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SCCO · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Southern Copper Corporation (SCCO) stock moving?
Q3 2026 results, reported Oct 20, were very strong: net sales of $4,696.6M (up 39.1% year over year and a quarterly record), net income of $1,801.8M (up 62.7%), and adjusted EBITDA of $3,040.2M (up 53.9%) at a 64.7% margin. Operating cash flow rose 42.6% to $2,224.3M, and metal prices drove most of the gain. Copper output, however, fell 1.1% quarter on quarter and was down 2.9% year to date, mainly on lower ore grades in Peru. Despite these results, the stock has fallen about 11% from its Oct 27 close of $191.93 to $170.36 on Nov 10, making lower highs and lower lows. Volume spiked on Oct 30 (2.22M shares, close $175.25) and again on Nov 5 (1.59M shares, close $165.38, the period low), and the Nov 10 close sits at the VWAP of about $170.37. Analyst sentiment is mixed: BofA cut its target from $203 to $179 on Nov 3, while UBS upgraded the stock to Neutral from Sell on Nov 10 with a $180 target, implying only about 6% upside from current levels. The stock went ex-dividend on Nov 3 with a $1.30 cash payment. The Oct 30 10-Q was filed, but its content was not available for this analysis.
News behind the analysis
- UBS Upgrades Southern Copper to Neutral, Maintains Price Target to $180UBS raised Southern Copper from Sell to Neutral and kept a $180 price target. The stock closed at $170.36 on Nov 10.
- UBS Upgrades Southern Copper to NeutralUBS moved its rating on Southern Copper from Sell to Neutral with a $180 price target.
- BofA Securities Adjusts Southern Copper Price Target to $179 From $203BofA Securities cut its Southern Copper price target from $203 to $179, a reduction of about 12%.
- Southern Copper Corporation Announces Ex-Dividend Date for November 2026The stock went ex-dividend on Nov 3 with a $1.30 cash dividend and a 0.0106-share stock dividend per share.
- If You Invested $1000 In Southern Copper Stock 10 Years Ago, You Would Have This Much TodaySouthern Copper has outperformed the market over 10 years by 8.17% annualized, with an average annual return of 21.9%.
About Southern Copper Corporation
Southern Copper is one of the world's largest integrated copper producers. It mines, smelts and refines copper in Mexico and Peru, and it is majority-owned by Grupo Mexico. It is known for very large copper reserves, low production costs thanks to income from by-products, and a history of large dividends.
How it makes money
It sells copper as concentrate, cathodes and refined metal. Copper made up roughly three-quarters of sales in Q3 2026, for example. The rest comes from by-products such as molybdenum, silver and zinc. The company expects to produce roughly 918,000 tonnes of copper and about 24 million ounces of silver in 2026. Main operations include Buenavista and La Caridad in Mexico and Toquepala and Cuajone in Peru. It has also announced a roughly $20 billion growth plan that includes the Tía María and El Pilar projects.
What usually moves SCCO
- Copper price and demand from electrification and AI data centers
- Molybdenum and silver by-product prices
- Ore grades and production volumes
- Mining politics and permits in Peru and Mexico
- US tariff policy on copper