Copper is a super important metal used in a bunch of different areas like building things, electronics, cars, and green energy. It’s especially good at conducting electricity and doesn’t rust, so it’s a key part of modern tech and infrastructure. As more and more people start using electric cars and renewable energy sources like solar panels and wind turbines, we’re going to need even more copper.
Now, if you’re thinking about investing in the copper market, you’re mostly going to be looking at copper mining stocks. These companies dig up the copper and get it ready for use. But remember, the price of copper can go up and down quite a bit, so these stocks can be a bit of a rollercoaster.
When you’re thinking about investing in these companies, you’ll want to check out how much it costs them to produce the copper, how good their copper reserves are, and how well the company is managed. And of course, always do your homework before investing. Let’s now take a look at a couple of copper companies that are getting attention in the stock market right now.
Copper Stocks To Watch Today
- Southern Copper Corporation (NYSE: SCCO)
- Freeport-McMoRan Inc. (NYSE: FCX)
Southern Copper Corporation (SCCO Stock)
Starting off, Southern Copper (SCCO) is a global copper producer with a strong focus on copper mining and smelting. The company owns some of the world’s largest copper reserves, primarily in Peru and Mexico.
In April, Southern Copper disclosed its earnings results for its first quarter of 2023. Diving in, the company reported earnings per share of $1.05 and revenue of $2.8 billion. These figures surpassed the analysts’ consensus estimates which had projected earnings per share (EPS) to be $1.04 and revenue approximations at $2.7 billion.
Year-to-date shares of SCCO stock have advanced by 14.62% so far. Meanwhile, during Wednesday morning’s trading action, SCCO stock slid off the open by 3.88% at $70.55 a share.
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Freeport-McMoRan (FCX Stock)
Following that, Freeport-McMoRan (FCX) is one of the world’s largest publicly traded copper producers. The company operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold, and molybdenum.
Earlier this month, Freeport-McMoRan Inc. announced that its Board of Directors had approved cash dividends of $0.15 per share on its common stock. These dividends are scheduled for distribution on August 1, 2023, to shareholders who are on record as of July 14, 2023.
In 2023 year-to-date, shares of FCX stock are up by 2.97% so far. While, on Wednesday morning, FCX stock fell off the open by 3.34%, currently trading at $39.06 a share.
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