5 Best Dividend Stocks to Buy According to Billionaire Stan Druckenmiller

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

Number of Hedge Fund Holders: 61
Dividend Yield: 0.77%

Freeport-McMoRan Inc. (NYSE:FCX) is a global mining company headquartered in Phoenix, Arizona. The company has a large, long-lived, geographically diverse asset portfolio, including significant gold, copper, and molybdenum reserves. Among the company’s asset portfolio includes the Grasberg minerals district in Indonesia, one of the world’s largest gold and copper deposits. FCX also has operations in North America and South America, including the Cerro Verde operation in Peru and the large-scale Morenci minerals district in Arizona.

In the first quarter of 2021, Freeport-McMoRan Inc. (NYSE:FCX) reported $718 million, or $0.48 per share in net income. After adjusting for net charges totaling $38 million, $0.03 per share, the adjusted net income totaled $756 million, or $0.51 per share. FCX sold 258 thousand ounces of gold, 825 million pounds of copper, and 21 million pounds of molybdenum during the quarter. Surge in copper prices with boost its earnings too.

The company projects to sell 1.3 million ounces of gold, 3.85 billion pounds of copper, and 85 million pounds of molybdenum by the end of the year. Out of this, FCX projects to sell 330 thousand ounces of gold, 975 million pounds of copper, and 21 million pounds of molybdenum in the second quarter of 2021. The company announced a dividend of $0.075 per share recently. Healthy demand for the metals in McMoRan’s portfolio is a good reason for this company to be in the list of the top dividend stock picks.