Which Miner Has Attracted Hedge Fund Investors?

By Taylor Muckerman and Joel South – Mar 27, 2013 at 1:06PM

NYSE: FCX

Freeport-McMoRan

Market Cap

$69B

Today's Change

(0.52%) $0.25

Current Price

$48.24

Price as of April 24, 2024, 4:00 p.m. ET

Not many materials companies could compete with those from the technology and banking sectors in the latest round of 13-F filings, but one miner did stand out.

Big news about acquisitions drew the investing world's attention to Freeport-McMoRan (FCX 0.52%) as the fourth quarter of last year came to a close. In one fell swoop, Freeport announced nearly $20 billion of activity when it decided to purchase natural gas and oil producers Plains Exploration & Production (NYSE: PXP) and McMoRan Exploration (NYSE: MMR).

This added diversity is expected to supplement Freeport's portfolio by the second quarter of this year. Changing from a company deriving 100% of its revenue from mining, it will now operate with a split between mining (74%) and its newly purchased oil and natural gas business (26%). For other reasons why Freeport is a top pick, tune into the video below with Motley Fool analysts Joel South and Taylor Muckerman.

Joel South has no position in any stocks mentioned. Taylor Muckerman has no position in any stocks mentioned. The Motley Fool owns shares of Freeport-McMoRan Copper & Gold. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.