5 Best Copper Stocks To Buy For 2023

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

Number of Hedge Fund Holders: 68

Freeport-McMoRan Inc. (NYSE:FCX) engages in the mining of mineral properties in North America, South America, and Indonesia. The company explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. It is one of the best copper stocks to monitor. On February 2, Freeport-McMoRan Inc. (NYSE:FCX) said it expects significant construction of its $3 billion Indonesian copper smelter, one of the largest in the world, will be concluded by the end of this year.

On March 14, BMO Capital analyst Katja Jancic took over coverage of Freeport-McMoRan Inc. (NYSE:FCX) with an Outperform rating and a price target of $54.

According to Insider monkey’s fourth quarter database, 68 hedge funds were bullish on Freeport-McMoRan Inc. (NYSE:FCX), compared to 57 funds in the prior quarter. Ric Dillon’s Diamond Hill Capital is the largest stakeholder of the company, with approximately 11 million shares worth $414.6 million. 

Diamond Hill Large Cap Strategy made the following comment about Freeport-McMoRan Inc. (NYSE:FCX) in its Q4 2022 investor letter:

“Other top contributors during the quarter were copper producer Freeport-McMoRan Inc. (NYSE:FCX) and health care facilities operator HCA Healthcare. With little fundamental news to report, Freeport-McMoRan’s share price advance in Q4 reflected a rebound in copper prices, driven by the recognition that copper inventories are low relative to historical norms. We believe the company continues to have meaningful price and volume leverage in a copper constrained world.”

Follow Freeport-Mcmoran Inc (NYSE:FCX)

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