FCX Stock Surges 15% Amid Copper Price Rally
Freeport-McMoRan Inc.'s FCX shares have gained 14.9% over the past month, driven by strong earnings and a rally in copper prices amid concerns over tighter global supply and resilient demand.
The company's average realized copper price climbed around 36% year over year to $6.17 per pound in the second quarter, and higher prices are expected to continue supporting its performance.
Freeport has underperformed the Zacks Mining - Non Ferrous industry's 16.1% rise, but topped the S&P 500's 2.9% increase over the same period. Its peers, Southern Copper Corporation SCCO and BHP Group Limited BHP, have gained 11.5% and 10.7%, respectively.
The company's long-term debt-to-capitalization is around 20.2%, compared with 38.6% for Southern Copper and 29.3% for BHP Group. Freeport offers a dividend yield of roughly 0.4% at the current stock price, which is perceived to be safe and reliable.