NASDAQ:LIN | LIN Price Prediction), the industrial gases giant, trades near $523 with Q1 2026 EPS of $4.33 and a fresh dividend bump to $1.60 quarterly from $1.50 last year. Linde returned $1.545 billion to shareholders in Q1 alone and guided FY 2026 EPS to $17.60 to $17.90.

Nucor (NYSE:NUE) is the steel story. Shares trade at $266, up 64% year-to-date and 128% over twelve months. Q1 2026 revenue rose 21% to $9.50 billion, EPS came in at 3.23, beating the 2.82 estimate, and the company authorized a $4.0 billion buyback in February. Nucor just paid its 212th consecutive quarterly dividend and notched its 53rd straight year of increases.

Freeport-McMoRan (NYSE:FCX) hands investors copper and gold exposure into the electrification buildout. The stock rallied 8% on the week to almost $68, with Q1 2026 revenue up 12% to $6.23 billion. The dividend stays at $0.15 quarterly (half base, half variable), and $2.9 billion remains on the $5.0 billion buyback authorization.

Infrastructure Where the Backlog Tells the Story The Global X U.S. Infrastructure Development ETF (NYSEARCA:PAVE) closed near $58, up 21% year-to-date. PAVE’s deliberate diversification keeps any single holding under 4% of net assets, so the story is the basket.

The flagship name is Quanta Services (NYSE:PWR). The electric grid services contractor printed Q1 2026 EPS of 2.68, beating the 2.03 estimate, revenue jumped 26% to $7.87 billion, and the backlog hit a record $48.5 billion. Management guided FY 2026 adjusted EPS to $13.55 to $14.25. Shares trade at $707, up 68% YTD, though the stock is down 9% over the past month, the only soft spot in this group.

Rates Cooperate, Too The 10-year Treasury yield sits at 4.45%, down from a mid-May high of 4.67%. That move matters more than the oil drop for capital-intensive names. Quanta, Nucor, and Freeport all carry leverage to project economics that improve when long rates ease.

What I Am Watching Three things keep this rotation alive or kill it.

WTI under $100. Anything north of $100 flips airlines back to defense and erases the JETS thesis. The 10-year staying below the May peak. A retest of 4.67% pressures every name in PAVE and XLB through discount-rate math. Spot prices in copper and steel. FCX and NUE need commodity pricing to validate the equity move, otherwise the rally is rotation in search of fundamentals. The cleanest expression here is the ETF route: JETS for the fuel-cost reversal, XLB for the materials trend break, PAVE for the multi-year grid buildout. The names inside are the ones doing the heavy lifting, and they are where the next leg of this trade will be won or lost.

Freeport-McMoRan Inc. (FCX) Presents at Bank of America Global Metals, Mining & Steel Conference 2026 Transcript