BHP Group (NYSE:BHP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $57.00 price target on the mining company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.34% from the company’s previous close.
According to Zacks, “BHP Billiton is poised to gain from its focus on investment plans across iron ore, copper, coal and petroleum. The company is also trying to make its operations more efficient on the back of smarter technology adoption across the entire value chain. Over the last year, BHP Billiton’s shares have outperformed the industry. BHP has sold its onshore U.S. assets for $10.8 billion, to simplify and strengthen its portfolio and generate shareholder returns. Moreover, strong cash flow position, lower debt levels and higher operational efficacy will likely strengthen BHP Billiton’s competency. BHP will benefit from the recent surge in iron ore prices triggered by the impending shortage in iron ore supply following the dam burst at one of Vale's mines.”
BHP has been the subject of a number of other research reports. Deutsche Bank cut BHP Group from a “hold” rating to a “sell” rating in a report on Tuesday, January 8th. CLSA cut BHP Group from an “outperform” rating to an “underperform” rating in a report on Thursday, February 7th. ValuEngine upgraded BHP Group from a “sell” rating to a “hold” rating in a report on Wednesday, January 2nd. Goldman Sachs Group cut BHP Group from a “conviction-buy” rating to a “buy” rating in a report on Monday, January 14th. Finally, JPMorgan Chase & Co. cut BHP Group from an “overweight” rating to a “neutral” rating in a report on Thursday, December 6th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $49.50.
Hedge funds and other institutional investors have recently made changes to their positions in the company. We Are One Seven LLC bought a new position in shares of BHP Group in the 4th quarter valued at about $32,000. Berman Capital Advisors LLC acquired a new stake in BHP Group in the 4th quarter valued at about $33,000. Doyle Wealth Management acquired a new stake in BHP Group in the 4th quarter valued at about $39,000. Legacy Financial Advisors Inc. lifted its stake in BHP Group by 115.7% in the 4th quarter. Legacy Financial Advisors Inc. now owns 822 shares of the mining company’s stock valued at $40,000 after purchasing an additional 441 shares during the last quarter. Finally, CNB Bank acquired a new stake in BHP Group in the 4th quarter valued at about $40,000. Institutional investors own 3.42% of the company’s stock.
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.
Read More: What is cost of equity?
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.