Sanford C. Bernstein Issues Pessimistic Forecast for BHP Group (NYSE:BHP) Stock Price

BHP Group (NYSE:BHP) had its price target cut by equities researchers at Sanford C. Bernstein from $49.50 to $48.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “market perform” rating on the mining company’s stock. Sanford C. Bernstein’s price objective would suggest a potential downside of 32.57% from the company’s current price.

Several other equities research analysts have also issued reports on BHP. Wall Street Zen raised shares of BHP Group from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. 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. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of BHP Group in a research report on Wednesday, February 18th. Citigroup restated a “neutral” rating on shares of BHP Group in a report on Tuesday, February 10th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of BHP Group in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $53.33.

BHP Group Trading Down 0.9%

BHP traded down $0.67 during trading on Monday, hitting $71.18. 3,582,066 shares of the stock traded hands, compared to its average volume of 4,508,675. The business has a 50 day moving average price of $70.06 and a 200 day moving average price of $60.97. BHP Group has a twelve month low of $39.73 and a twelve month high of $83.21. The company has a quick ratio of 1.28, a current ratio of 1.65 and a debt-to-equity ratio of 0.44.

Hedge Funds Weigh In On BHP Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Morgan Stanley raised its position in shares of BHP Group by 22.8% in the 4th quarter. Morgan Stanley now owns 13,800,183 shares of the mining company’s stock worth $833,117,000 after acquiring an additional 2,562,747 shares in the last quarter. SIH Partners LLLP boosted its position in shares of 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 in the last quarter. Bank of Montreal Can grew its stake in BHP Group by 264.4% during the fourth quarter. Bank of Montreal Can now owns 1,358,585 shares of the mining company’s stock worth $82,018,000 after purchasing an additional 985,794 shares during the period. Bank of America Corp DE increased its holdings in 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 purchasing an additional 697,316 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of BHP Group during the 3rd quarter worth approximately $27,234,000. Institutional investors and hedge funds 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.