Insiders are piling into this mining stock, adding 3.4 million shares in recent months. Plus, the stock just broke through its 50-day moving average, a bullish sign.
Freeport-McMoRan (FCX)
From The Personal Capitalist
We continue to feel Freeport-McMoRan (FCX) is a good long term investment. FCX benefits from the gold rally as an increase in gold price enhances the EBITA and cash flow performance.
The stock also benefits from higher copper prices. As the metal rises, the dollar weakens. A weaker dollar makes dollar denominated commodities such as copper more affordable to foreign investors. China’s copper consumption is rising.
The oil price rise is also helpful. All in all, Freeport-McMoRan (FCX) is on the road to recovery. The rally in commodity prices and higher than expected valuation for asset sales relieves balance sheet stress. As of July 1st, the stock is up 222% from its 52-week low.
Sean Christian, The Personal Capitalist, 9524 East 81st Street, Suite B #1715, Tulsa, OK 74133, June 30, 2016