Fortescue (OTCMKTS:FSUGY) Stock Rating Lowered by Zacks Research

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

Several other brokerages also recently weighed in on FSUGY. 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 price objective for the company. in a research note on Thursday, July 2nd. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fortescue has a consensus rating of “Sell” and a consensus target price of $16.90.

Fortescue Stock Performance

OTCMKTS FSUGY opened at $21.51 on Thursday. Fortescue has a 52 week low of $21.41 and a 52 week high of $33.44. The company has a 50 day moving average price of $24.30 and a 200 day moving average price of $27.03. The company has a current ratio of 2.32, a quick ratio of 1.76 and a debt-to-equity ratio of 0.27.

About Fortescue

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.