Fortescue (OTCMKTS:FSUGY) Rating Lowered to Strong Sell at Zacks Research

Fortescue (OTCMKTS:FSUGY) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Thursday, Zacks reports.

A number of other research analysts also recently issued reports on the company. Jefferies Financial Group upgraded Fortescue from a “moderate sell” rating to a “hold” rating in a research note on Thursday, August 20th. The Goldman Sachs Group cut shares of Fortescue from a “hold” rating to a “sell” rating and set a $16.90 target price for the company. in a report on Thursday, July 2nd. One research analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Fortescue has a consensus rating of “Sell” and a consensus price target of $16.90.

Fortescue Trading Down 2.2%

Shares of OTCMKTS:FSUGY opened at $21.51 on Thursday. The firm has a 50 day simple moving average of $24.30 and a 200-day simple moving average of $27.03. Fortescue has a twelve month low of $21.41 and a twelve month high of $33.44. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.76 and a current ratio of 2.32.

Fortescue Company Profile

Fortescue is an Australian resources and energy company that produces and ships iron ore from operations in Western Australia’s Pilbara region. Its mining business includes integrated exploration, development, processing, rail, port and shipping activities, supplying iron ore to steelmakers in international markets, particularly across Asia.

The company is also developing renewable energy and low-emissions technologies through its Fortescue Energy business. Its activities include projects involving green hydrogen, green ammonia, renewable power and other technologies intended to support the decarbonization of heavy industry and transportation.

Founded in 2003, Fortescue was originally known as Fortescue Metals Group before adopting the Fortescue name.