Zacks Investment Research upgraded shares of BHP Group (NYSE:BHP) from a strong sell rating to a hold rating in a research note published on Wednesday, Zacks.com reports. They currently have $42.00 price target on the mining company’s stock.
According to Zacks, “Unpredictable policies, trade volatility and slowdown in global growth have made investors apprehensive and affected commodity markets, which will impact BHP Group’s results. Iron ore prices have been falling lately amid signs of recovery in Brazilian supply and declining profitability at steel producers. Nickel and copper prices have also been impacted by the trade tensions. BHP Group has also guided lower petroleum production for fiscal 2020. Unit costs are expected to be higher in fiscal 2020 owing to natural field decline at conventional petroleum, lower copper grades, lower by-product credits and higher deferred stripping costs at Escondida. Increased wash plant maintenance and inflationary pressures at Queensland Coal remain concerns. The company’s earnings estimates for fiscal 2020 have thus undergone negative revisions lately.”
BHP has been the subject of a number of other research reports. Exane BNP Paribas cut shares of BHP Group from a neutral rating to an underperform rating in a report on Thursday, September 5th. Argus reaffirmed a buy rating and issued a $60.00 price objective on shares of BHP Group in a report on Monday, August 26th. Goldman Sachs Group raised shares of BHP Group from a neutral rating to a buy rating in a report on Monday, September 9th. UBS Group reaffirmed a hold rating on shares of BHP Group in a report on Wednesday, October 9th. Finally, ValuEngine cut shares of BHP Group from a hold rating to a sell rating in a research note on Thursday, August 1st. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $51.00.
BHP traded down $0.49 on Wednesday, reaching $47.68. The stock had a trading volume of 77,085 shares, compared to its average volume of 1,774,991. BHP Group has a 12-month low of $43.65 and a 12-month high of $59.02. The company has a current ratio of 1.89, a quick ratio of 1.58 and a debt-to-equity ratio of 0.45. The business’s 50-day moving average price is $49.49 and its two-hundred day moving average price is $52.89. The company has a market cap of $77.36 billion, a P/E ratio of 13.06, a price-to-earnings-growth ratio of 2.90 and a beta of 0.85.
The business also recently announced a Semi-Annual dividend, which was paid on Wednesday, September 25th. Stockholders of record on Friday, September 6th were paid a dividend of $1.56 per share. The ex-dividend date of this dividend was Thursday, September 5th. BHP Group’s dividend payout ratio is currently 85.25%.
Several hedge funds have recently added to or reduced their stakes in BHP. Vigilant Capital Management LLC acquired a new position in BHP Group during the second quarter worth about $29,000. Liberty Wealth Management LLC boosted its position in BHP Group by 3,720.0% during the second quarter. Liberty Wealth Management LLC now owns 573 shares of the mining company’s stock worth $30,000 after acquiring an additional 558 shares during the last quarter. Anderson Fisher LLC acquired a new position in BHP Group during the second quarter worth about $40,000. Rehmann Capital Advisory Group boosted its position in BHP Group by 31.4% during the first quarter. Rehmann Capital Advisory Group now owns 783 shares of the mining company’s stock worth $43,000 after acquiring an additional 187 shares during the last quarter. Finally, Doyle Wealth Management acquired a new position in BHP Group during the second quarter worth about $49,000. 3.77% of the stock is owned by institutional investors and hedge funds.
About BHP Group
BHP Group discovers, acquires, develops, and markets natural resources worldwide. The company engages in the exploration, development, and production of oil and gas properties; and mining of copper, silver, lead, zinc, molybdenum, uranium, gold, and iron ores, as well as metallurgical and energy coal.
Recommended Story: Google Finance
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for BHP Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BHP Group and related companies with MarketBeat.com's FREE daily email newsletter.