Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 9 Dec, 25 | FCX | Buy | USD 44.12 | USD 46.5 | USD 49.5 | 2 days | Closed |
9.25%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Freeport-McMoRan Inc. engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile. It also operates a portfolio of oil and gas properties primarily located in offshore California and the Gulf of Mexico. The company was formerly known as Freeport-McMoRan Copper & Gold Inc. and changed its name to Freeport-McMoRan Inc. in July 2014. Freeport-McMoRan Inc. was incorporated in 1987 and is headquartered in Phoenix, Arizona.
Higher Net Income: Net income attributable to common stockholders improved from USD 0.5 billion in Q3FY24 to USD 0.7 billion in Q3FY25, evidencing improved profitability
Improved Realized Gold Price: Average realized gold prices increased significantly from USD 2,568/oz in Q3FY24 to USD 3,539/oz in Q3FY25, supporting revenue performance despite lower volume
Significant Reduction in Gold Volumes: Gold sales volumes declined sharply from 558,000 ozs in Q3FY24 to 336,000 ozs in Q3FY25, primarily due to Indonesia-related operational disruptions
Decline in Copper Sales Volumes: Consolidated copper volumes decreased from 1,035 million lbs in Q3FY24 to 977 million lbs in Q3FY25, reflecting operational constraints
The company remains exposed to operational, regulatory, and geopolitical risks in Indonesia, including recovery timelines, licensing approvals, and potential production disruptions, which may materially impact future output and financial performance
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 44.12 | 38.5 | 46.5 | 49.5 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Revenue and Profitability Performance: During the third quarter of FY25, the company recorded revenues of USD 7.0 billion, reflecting an improvement compared to USD 6.8 billion in the corresponding period of FY24, driven primarily by higher realized prices across key commodities. Net income attributable to common stockholders also increased to USD 0.7 billion compared with USD 0.5 billion in Q3FY24, indicating enhanced profitability on a year-on-year basis.
Commodity Sales and Pricing Dynamics: Copper sales volumes declined from 1,035 million lbs in Q3FY24 to 977 million lbs in Q3FY25, although this was partially offset by a higher average realized copper price which increased from USD 4.30/lb to USD 4.68/lb over the same period. Conversely, gold volumes declined substantially from 558,000 ozs to 336,000 ozs, however the average realized gold price rose markedly from USD 2,568/oz to USD 3,539/oz.
Operating Cost Developments: The company maintained disciplined production and delivery cost structures, with site production and delivery costs per pound of copper recorded at USD 2.71/lb in Q3FY25 compared to USD 2.61/lb in Q3FY24, while consolidated unit net cash costs remained nearly stable at USD 1.40/lb, compared to USD 1.39/lb a year earlier. These outcomes reflect relative cost stability in spite of volume fluctuations and elevated by-product pricing.
Cash Flow and Capital Allocation: Operating cash flows stood at USD 1.7 billion in Q3FY25 as compared to USD 1.9 billion in Q3FY24, primarily reflecting timing-related working capital items. The company continued to invest in strategic development, with capital expenditures amounting to USD 1.1 billion in the quarter against USD 1.2 billion during Q3FY24.
Balance Sheet Position and Liquidity: As of September 2025, the entity reported total debt of USD 9.3 billion, slightly lower than USD 9.7 billion in the prior-year quarter, alongside consolidated cash and cash equivalents of USD 4.3 billion compared to USD 5.0 billion in Q3FY24, establishing continued access to liquidity notwithstanding operational and market-related disruptions.
Operational Disruptions and Segmental Considerations: The reporting period was impacted by reduced volumes in Indonesia, particularly in gold, due to operational suspension and restart sequences following the mud-rush incident. Despite these interruptions, realized commodity pricing provided partial earnings resilience, and the company reinforced its operational sequencing to restore stable output in subsequent quarters.
Overall Business Outlook: Management continues to emphasize operational reliability, capital discipline, and commodity-linked cash generation, while undertaking remediation and recovery activities related to Indonesian operations. Additionally, forward-looking guidance indicates an ongoing focus on project development, balanced capital deployment, and responsible resource expansion.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given on Freeport-McMoRan, Inc. (NYSE: FCX) at the current market price of USD 44.12, as on Dec 09, 2025 at 9:45 am PST.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Basic Materials Industry: Copper
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| FCX Freeport-McMoran Copper & Gold Inc |
3.99 6.57% | 64.75 | 28.12 | 19.80 | 2.61 | 3.62 | 2.77 | 7.53 |
| SCCO Southern Copper Corporation |
22.79 11.82% | 215.59 | 23.55 | 50.25 | 6.18 | 8.31 | 6.64 | 12.17 |
| ANFGF Antofagasta PLC |
2.43 4.90% | 52.03 | 30.01 | 21.88 | 3.61 | 2.47 | 3.54 | 6.52 |
| LUNMF Lundin Mining Corporation |
1.33 5.27% | 26.58 | 18.31 | 10.43 | 1.98 | 1.29 | 2.63 | 8.16 |
| KGHPF KGHM Polska Miedz S.A |
3.83 4.26% | 93.83 | 68.83 | - | 0.19 | 0.62 | 0.22 | 2.02 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on December 9, 2025. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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