Will Freeport-McMoRan Stock Rise Further After Jumping 60% In Three Months?

SourceForbes
SectorFinancial Markets
CountryMiddle east

Freeport-McMoRan stock (NYSE: FCX) increased 62% in the last 3 months and currently trades at $34 per share. The rise in stock price was mainly driven by a sharp recovery in copper prices. Most importantly, the gold and copper production and shipments from the company’s Indonesian operations are expected to register sharp growth in 2021, with the Grasberg transition nearing an end. This is likely to lead to a significant rise in revenue and earnings in the near term, which has enthused the company’s investors.

But will FCX’s stock continue its upward trajectory over the coming weeks and months, or is a correction in the stock more likely? According to the Trefis Machine Learning Engine, which identifies trends in a company’s stock price data for the last 20 years, returns for FCX stock average close to 23% in the next three-month (63 trading days) period after experiencing a 62% rise over the previous three-month (63 trading days) period. Notably, though, the...read more...