FMG – Morgans rates the stock as Downgrade to Reduce
Morgans lowers the rating for Fortescue Metals Group to Reduce from Add and decreases the target price to $18.70 from $21.10.
Read MoreMorgans lowers the rating for Fortescue Metals Group to Reduce from Add and decreases the target price to $18.70 from $21.10.
Read MoreStellar iron ore prices are supplying plenty of cash flow for Fortescue Metals so a modest lift in project costs has not induced panic.
Read MoreThe broker retains an Outperform rating and $23 target.
Read MoreA fair bit going on at the moment, here are a few developing stories from over the weekend we thought you might like updates on, involving PEXA / LNK, ING, SHV, TAH and FMG.
Read MoreResource stocks surged on the ASX in Monday trading with some of the majors and the broader market reaching new highs thanks to record iron ore and copper prices.
Read MoreNeutral with a target of $18.
Read MoreFortescue Metals is looking likely to enjoy a substantial surge in revenue for the six months to June that will boost earnings and dividends for shareholders for the full year.
Read MoreUBS downgrades to Neutral from Buy, reducing the target to $18 from $25. Fortescue Metals has generated a total shareholder return of 213% over 12 months on the back of the strong iron ore price.
Read MoreMacquarie expects the proceeds from the new US1.5bn senior unsecured note issue will be used to repay a -US$750m facility due in 2022. The Outperform rating and $25.50 target are unchanged.
Read MoreMacquarie believes the group’s second-half earnings could exceed US$6bn with a final dividend of more than $2 per share, translating to a yield of 15%. Outperform rating with the target dropping to $25.50 from $26.50.
Read MoreWhile Fortescue and Oz Minerals both recorded strong results, South32 looks for the most part to have completely missed the bus on the recent commodities boom.
Read MoreShares in Fortescue metals Group fell nearly 3% in late trading after the company revealed the sudden departure of three senior executives associated with its Iron Bridge magnetite project.
Read MoreFortescue Metals beat on all of shipments, realised prices and costs in the December quarter. Guidance remains unchanged but currency headwinds are beginning to drag, the broker notes. Target falls to $26.50 from $27.00, Outperform retained.
Read MoreCredit Suisse notes Fortescue Metals Group presented a solid set of December quarter numbers, ahead of expectations. Neutral and $16.50 target retained.
Read MoreFortescue Metals announced it is expecting a record first-half profit of between $US4 billion and $US4.1 billion when it releases results on February 18.
Read MoreFortescue Metals Group has announced it expects to report earnings of US$4.0-4.1b for the first half FY21, marginally below the estimate of US$4.3b forecast by Macquarie. The Outperform rating is unchanged and the target is reduced to $27 from $27.20.
Read MoreStrong demand from Chinese steel mills and renewed supply concerns about Brazil saw iron ore prices urge to new highs on Monday.
Read MoreThe iron ore price so far in December is up 21.65% and looks very much in a boom and that will, if past history is any guide, end in tears and a big slide. The sharp rise in prices has triggered a moan from China’s steel industry.
Read MoreGlobal iron ore prices surged to new multi-year highs well above $US150 a tonne on Thursday after a tropical low in the Indian Ocean triggered moves to clear Port Hedland of vessels and send them to sea.
Read MoreAnother surge in iron ore prices Wednesday saw new multi-year highs reached. Global iron ore prices topped $US150 a tonne for 62% Fe fines for the first time in nearly 8 years on Wednesday, while the price of 65% high-grade ore went well over $US162 a tonne.
Read MoreGlobal iron ore prices rose again on Monday, hitting new multi-year highs, despite another fall in import volumes into China in November.
Read MoreIron ore prices are up 56% in the year to date – compared with around 24% for copper – its 2020’s best performing commodity and incoming supplies remain tight while steel output continues to rise on strong infrastructure demand.
Read MoreAs predicted in yesterday’s edition, Wednesday’s surge in world iron ore prices to seven-year highs saw the prices of Australia’s major miners jump sharply on Thursday.
Read MoreIron ore prices have hit new seven-year highs on emerging fears of a shortage in early 2020. The fears were sparked by the surprise move by big Brazilian exporter, Vale, to trim its 2020 production estimate for a third time this year and set a smaller than expected first estimate for 2021 output.
Read MoreFortescue Metals has made a strong start to FY21 with record shipments in the September quarter. The miner achieved 89% revenue realisation and finished the quarter in a solid cah position, the broker notes.
Read MoreFortescue Metals has continued the solid September quarter performance by our major listed iron ore exporters. The company told the ASX yesterday that it shipped a record 44.3 million tonnes, up 5% on the same quarter a year ago. BHP and Rio also did well in the three months to September 30 with small rises.
Read MoreA remarkable 31% lift in iron ore fines production by Vale, the huge Brazilian miner, has signalled what could be the start of a downturn in global iron ore prices in 2021. In fact, if Vale continues boosting supply this quarter, pressure on prices will emerge in November and December.
Read MoreIron ore exports to China recovered in August, but were still far short of the record 46.2 million tonnes shipped from Port Hedland in June, the Pilbara Ports Authority reported on Tuesday.
Read MoreFortescue Metals Group posted a bumper FY20 result, while surprising with a $1.00 per share dividend, which was 4% ahead of Morgans estimate.
Read MoreAs widely forecast Australia’s third iron ore exporter Fortescue will pay a $A1 final dividend (fully franked) after a year of bumper demand from Chinese steel mills and 6 year plus highs for global iron ore prices that sent earnings soaring to record levels.
Read MoreJuly’s slump in Australian iron ore exports to China from the world’s largest export port at Port Hedland has passed without too much comment, so was it a one-off or was it something deeper?
Read MoreWhile Fortescue Metals will report another huge year in terms of revenue and profits next month for the year to June, that could be the peak.
Read MoreIron ore exports hit record levels in the June quarter and in the year to June, according to figures from the Pilbara Ports Authority. That performance helped total iron ore exports for the year to June from the two major ports – Port Hedland and Dampier jump 3% to a record 717.3 million tonnes.
Read MoreThe gradual recovery in global economies coupled with curtailed supply are likely to be supportive of Australia’s iron ore prices in the coming months, writes Luke Smith, Portfolio Manager for Ausbil Investment Management.
Read MoreAs we move toward the close of a stunning financial year (for most companies), the sharemarket is bracing for a shocking reporting season. James Dunn takes a closer look at what we can expect.
Read MoreThe steel-making ingredient that burst out of the blocks with the onset of the China boom during the early 2000s, has defied the sceptics and generated an earnings bonanza for the mining heavyweights that dominate the industry. Gavin Wendt digs into the dynamics driving the iron ore price.
Read MoreIn news that will further rattle global iron ore prices, the office that enforces labour laws in Brazil’s Para state is stepping up an investigation into potential shortcomings in the way mining giant Vale has protected its workers from the coronavirus.
Read MoreGlobal iron ore prices have surged by nearly 5% on news that Vale, the big Brazilian miner, had been forced to shut three mines in its southern mining complex because COVID-19 infections were spreading.
Read MoreGlobal iron ore prices have topped the $US100 a tonne level for the first time in 10 months on growing concerns over supplies from Brazil as the COVID-19 pandemic grows in the iron ore producing regions in the north and south of the country.
Read MoreWith negative rhetoric surrounding Australia’s trade relationship with China, what is the outlook for Australia’s iron ore miners?
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