Fortescue (OTCMKTS:FSUGY) Sets New 1-Year Low – What’s Next?

Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY)’s share price hit a new 52-week low on Thursday. The company traded as low as $19.71 and last traded at $20.60, with a volume of 1,240 shares traded. The stock had previously closed at $21.53.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FSUGY. Jefferies Financial Group upgraded shares of Fortescue from a “moderate sell” rating to a “hold” rating in a research report on Thursday, August 20th. 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 research report on Thursday, July 2nd. Finally, Zacks Research downgraded shares of Fortescue from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 8th. One analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Sell” and an average target price of $16.90.

Fortescue Stock Down 4.1%

The company has a current ratio of 2.32, a quick ratio of 1.76 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average of $23.64 and a two-hundred day moving average of $26.65.

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.