Wolfe Research has bumped up Freeport-McMoRan $FCX from “Peer Perform” to “Outperform” with a fresh price target of $39. The upgrade is rooted in a bullish stance on the copper market, where Freeport-McMoRan stands out as a key player with massive upside potential.
$FCX is deeply entrenched in the global copper and gold mining sectors, and it’s increasingly well-positioned to capitalize on structural tailwinds in commodity demand. Wolfe’s analysts point to several standout reasons behind the upgrade:
🔹 Rising copper demand driven by the energy transition and infrastructure investments
🔹 Operational streamlining that’s boosting efficiency and cost control
🔹 Ongoing strategic expansions expected to deliver meaningful returns
The confluence of these elements suggests that $FCX has room to run, especially as the copper market tightens and prices show signs of a sustained rebound.
📊 Dividend Fundamentals
Freeport-McMoRan maintains a two-tiered dividend approach—offering both a base and a variable payout. Currently, shareholders receive a quarterly total of $0.15 per share, split evenly between the base and variable dividends.
🔸 Annualized Dividend: $0.60 per share
🔸 Dividend Yield: Approximately 1.78%
🔸 Payout Ratio: Around 45.79%, which balances shareholder returns with reinvestment needs
🔸 Next Payment Date: May 1, 2025 (record date was April 15, 2025)
This performance-linked dividend strategy allows $FCX to flex its payout as earnings fluctuate, making it attractive for investors seeking yield without sacrificing balance sheet prudence.
With Wolfe Research’s upgraded outlook and Freeport’s strategic edge in the metals space, $FCX could be one of the top copper plays to watch in 2025.