BHP Group (NYSE:BHP) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of BHP Group (NYSE:BHP) from a strong-buy rating to a hold rating in a research note published on Wednesday, Zacks.com reports. They currently have $56.00 price target on the mining company’s stock.

According to Zacks, “BHP’s iron ore production improved 4% year over year to a record 248 Mt in fiscal 2020. In fiscal 2021, the company expects to produce between 244 and 253 Mt of iron ore. For fiscal 2021, the mid-point of company’s guidance range for iron ore and metallurgical coat reflect no change over fiscal 2020. Nickel and metallurgical coal production is anticipated to increase year over year in fiscal 2021 while copper and petroleum production are likely to decline. However, the resurgence of COVID-19 cases shrouds an uncertainty over the outlook. Nevertheless, the company’s strong cash flow and focus on lowering debt will help it sail through these turbulent times. The recent surge in iron and copper prices also bodes well. It has six major projects under development in petroleum, copper, iron ore and potash, which will drive growth in the long haul.”

BHP has been the topic of several other research reports. JPMorgan Chase & Co. reiterated an overweight rating on shares of BHP Group in a research report on Wednesday, July 22nd. Credit Suisse Group lowered shares of BHP Group from an outperform rating to a neutral rating in a research report on Monday, July 6th. Investec upgraded shares of BHP Group from a hold rating to a buy rating in a research report on Monday, April 6th. Goldman Sachs Group began coverage on shares of BHP Group in a research report on Friday, April 3rd. They issued a buy rating on the stock. Finally, Royal Bank of Canada reiterated an outperform rating on shares of BHP Group in a research report on Friday, July 24th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. BHP Group presently has a consensus rating of Hold and a consensus price target of $58.00.

Shares of NYSE BHP opened at $52.84 on Wednesday. The company’s 50-day simple moving average is $50.77 and its 200-day simple moving average is $46.06. BHP Group has a 52-week low of $29.78 and a 52-week high of $56.78. The firm has a market cap of $85.36 billion, a price-to-earnings ratio of 14.44, a price-to-earnings-growth ratio of 3.90 and a beta of 0.95. The company has a quick ratio of 1.33, a current ratio of 1.62 and a debt-to-equity ratio of 0.43.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Comerica Bank boosted its position in BHP Group by 4.2% during the second quarter. Comerica Bank now owns 78,634 shares of the mining company’s stock worth $4,183,000 after acquiring an additional 3,146 shares during the last quarter. Altium Wealth Management LLC boosted its holdings in BHP Group by 53.9% in the 2nd quarter. Altium Wealth Management LLC now owns 9,564 shares of the mining company’s stock valued at $476,000 after purchasing an additional 3,349 shares during the last quarter. Integrated Wealth Concepts LLC boosted its holdings in BHP Group by 19.1% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 20,670 shares of the mining company’s stock valued at $1,028,000 after purchasing an additional 3,311 shares during the last quarter. M&T Bank Corp boosted its holdings in BHP Group by 17.1% in the 2nd quarter. M&T Bank Corp now owns 9,627 shares of the mining company’s stock valued at $479,000 after purchasing an additional 1,407 shares during the last quarter. Finally, Pacer Advisors Inc. acquired a new position in BHP Group in the 2nd quarter valued at about $3,032,000. Hedge funds and other institutional investors own 4.22% of the company’s stock.

BHP Group Company Profile

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.

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