Analysts at Oracle Investment Research upgraded gold and copper miner Freeport-McMoRan Copper & Gold Inc. (FCX) to “Strong Buy” on Friday, saying that they think positively of the pending acquisitions made by FCX.
The analysts value FCX at $60, almost doubling Thursday’s closing price of $30.81.
Oracle Investment Research commented, “Short term price drop should be a welcome opportunity to get in on ‘the big picture.’ The super cycle in natural resources is not dead. By adding an oil portfolio to the mix, this is a game changer and a wise use of capital.”
Freeport-McMoRan shares were up 19 cents, or +0.62%, in premarket trading Friday.
The Bottom Line
Shares of Freeport McMoran (FCX) have a 4.06% dividend yield, based on last night’s closing stock price of $30.81. The stock has technical support in the $26-$30 price area. If the shares can firm up, we see overhead resistance around the $34-$37 price levels.
Freeport-McMoRan Copper & Gold Inc. (FCX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.