Freeport-McMoRan Copper & Gold Inc. (FCX) shares reached an all-time high of $74.52 on Thursday, extending a 64.56% gain over the past 12 months amid elevated copper prices.
The Phoenix-based miner reported adjusted earnings of $0.74 per share for the second quarter of 2026, exceeding analysts' consensus of $0.59 per share. Revenue totaled $7.03 billion, surpassing the forecast of $6.71 billion. Despite the positive financial results, shares slipped in premarket trading as investors weighed concerns over higher capital expenditures, delays in project timelines, and mixed operational outlooks.
InvestingPro data indicates the stock is currently trading above its fair value estimate, suggesting potential overvaluation at current levels. The company's performance reflects broader trends in the metals sector, where copper demand has supported price strength amid supply constraints and energy transition initiatives.
