Freeport-McMoRan Stock Hits New High Amid Strong Copper Outlook

Freeport-McMoRan Inc.'s stock price has been hovering near its 52-week high of $80.24, as investors react to strong year-over-year gains and a recent earnings beat in Q2 2026. The shares are currently trading at around $79, which is just 1.19% below the 52-week high.

The company's stock has delivered an impressive 82% return over the last 12 months, outperforming many diversified mining peers and highlighting its leverage to higher copper prices. This strong performance has attracted new coverage from analysts, with one recent initiation giving Freeport-McMoRan a buy recommendation and emphasizing its position as a leading global copper and gold producer.

The company's Q2 2026 results exceeded market expectations on both earnings and revenue, with adjusted earnings of $0.74 per share and revenue reaching $7.03 billion. However, operational figures show a mixed picture for copper volumes, with production down 18.4% year-over-year to 786 million pounds in the second quarter.

Despite these challenges, Freeport-McMoRan has signaled confidence in its ability to generate robust cash flow under current commodity price assumptions, with an expected operating cash flow of $8.3 billion for 2026. The company's cost outlook is also positive, with unit net cash costs of $2.00 per pound of copper in the third quarter and a full-year average projected at $1.90 per pound.