Freeport-McMoRan (FCX) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
Even though copper prices bottomed on Thursday, Michael Ballanger of GGM Advisory Inc. still thinks Freeport-McMoRan Inc. is a buy.
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Zacks.com users have recently been watching Freeport-McMoRan (FCX) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
If we look at the returns of various asset classes in the last twenty years, commodities are the most undervalued. During this period, the Bloomberg Commodity Index has delivered negative returns at a CAGR of 0.4%.
The company's leaching initiative is starting to bear fruit meaningfully. The copper miner has expansion projects in its pipeline.
Freeport-McMoRan's stock is heavily influenced by copper prices, which have recently dropped about 20% from their peak. Despite a strong quarterly report, I see FCX shares as having near-fair value, while its technical situation shows some reasons for optimism. With hearty EPS growth expected this year through 2026, the stock could grow into its valuation and even become a value play if it posts strong operational results.
Freeport-McMoRan Inc. (NYSE:FCX ) Q2 2024 Earnings Conference Call July 23, 2024 10:00 AM ET Company Participants David Joint - Vice President, Investor Relations Richard Adkerson - Chairman Kathleen Quirk - President & Chief Executive Officer Cory Stevens - President, Mining Services Mark Johnson - President & Chief Operating Officer, Freeport-McMoRan Indonesia; Executive Vice President, PT Freeport Indonesia Conference Call Participants Alan Spence - BNP Paribas Carlos De Alba - Morgan Stanley Liam Fitzpatrick - Deutsche Bank Bob Brackett - Bernstein Orest Wowkodaw - Scotiabank Michael Dudas - VRP Lawson Winder - Bank of America Securities Brian MacArthur - Raymond James Bill Peterson - JPMorgan Operator Ladies and gentlemen, thank you for standing by. Welcome to the Freeport-McMoRan Second Quarter Conference Call.
Freeport (FCX) second-quarter earnings and revenues top estimates on higher copper and gold prices.
The headline numbers for Freeport-McMoRan (FCX) give insight into how the company performed in the quarter ended June 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.