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Thursday, September 21, 2023

Renewed Optimism is Surrounding BHP Group (NYSE:BHP)

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BHP Group (BHP) shares are trading at lower $57.32 and the avg recommendation for the stock is Moderate Buy, while the current analyst price target stands at $59.81.

To add more color to this target, the company’s high over the last year is $58.35 and the low is $29.78. Over the last 52 weeks, BHP is up 11.15% while the S&P 500 is up 15.47%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

BHP booked profit margins of 18.50%, its Return on Equity (ROE) is 16.40%, and its Return on Assets is 7.80%. All told, it is clear that, BHP needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. BHP has a short ratio of 6.37 and outstanding shares of 2.53B.

Company Outlook

BHP has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 2.01 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at 3.14. BHP Group BHP also noted assets of $173.99 billion at the end of the last quarter. Investors should also keep an eye on sector updates as BHP has historically followed its peers on positive news.

All told, BHP Group BHP has strung together solid data and demonstrated underlying fundamentals. At its current valuation, BHP represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

BHP Group BHP is now commanding a market cap of 132.37B and a float of 1.47B. BHP is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of BHP stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in BHP, either long or short, and we have not been compensated for this article.

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