BHP Group (NYSE:BHP) Sets New 12-Month High – Time to Buy?

BHP Group Limited Sponsored ADR (NYSE:BHP) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $66.75 and last traded at $65.7930, with a volume of 1410349 shares changing hands. The stock had previously closed at $64.39.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Argus upgraded BHP Group from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a research report on Tuesday, December 30th. Zacks Research upgraded shares of BHP Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 9th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of BHP Group in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $56.00.

BHP Group Stock Performance

The stock’s fifty day simple moving average is $59.31 and its two-hundred day simple moving average is $56.02. The company has a quick ratio of 1.11, a current ratio of 1.46 and a debt-to-equity ratio of 0.43.

Hedge Funds Weigh In On BHP Group

Several large investors have recently modified their holdings of the stock. SIH Partners LLLP grew its position in BHP Group by 937.5% during the 3rd quarter. SIH Partners LLLP now owns 1,856,704 shares of the mining company’s stock valued at $103,511,000 after purchasing an additional 1,677,739 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of BHP Group by 25.2% in the third quarter. Bank of America Corp DE now owns 3,465,421 shares of the mining company’s stock worth $193,197,000 after buying an additional 697,316 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of BHP Group in the third quarter worth approximately $27,234,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of BHP Group by 1,769.3% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 464,133 shares of the mining company’s stock valued at $25,875,000 after buying an additional 439,304 shares during the last quarter. Finally, Fisher Asset Management LLC increased its position in shares of BHP Group by 1.9% during the second quarter. Fisher Asset Management LLC now owns 22,842,252 shares of the mining company’s stock valued at $1,098,484,000 after acquiring an additional 429,330 shares in the last quarter. Hedge funds and other institutional investors own 3.79% of the company’s stock.

BHP Group Company Profile

BHP Group is an Anglo-Australian natural resources company engaged principally in the exploration, development, production and marketing of commodities. Its core businesses include the extraction and processing of iron ore, copper, metallurgical and thermal coal, nickel and other minerals. BHP operates large-scale mining and processing assets and supplies raw materials used across steelmaking, energy and industrial supply chains.

The company has a global operating footprint with significant assets and projects in Australia and the Americas, and commercial activities that serve customers worldwide.