Freeport-McMoRan Stock Soars on Copper Boom, But Is It Overvalued?

Freeport-McMoRan's stock has surged by ~121% from its 52-week low of $35.15, reaching $77.82 as of August 28, 2026. This increase is largely driven by record copper prices and structural demand tailwinds.

The company's Q2 2026 results were strong, with EPS of $0.74 beating the consensus by 25.4% and revenue of $7.03B topping estimates by 4.8%. Management guided $8.3B in 2026 operating cash flow.

However, shares fell in premarket after the beat due to investor concerns about rising capex and declining copper/gold production volumes in 2026 as Indonesia operations ramp gradually.