1. Freeport-McMoRan Inc. (NYSE:FCX)
Number of Hedge Fund Holders: 91
Freeport-McMoRan Inc. (NYSE:FCX) is one of the best basic materials stocks to buy according to hedge funds. On April 23, Freeport-McMoRan reported Q1 2026 net income of $881 million, with adjusted earnings of $0.57 per share. Operating results exceeded earlier estimates, supported by consolidated production of 662 million pounds of copper, 97 thousand ounces of gold, and 22 million pounds of molybdenum. The company maintained a strong liquidity position with $3.7 billion in cash, ending the quarter with a net debt of $2.4 billion, excluding downstream processing facilities in Indonesia.
Operational highlights included the March phased ramp-up of the Grasberg Block Cave underground mine and a new MOU with the Indonesian government to extend operating rights beyond 2041. While the ramp-up schedule was adjusted to modify ore loading systems, the company continues to progress major organic growth projects. These include a potential expansion at El Abra in Chile, for which an environmental impact statement was recently submitted, and ongoing leaching technology innovations in the US.
For the full year 2026, Freeport-McMoRan Inc. (NYSE:FCX) expects consolidated sales of ~3.1 billion pounds of copper and 650 thousand ounces of gold. Operating cash flows for the year are projected to reach $8.7 billion, assuming copper prices remain near $6.00 per pound. The company remains focused on capital discipline, with $4.3 billion earmarked for 2026 capital expenditures to support its pipeline of near and long-term growth options.
Freeport-McMoRan Inc. (NYSE:FCX) is a leading global mining company that operates the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold mines. As a major byproduct of its copper operations, the company is a top-tier gold producer.
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