Fortescue (OTCMKTS:FSUGY) Hits New 1-Year Low – Here’s Why

Shares of Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY) hit a new 52-week low on Wednesday. The company traded as low as $19.66 and last traded at $19.9750, with a volume of 5,258 shares trading hands. The stock had previously closed at $20.0405.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FSUGY. Zacks Research cut shares of Fortescue from a “hold” rating to a “strong sell” rating in a report on Thursday, October 8th. Jefferies Financial Group raised Fortescue from a “moderate sell” rating to a “hold” rating in a research report on Thursday, August 20th. One 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, the company has a consensus rating of “Sell” and a consensus price target of $16.90.

Fortescue Stock Performance

The firm has a fifty day simple moving average of $22.73 and a 200-day simple moving average of $26.96. 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 metals and energy company headquartered in Perth, Western Australia. Founded in 2003, the company is best known for its iron ore operations in the Pilbara region of Western Australia, where it develops and operates mines, processing facilities, rail infrastructure and port facilities.

Fortescue produces and exports iron ore products to customers in international markets, particularly in Asia. Its integrated Pilbara operations include mining and processing assets connected by a privately owned railway network to port facilities at Port Hedland.

Through its Fortescue Energy business, the company is also developing renewable energy, green hydrogen and green ammonia projects, as well as technologies intended to reduce emissions from heavy industry and mining.