5 Best Copper Stocks To Invest In According To Analysts

Page 5 of 5

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

Number of Hedge Fund Holders: 83

Average Upside Potential: 17.38% 

Freeport-McMoRan Inc. (NYSE:FCX) is a mining company involved in mineral extraction across North America, South America, and Indonesia. Its primary focus is on exploring for copper, gold, molybdenum, silver, and other metals. Freeport-McMoRan Inc. (NYSE:FCX) is one of the best copper stocks to buy. 

On January 24, Freeport-McMoRan Inc. (NYSE:FCX) exceeded expectations in Q4 adjusted earnings, benefiting from increased copper demand and higher gold prices. Despite lower than anticipated precious metals sales volumes, Q4 copper revenues rose by 7% to 1.1 billion lbs. The average copper price was $3.81/lb, slightly below the full-year 2023 forecast of $3.85/lb as provided in October.

According to Insider Monkey’s fourth quarter database, 83 hedge funds were bullish on Freeport-McMoRan Inc. (NYSE:FCX), compared to 73 funds in the last quarter. 

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)

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also check out Top 20 Fastest Growing Industries in the Next 5 Years: Predictions and 12 Best Gold Stocks Under $25.

Page 5 of 5