Fortescue (OTCMKTS:FSUGY) Stock Rating Cut to “Strong Sell” at Zacks Research

Zacks Research lowered shares of Fortescue (OTCMKTS:FSUGY) from a hold rating to a strong sell rating in a research note released on Thursday morning,Zacks reports.

Several other research analysts have also recently weighed in on FSUGY. Jefferies Financial Group upgraded Fortescue from a “moderate sell” rating to a “hold” rating in a report on Thursday, August 20th. The Goldman Sachs Group cut Fortescue from a “hold” rating to a “sell” rating and set a $16.90 price target for the company. in a report on Thursday, July 2nd. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock 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 company has a quick ratio of 1.76, a current ratio of 2.32 and a debt-to-equity ratio of 0.27. Fortescue has a 12-month low of $21.41 and a 12-month high of $33.44. The company has a 50-day moving average of $24.30 and a 200 day moving average of $27.03.

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.