With a market cap of $89.7 billion, Freeport-McMoRan Inc. (FCX) is a U.S.-based mining company engaged in the exploration and production of copper, gold, molybdenum, silver, and other metals across North America, South America, and Indonesia. It operates major mining assets including the Grasberg minerals district in Indonesia and several large-scale mines in the United States, Peru, and Chile.
Shares of the Phoenix, Arizona-based company have outperformed the broader market over the past 52 weeks. FCX stock has surged 49.7% over this time frame, while the broader S&P 500 Index ($SPX) has gained 11.1%. Moreover, shares of the company have increased 23% on a YTD basis, compared to SPX's 10.7% rise.
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Looking closer, shares of the copper miner have also outpaced the State Street Materials Select Sector SPDR ETF's (XLB) 22.4% return over the past 52 weeks.
www.barchart.com Freeport-McMoRan shares rose 1.2% on Oct. 27 after the company reported better-than-expected Q3 2026 results, supported by sharply higher realized prices for copper, gold and molybdenum. Net profit nearly doubled to $1.17 billion, or $0.81 per share and revenue increased to $7.55 billion; copper prices rose 40% to $6.54 per pound, gold prices climbed 21% to $4,273 per ounce, and molybdenum prices advanced 35% to $32.46 per pound. However, gains were limited by an 8.8% decline in copper production to 832 million pounds, a 48% increase in copper unit cash costs to $2.07 per pound, reduced full-year copper sales guidance to approximately 3 billion pounds, and higher capital expenditure expectations.
For the fiscal year ending in December 2026, analysts expect FCX's adjusted EPS to increase 71.8% year-over-year at $3.04. The company's earnings surprise history is strong. It beat the consensus estimates in each of the last four quarters.
Among the 24 analysts covering the stock, the consensus rating is a “Strong Buy.” That’s based on 17 “Strong Buy” ratings, two “Moderate Buys,” and five “Holds.”
www.barchart.com This configuration has remained unchanged over the past three months.
On Oct. 7, Barclays analyst Richard Garchitorena maintained a “Buy” rating on Freeport-McMoRan, with a $83 price target.
The mean price target of 78.89, representing a premium of 26.3% to FCX's current price. The Street-high price target of $90 suggests a 44.1% potential upside.
On the date of publication, Sohini Mondal did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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