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Top Quartile Ranked Dividend Stock FCX Becomes Oversold

By Dividend Channel Staff, Tuesday, May 15, 11:32 AM ET
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The DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks, according to a proprietary formula designed to identify those stocks that combine two important characteristics strong fundamentals and a valuation that looks inexpensive. Freeport-McMoran Copper & Gold (NYSE:FCX) presently has an excellent rank, in the top 25% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors.

But making Freeport-McMoran Copper & Gold an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of FCX entered into oversold territory, changing hands as low as $33.50 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.

In the case of Freeport-McMoran Copper & Gold, the RSI reading has hit 27.5 by comparison, the universe of dividend stocks covered by Dividend Channel currently has an average RSI of 43.4. A falling stock price all else being equal creates a better opportunity for dividend investors to capture a higher yield. Indeed, FCX's recent annualized dividend of 1.25/share (currently paid in quarterly installments) works out to an annual yield of 3.65% based upon the recent $34.30 share price.

A bullish investor could look at FCX's 27.5 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on FCX is its dividend history. In general, dividends are not always predictable; but, looking at the history chart below can help in judging whether the most recent dividend is likely to continue.

FCX Dividend History
Date Div*
04/11/12 0.313
01/11/12 0.250
10/12/11 0.250
07/13/11 0.250
04/13/11 0.250
01/12/11 0.250
10/13/10 0.150
07/13/10 0.150
04/13/10 0.075
01/13/10 0.075
10/10/08 0.250
07/11/08 0.219
04/11/08 0.219
01/11/08 0.219
10/11/07 0.157
07/12/07 0.157
04/12/07 0.157
01/11/07 0.157
10/12/06 0.157
09/12/06 0.375
07/13/06 0.160
06/13/06 0.375
04/12/06 0.157
03/13/06 0.250
01/12/06 0.157
12/13/05 0.250
10/12/05 0.125
09/13/05 0.250
07/13/05 0.125
04/13/05 0.125
03/11/05 0.250
01/12/05 0.125
12/16/04 0.125
10/13/04 0.125
07/13/04 0.100
04/13/04 0.100
01/13/04 0.100
10/10/03 0.045
07/11/03 0.045
04/11/03 0.045
10/14/98 0.025
07/14/98 0.025
04/14/98 0.025
01/14/98 0.025
10/10/97 0.113
07/11/97 0.113
04/11/97 0.113
01/13/97 0.113
10/10/96 0.113
07/11/96 0.113
04/11/96 0.113
10/12/95 0.113
* Data may be adjusted for splits; we are not responsible for data errors; always verify data with the company.


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According to the ETF Finder at ETF Channel, FCX makes up 7.79% of the Materials Select Sector SPDR Fund ETF (AMEX:XLB) which is trading lower by about 0.4% on the day Tuesday.

See what other ETFs contain FCX
See what other stocks are held by XLB


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