Fortescue Metals Group Limited Stock News

The head of one of Australias largest mining companies has announce their departure from the role

JPMorgan Chase & Co. cut shares of Fortescue Metals Group (OTCMKTS:FSUGY) from an overweight rating to a neutral rating in a research report sent to investors on Monday, The Fly reports. Several other brokerages have also recently issued reports on FSUGY. UBS Group cut shares of Fortescue Metals Group from a neutral rating to a []

Australian shares edged lower on Thursday, as mining stocks fell after steel prices dropped due to sluggish downstream demand, though gains in Sydney Airport after regulators approved its buyout offset some of the losses. The S&P/ASX 200 index was down 0.1% at 7,394.9 by 1156 GMT. The benchmark had risen 1.3% on Wednesday. Sydney Airport, up 3%, was one of the top gainers on the benchmark, after the country''s competition regulator approved its A$23.6 billion ($16.92 billion) takeover. Among sub indexes, mining stocks fell 0.6%. Heavyweights BHP Group , Rio Tinto and Fortescue Metals all fell between 0.7% and 1.3%. They were tracking a downturn in Chinese stainless steel futures, which dropped to their lowest in more than three months on Wednesday. Lithium developer Vulcan Energy was a bright spot, gaining over 11% after it secured Volkswagen as an additional car industry customer for its environmental-friendly lithium hydroxide for automotive batteries. Gold stocks fell 0.56% led by Ora Banda Mining Ltd , down 5.97%, followed by Auteco Minerals Ltd, losing 5.63%.

To be used for research into green fuels.

Fortescue Metals Group is ramping up plans to decarbonise its Pilbara rail network by adding two locomotives to the green fuels testing facility operated by subsidiary Fortescue Future Industries at Hazelmere.

Australian shares notched their best session in more than two months on Wednesday, as surging commodity prices propelled miners higher, while easing fears surrounding the Omicron coronavirus variant lifted banks and aided broader sentiment. The S&P/ASX 200 index closed 1.3% higher at 7,405.4, recording their best session since Oct. 4. The benchmark settled 1% higher on Tuesday. Miners rose 2.4% to scale a 12-week closing high, benefiting from a jump in iron ore prices as easing monetary policy in leading consumer China boosted demand for ferrous materials. Global miner Rio Tinto rose 2.2% to hit its highest since Oct. 21, while shares of Fortescue Metals Group jumped 3.3%. Financials climbed 0.9%, with the "Big Four" banks rising between 0.3% and 1%. Shares in Australia also took their cue from a global relief rally on views that the Omicron variant will not cause major economic damage. "I think we are seeing a combination of some short-covering and ''buying the dip'' in Australia", said Brad Smoling, managing director of Smoling Stockbroking. "That said, I still think volatility is going to be very high going into the end of the year," he added.

Australian shares rose on Wednesday, led by mining and energy stocks on sharp rises in iron ore and oil prices, buoyed by hopes of limited disruption from the Omicron coronavirus variant. The S&P/ASX 200 index rose 0.65% to 7,361.4 by 2338 GMT, set for extending gains for a fourth straight session. The benchmark ended 0.95% higher on Tuesday. The gains also come a day after the central bank retained interest rates at 0.1%, keeping the economy flush with cash to allow a full economic recovery from the pandemic. Mining stocks rose as much as 2.2% to hit a two-month high, after a strong rally in benchmark iron ore futures. BHP, Rio Tinto and Fortescue all jumped between 2.5% and 3.5% each. Energy stocks advanced as much as 2.1% after oil prices surged more than 3% overnight, building on a nearly 5% rise the previous day as Omicron fears eased. Woodside Petroleum gained as much as 2.2%, after the country''s biggest independent oil and gas company said it would invest $5 billion in new energy products to curb its emmissions.

News out of the Fortescue camp has excited investors today. The post Heres why the Fortescue (ASX:FMG) share price is having a green day appeared first on The Motley Fool Australia .

Fortescue Metals Group Limited (OTCMKTS:FSUGY) Jefferies Financial Group decreased their FY2023 earnings per share estimates for Fortescue Metals Group in a report released on Sunday, December 5th. Jefferies Financial Group analyst C. Lafemina now anticipates that the company will post earnings per share of $2.34 for the year, down from their prior estimate of []

Global investment bank JP Morgan sees merit in FMGs clean energy business but believes that while investors are also supportive, they want to see a firm, winning project.

Fortescue Metals Group (OTCMKTS:FSUMF) was downgraded by JPMorgan Chase & Co. to a hold rating in a report released on Monday, TipRanks reports. They currently have a $19.00 price target on the stock. JPMorgan Chase & Co.s target price would suggest a potential upside of 59.93% from the companys current price. Separately, Citigroup upgraded Fortescue []

Fortescue Metals Group Limited (OTCMKTS:FSUGY) has been assigned an average rating of Sell from the six ratings firms that are presently covering the company, Marketbeat.com reports. Four equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The average twelve-month price target among analysts []

What''s caused the company''s shares to fall recently? The post Why has the Fortescue (ASX:FMG) share price had such a lousy start to December? appeared first on The Motley Fool Australia .

Citigroup lowered shares of Fortescue Metals Group (OTCMKTS:FSUGY) from a buy rating to a neutral rating in a report released on Wednesday morning, The Fly reports. Other equities analysts also recently issued research reports about the company. Zacks Investment Research downgraded Fortescue Metals Group from a hold rating to a sell rating in a research []

Fortescue Metals Group Limited (OTCMKTS:FSUGY) saw a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 36,000 shares, a decline of 32.6% from the October 31st total of 53,400 shares. Based on an average trading volume of 259,600 shares, the short-interest ratio is presently 0.1 […]