Fortescue (OTCMKTS:FSUGY) Downgraded by Zacks Research to Strong Sell

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 to investors on Thursday, Zacks reports.

Several other research analysts also recently commented on FSUGY. The Goldman Sachs Group downgraded shares of Fortescue from a “hold” rating to a “sell” rating and set a $16.90 price objective for the company. in a report on Thursday, July 2nd. Jefferies Financial Group upgraded shares of Fortescue from a “moderate sell” rating to a “hold” rating in a research report on Thursday, August 20th. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Sell” and an average target price of $16.90.

Fortescue Stock Down 2.2%

OTCMKTS:FSUGY opened at $21.51 on Thursday. The business’s 50-day simple moving average is $24.30 and its two-hundred day simple moving average is $27.03. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.32 and a quick ratio of 1.76. Fortescue has a 52 week low of $21.41 and a 52 week high of $33.44.

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.