Core Thesis - The investment thesis for Freeport-McMoRan (FCX) remains strong due to the long-term electrification trend, with expectations for higher revenues and dividends as copper prices rise [1][2]. Company Performance - FCX has experienced an 11.3% rally, outperforming the market's 3.2% increase, largely due to the Panama mine closure leading to perceived supply tightness [1]. - In FQ1'24, FCX reported a realized copper price of $3.94 per pound, a 3.4% increase QoQ and a 45% increase from the 2019 price of $2.73 [1]. - The company's revenues for FQ1'24 reached $6.32 billion, reflecting a 7.1% increase QoQ and a 17.4% increase YoY [1]. Copper Market Dynamics - Spot copper prices have reached $4.50 per pound, a 14.2% increase YoY and a 73% increase from the 2019 average of $2.60, indicating strong market conditions for FCX [2]. - Projections suggest that copper prices may remain elevated due to ongoing demand from electrification in automotive and renewable energy sectors [3]. Future Outlook - FCX management anticipates over $13 billion in adjusted EBITDA and $9 billion in operating cash flow for FY2024, supported by high copper prices [3]. - The demand for copper is expected to surge significantly, with forecasts indicating an 11x increase in the transport sector and a 4.8x increase in global electricity grids by 2050 [3]. Dividend and Stock Performance - FCX's stock has rallied by 34.3% since February 2024 and 48.2% since October 2023, with most capital appreciation linked to spot prices already reflected [7]. - The company maintains a performance-based dividend policy, currently paying $0.30 per share annually, which may not see significant increases in the near term [7].

Electric vehicle sales are expected to accelerate this year, creating a big opportunity for some of the top EV stocks to buy.We have to remember that 2023 EV sales were strong. U.S. consumers, for example, bought 1.19 million EVs last year, up 46% year-over-year, according to Cox Automotive, as noted by Inside Climate News.It was the first time U.S. EV sales reached a million in a year.For 2024, sales are expected to increase anywhere from 20% to 30%. Plus, according to Michelle Krebs, executive auto analys ...

Freeport-McMoRan (FCX) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.Over the past month, shares of this mining company have returned +5.7%, compared to the Zacks S&P 500 composite's +3.2% change. During this period, the Zacks Mining - Non Ferrous industry, which Freeport-McMoRan falls in, has gained 0.5%. The key question now is: What could be the stock's future direction?Whi ...

In the latest market close, Freeport-McMoRan (FCX) reached $51.53, with a +0.64% movement compared to the previous day. This change lagged the S&P 500's 0.7% gain on the day. Meanwhile, the Dow gained 0.01%, and the Nasdaq, a tech-heavy index, added 1.1%.The mining company's stock has climbed by 3.64% in the past month, exceeding the Basic Materials sector's gain of 3.13% and lagging the S&P 500's gain of 4.03%.The investment community will be paying close attention to the earnings performance of Freeport-M ...

Subscribers to Schaeffer's Weekend Trader options recommendation service received this FCX commentary on Sunday night, along with a detailed options trade recommendation -- including complete entry and exit parameters. Learn more about why Weekend Trader is one of our most popular options trading services.Freeport-McMoRan Inc (NYSE:FCX) stock hit multi-year highs last week, after a bullish cup-and-handle breakout above $51.40-$51.70. This area is 1.5 times multiple 2023 closing lows, as well as its June 202 ...

A month has gone by since the last earnings report for Freeport-McMoRan (FCX) . Shares have added about 6.2% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Freeport-McMoRan due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Freeport's Earnings and Revenues Surpass Est ...

Key TakeawaysThe S&P 500 edged 0.1% higher on Friday, May 17, 2024, ending the week just a few points below its all-time high posted Wednesday. Shares of mining company Freeport-McMoRan hit a 52-week high as copper prices jumped to record levels.Paramount Global shares dropped amid reports that its board is looking into replacing its CEO with an executive committee as buyout negotiations continue. Major U.S. equities indexes were mixed to close out a trading week that saw all three market gauges pop to all- ...

Freeport-McMoRan (FCX) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Over the past month, shares of this mining company have returned +3.8%, compared to the Zacks S&P 500 composite's +5% change. During this period, the Zacks Mining - Non Ferrous industry, which Freeport-McMoRan falls in, has gained 6.3%. The key question now is: What could be the stock's future d ...

No curveballs from the April CPI data … this commodity is breaking out as Eric Fry suggested … another Fry recommendation for you … last call for the Masters in Trading Summit replayThis morning, we got the second of this week’s three inflation reports, and all things considered, it was a win.April’s Consumer Price Index (CPI) increased 0.3% from March, which was slightly below the Dow Jones estimate of 0.4%. The year-over-year figure rose 3.4%, which was in line with expectations.Core CPI, which strips out ...

Freeport-McMoRan Inc. Conference Call Summary Company Overview - **Company**: Freeport-McMoRan Inc. (NYSE: FCX) - **Event**: BofA Securities Global Metals, Mining and Steel Conference - **Date**: May 14, 2024 - **Participants**: Richard Adkerson (Chairman and CEO), Lawson Winder (Bank of America) Key Points Industry Insights - The copper market is experiencing a shift in demand from China to a broader range of markets, indicating a change in the supply-demand dynamics [5][6] - Mining, particularly copper mining, is characterized by challenges such as government relations and declining ore grades, which are expected to impact future supply [6] CEO Transition - Richard Adkerson will transition to a new CEO, Kathleen Quirk, who has been with the company for over 20 years and is expected to lead effectively [4] Copper Price Outlook - Adkerson predicts higher copper prices driven by fundamental supply-demand factors, with a potential incentive price for new supply estimated at $12,000 per ton [8][10] - The company is optimistic about its future, focusing solely on copper after past diversions into other areas [6] Supply Challenges - There is a recognition that new copper supply is limited, with barriers beyond just price, including regulatory and community support issues [9][10] - The company is prepared for potential mergers and acquisitions but emphasizes organic growth as its primary strategy [12] Novel Leach Technology - Freeport is advancing its Novel Leach technology, targeting an increase in production from 200 million pounds to 800 million pounds annually, which is seen as a low-capital, low-emission opportunity [13][15][17] - The focus is on operational improvements and research to enhance leaching processes [16][18] Shareholder Returns - Freeport has a policy of returning 50% of available cash to shareholders, with a strong balance sheet allowing for flexibility in capital allocation [22][24] - The company has not engaged in buybacks since July 2022 but is open to considering shareholder preferences for dividends versus buybacks [25] Indonesia Operations - Freeport has a strong relationship with the Indonesian government, having resolved long-standing disputes and established a framework for future operations [27][28] - Negotiations regarding the extension of Grasberg's operational life beyond 2041 have been completed, with an agreement to increase local interest by 10% effective from 2041 [30][31] Strategic Focus - The company aims to be the best copper company globally, with a clear focus on copper as its core strategy [34] - Future projects, such as the Bagdad expansion, face challenges related to workforce availability and housing, but the project is deemed economically viable [36][38] Additional Projects - Freeport is also looking forward to advancing its El Abra project in Chile, which has potential for significant resource development [39] Conclusion Freeport-McMoRan is positioned for growth in the copper market, with a strong focus on operational efficiency, innovative technologies, and maintaining positive relationships with stakeholders. The transition in leadership and strategic initiatives reflect a commitment to enhancing shareholder value while navigating industry challenges.