5 Best Copper Stocks to Buy

1. Freeport-McMoRan Inc. (NYSE:FCX)

Number of Hedge Fund Holders: 77  

Freeport-McMoRan Inc. (NYSE:FCX) is an American mining company that explores and mines for copper, gold, silver, and other metals. The firm runs seven open-pit copper mines in North America, located in Morenci, Safford, Sierrita and Miami, Chino and Tyrone. In late April, the firm revised copper sales guidance for 2023 downward while upgrading the gold production outlook. The company has reduced the copper sales estimate due to operational challenges at the Grasberg mine in Indonesia, resulting in lower production volumes. 

On April 23, Raymond James analyst Brian MacArthur maintained an Outperform rating on Freeport-McMoRan Inc. (NYSE:FCX) stock and lowered the price target to $47 from $48, noting the shares offer investors exposure to a portfolio of large, low-cost, long life copper assets with significant gold production. 

At the end of the first quarter of 2023, 77 hedge funds in the database of Insider Monkey held stakes worth $1.6 billion in Freeport-McMoRan Inc. (NYSE:FCX), compared to 68 in the preceding quarter worth $4.7 billion. 

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