Freeport-McMoRan Inc. (FCX), headquartered in Phoenix, Arizona, is a leading international metals company with the objective of being foremost in copper. With a market cap of $88.6 billion, the company mines mineral properties exploring copper, gold, molybdenum, silver, and other metals.
Shares of this leading international metals company have outperformed the broader market over the past year. FCX has gained 39% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 16.3%. In 2026, FCX’s stock rose 18.3%, surpassing the SPX’s 8.5% rise on a YTD basis.
Narrowing the focus, FCX’s underperformance is apparent compared to iShares Copper and Metals Mining ETF (ICOP). The exchange-traded fund has gained about 59.7% over the past year. However, the stock’s double-digit returns on a YTD basis outshine the ETF’s 8.8% gains over the same time frame.
FCX’s performance benefited significantly from historically high copper and gold prices, which boosted realizations across the board. Furthermore, the company is making steady progress toward restoring full production at its Grasberg mine in Indonesia, which had been offline following a 2025 mining accident that severely constrained output.
On Jul. 23, FCX shares closed down by 2.3% after reporting its Q2 results. Its adjusted EPS of $0.74 surpassed Wall Street expectations of $0.62. The company’s revenue was $7 billion, topping Wall Street forecasts of $6.5 billion.
For the current fiscal year, ending in December, analysts expect FCX’s EPS to grow 39.6% to $2.47 on a diluted basis. The company’s earnings surprise history is impressive. It beat the consensus estimate in each of the last four quarters.
Among the 23 analysts covering FCX stock, the consensus is a “Strong Buy.” That’s based on 17 “Strong Buy” ratings, two “Moderate Buys,” and four “Holds.”
This configuration is more bullish than three months ago, with 16 analysts suggesting a “Strong Buy.”
On Jul. 28, Alexander Hacking from Citigroup Inc. (C) reiterated a “Buy” rating on FCX, with a price target of $66, implying a potential upside of 11.1% from current levels.
The mean price target of $72.54 represents a 22.1% premium to FCX’s current price levels. The Street-high price target of $82 suggests a notable upside potential of 38%.
