에 대한 최신 뉴스 Southern Copper (NYSE:SCCO) 주식

Southern Copper

Southern Copper Corp is an integrated producer of copper and other minerals and operates the mining, smelting, and refining facilities in Peru and Mexico. Its production includes copper, molybdenum, zinc, and silver. The company operates through the following segments: Peruvian operations, Mexican open-pit operations, and Mexican underground mining operations. Southern Copper generates the majority of its revenue from the sale of copper and the rest from the sale of non-copper products, such as molybdenum, silver, zinc, lead, and gold. The company's geographical segments are The Americas, Europe, and Asia.

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바이킹 펀드 매니지먼트(Viking Fund Management)의 최근 13F 공시를 보면, 2024년 대선을 앞두고 일부 석유 기업 주식을 매도하는 등 3분기에 어떤 회사를 사고 팔았는지 확인할 수 있다. 13F 공시를 통해 보고한 포지션은 다음과 같다.

바이킹 펀드: 3분기에 대형 석유주 매각, 테슬라 포지션 절반으로 축소, 브로드컴 추가 매입

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이들 12개 대형주는 지난주 최고의 성과를 거두었다. 그것들이 당신의 포트폴리오에 있나요? 시리우스 XM 홀딩스(NASDAQ:SIRI)의 주가가 지난주에 34.91% 급등했다. 테슬라(NASDAQ:TSLA)의 주가는 제 2분기 예상치를 상회하는 배송량으로 26.01% 상승했다. 또한, 상하이의 여러 국영 기업들이 모델 Y를 구입했다.

테슬라와 레딧은 지난주 최고의 성과를 보인 12개의 대형주 주식 중 일부 (6월 30일-7월 6일)

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2024년 5월 22일 주요 뉴스: 1. 클리블랜드 클리프스(NYSE:CLF)가 U.S. 스틸(NYSE:X) 이사회의 주장에 대해 부인했다. 이에 따르면 이 회사가 &#34;돌이킬 수 없는 거래&#34;를 발표했으나 이에 대한 책임을 클리블랜드 클리프스에 뒀다고 주장했다.  

수요일 주요 광업 뉴스: 클리블랜드 클리프스, 아르셀로미탈, U.S. 골드마이닝, 서던 코퍼

Southern Copper Corp

Southern Copper's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) short percent of float has fallen 5.73% since its last report. The company recently reported that it has 6.73 million shares sold short, which is 7.73% of all regular shares that are available for trading. Based on its trading volume, it would take traders 7.85 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Southern Copper Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1734710423_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Southern Copper has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Southern Copper's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Southern Copper's peer group average for short interest as a percentage of float is 2.85%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

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Peering Into Southern Copper's Recent Short Interest

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Shares of stocks in the broader metals and mining sector are trading lower amid overall market weakness following the Fed's rate decision to cut rates by 25 basis points.

Mexico's President Claudia Sheinbaum has announced a review of a controversial bill to ban <a target="_blank" href="https://www.benzinga.com/topic/mining" rel="noreferrer noopener">open-pit mining</a>. Congress approved the bill in July after debating balancing environmental protection with economic priorities.
"Open-pit mining warrants a thorough review, as activities such as sand extraction for cement production and lithium mining—critical for national development—are conducted using this method. It is vital to assess the specifics of the constitutional reform's provisions," Sheinbaum <a target="_blank" href="https://www.gob.mx/presidencia/articulos/version-estenografica-conferencia-de-prensa-de-la-presidenta-claudia-sheinbaum-pardo-del-6-de-diciembre-de-2024?idiom=es" rel="noreferrer noopener">said</a>.
Mexico's mining industry is a pillar of its economy, accounting for around 8% of its industrial GDP. In 2022, mining exports totaled $17.6 billion, generating a trade surplus of $12.8 billion. It directly employs over 370,000 workers and supports millions more in related industries such as logistics and equipment manufacturing.
Large operating open-pit mines include Newmont's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) Peñasquito and Southern Copper's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) Buenavista. The ban would likely stop the San Nicolás copper-zinc project, a 50-50 partnership between Teck Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>) and Agnico Eagle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>).
CAMIMEX, Mexico's primary mining chamber, warned that an outright ban could reduce GDP by 1% and threaten nearly 200,000 jobs. Open-pit mining accounts for 60% of the country's mining production value and is critical for extracting key resources like gold, silver, copper and strategic minerals like lithium.
Under former President Andrés Manuel López Obrador (AMLO), Mexico's mining sector faced heavy restrictions. In 2023, AMLO nationalized lithium, declaring it a strategic resource for Mexico's energy independence and banning new concessions for private companies.
He also established a state-run lithium company and canceled multiple existing concessions, triggering international arbitration disputes.
While the bill passed Congress during his administration, Sheinbaum took over in October, becoming the first female president.
Unlike AMLO, she faces economic difficulties at the beginning of her six-year term. Without foreign capital, it will be hard to provide quality jobs, education, and healthcare.
Meanwhile, El Salvador's President Nayib Bukele is pushing to go in the opposite direction. In 2017, his predecessor implemented a total mining ban to protect the country's water resources.
Still, Bukele, a famous Bitcoin advocate, claims that the untapped mineral reserves could transform the economy.
"We potentially have the largest gold deposits per square kilometer in the world," he <a target="_blank" href="https://x.com/nayibbukele/status/1865129919870578791" rel="noreferrer noopener">stated</a>, arguing that responsible mining could generate $131 billion—equal to 380% of the country's GDP—from just 4% of identified reserves. Earlier this year, Bukele secured the second term, winning 84.65% of popular votes. With control over Congress, lifting the ban seems inevitable.
However, in contrast to Mexico, El Salvador is a small country, largely dependent on the Lempa River as a primary water source. Any large-scale operations, particularly in the gold-rich north of the country, could pollute this water flow and cause more problems for what it is worth.
Read Next:
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Photo via Shutterstock

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Benzinga Market Summary: Person Of Interest Identified In UnitedHealthcare CEO Shooting, Metals And Materials Stocks Rise On Potential China Policy Easing, Nvidia Falls On China Probe

Shares of Southern Copper are trading higher. China has pledged to ramp up monetary stimulus.

A new 13F filing from Viking Fund Management reveals which companies the fund bought and sold in the third quarter, including exiting some oil companies ahead of the 2024 election.
Third Quarter Exits: Viking Fund Management sold out of eight stocks completely in the third quarter, including positions in some of the largest oil companies.
Here are the positions exited, as <a href="https://13f.info/13f/000116906924000080/compare/000116906924000006">reported </a>by 13finfo:
<ul>
<li>Marathon Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>)</li>
<li>Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>)</li>
<li>SM Energy Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SM#NYSE">SM</a>)</li>
<li>Southern Copper Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>)</li>
<li>Sociedad Quimica y Minera (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQM#NYSE">SQM</a>)</li>
<li>Murphy USA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUSA#NYSE">MUSA</a>)</li>
<li>Sanofi SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NYSE">SNY</a>)</li>
<li>Cactus Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHD#NYSE">WHD</a>)</li>
</ul>
Third Quarter New Positions: The following were the new stocks added to the fund in the third quarter, ranked in size by the dollar value at the end of the quarter.
<ul>
<li>Kodiak Gas Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGS#NYSE">KGS</a>)</li>
<li>EQT Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>)</li>
<li>HF Sinclair Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DINO#NYSE">DINO</a>)</li>
<li>Weatherford International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WFRD#NASDAQ">WFRD</a>)</li>
<li>NRG Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>)</li>
<li>Vertiv Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRT#NYSE">VRT</a>)</li>
<li>Chart Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTLS#NYSE">GTLS</a>)</li>
<li>Vistra Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>)</li>
<li>United Microelectronics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UMC#NYSE">UMC</a>)</li>
<li>Eversource Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ES#NYSE">ES</a>)</li>
<li>Portland General Electric (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/POR#NYSE">POR</a>)</li>
<li>Restaurant Brands International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>)</li>
<li>Nutrien (NTR.TO – Canada)</li>
</ul>
 Big Moves: The fund made several changes to its existing positions alongside the new positions and exited positions.
Here are the biggest additions in the quarter to existing stakes:
<ul>
<li>Civitas Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIVI#NYSE">CIVI</a>): +16,900%</li>
<li>Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>): +882%</li>
<li>LyondellBassell Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYB#NYSE">LYB</a>): +400%</li>
<li>Rio Tinto PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>): +386%</li>
<li>Dow Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>): +200%</li>
</ul>
Here are the biggest position cuts during the quarter to existing stakes:
<ul>
<li>Texas Pacific Land (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPL#NYSE">TPL</a>): -60%</li>
<li>Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>): -50%</li>
<li>Haliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>): -40%</li>
<li>ExxonMobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>): -36%</li>
<li>Ovintiv (OVV.TO – Canada): -33%</li>
</ul>
Why It's Important: At the end of the quarter, these are the fund's largest positions ranked by dollar value and the percentage they make up of the fund:
<ul>
<li>Broadcom: $27.96 million, 4.5%</li>
<li>AbbVie Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>): $24.88 million, 4.0%</li>
<li>NextEra Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>): $22.65 million, 3.7%</li>
<li>Entergy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETR#NYSE">ETR</a>): $16.27 million, 2.6%</li>
<li>BlackRock Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>): $14.24 million, 2.3%</li>
</ul>
The fund added significantly to its position in Broadcom, which remains the largest holding.
The quarter saw the sale of several oil stocks, but the fund opened new positions in several energy names in the quarter.
Photo: Shutterstock

Viking Fund Management Sells Big Oil Stocks In Q3, Cuts Tesla Position In Half, Adds To Largest Position Broadcom

Shares of base metal stocks are trading lower. Weakness may be due to China stimulus efforts.

Wall Street traded lower for the second consecutive day on Tuesday, as investor sentiment turned cautious with the U.S. presidential election <a href="https://www.benzinga.com/topic/2024-elections">just two weeks away. </a>
Concerns over U.S. fiscal policies and potential shifts in economic direction fueled the pause in risk-taking.
The International Monetary Fund (IMF) upgraded its U.S. growth forecasts for 2024 and 2025 in the latest World Economic Outlook, while also flagging rising concerns about the country's debt trajectory, warning that with current large fiscal deficits, &#8220;the U.S. public debt is not stabilized.&#8221;
Commodities were the standout performers on Tuesday, with both metals and energy experiencing notable gains.
Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), rose 0.8%, pushing further into record territory. This increase extended its year-to-date performance to 34%, positioning gold for its strongest <a href="https://www.benzinga.com/markets/bonds/24/10/41455678/gold-on-track-for-best-year-since-1979-veteran-investor-says-sell-bonds-buy-gold">annual gain since 1979.</a> Gold miners, as represented by the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), rallied for the ninth consecutive session, hitting their highest levels in over four years.
Silver, tracked by the iShares Silver Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLV#NYSE">SLV</a>), surged 2.8%, reaching levels not seen since October 2012.
Oil prices rallied nearly 3%, building on a 2% surge from Monday. U.S. Treasury yields ticked up modestly on Tuesday following Monday's spike, with the 10-year yield settling at 4.21%.
Meanwhile, the U.S. Dollar Index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), climbed past the 104 mark, continuing its steady ascent and eyeing a fourth consecutive week of gains.
In the cryptocurrency market, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 0.5%, dipping to around $67,000 and marking its second consecutive day of declines.
<h3 class="wp-block-heading">Tuesday&#8217;s Performance In US Major Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %change</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,907.57</td>
<td>-0.1 %</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,840.39</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,291.15</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,228.60</td>
<td>-0.5%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:35 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent102224&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.3% to $581.79.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.1% lower to $429.14.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.4% to $493.29.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.5% $221.04.</li>
<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) outperformed, up 0.6%. The Industrial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) lagged, down 1.1%.</li>
</ul>
<h3 class="wp-block-heading">Tuesday&#8217;s Stock Performers</h3>
General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) surged 9%, on track for its strongest session in nearly a year, after reporting stronger-than-expected earnings and announcing an additional $5 billion share buyback program extending into next year.
Other stocks reacting to earnings include: 
<ul>
<li>Southern Copper Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>), up 1.5%</li>
<li>Nucor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>), down 6%</li>
<li>W.R. Berkley Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>), down 4.6%</li>
<li>Zion Bancorp. N.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NASDAQ">ZION</a>), up 6.8%</li>
<li>Wintrust Financial Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WTFC#NASDAQ">WTFC</a>), up 1.6%</li>
<li>Philip Morris International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>), up 8.8%</li>
<li>GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>), down over 8%</li>
<li>Danaher Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHR#NYSE">DHR</a>), down 3%</li>
<li>Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>), down 4.4%</li>
<li>RTX Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>), down 0.4%</li>
<li>Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), down 5.8%</li>
<li>Fiserv Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FI#NYSE">FI</a>), down 0.4%</li>
<li>Moodys Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCO#NYSE">MCO</a>) down 4.5%</li>
<li>3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>), down 0.9%</li>
<li>Freeport-McMoran Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), up 1.4%</li>
<li>Kimberly-Clark Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMB#NYSE">KMB</a>), down 4%</li>
<li>PulteGroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>), down 5.7%</li>
</ul>
Large-cap companies reporting earnings after the close include Texas Instruments Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>), Baker Hughes Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>), Seagate Technology Holdings PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>), Packaging Corporation of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>), Manhattan Associates Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MANH#NASDAQ">MANH</a>), East West Bancorp. Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EWBC#NASDAQ">EWBC</a>) and Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>)
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<ul>
<li><a href="https://www.benzinga.com/government/24/10/41455013/how-us-elections-could-impact-us-dollar-goldman-sachs-expects-greenback-will-remain-stronger-for-lon">How US Elections Could Impact US Dollar: Goldman Sachs Expects Greenback Will Remain &#8216;Stronger For Longer&#8217;</a></li>
</ul>
Image: Shutterstock

Earnings

Equities

Large Cap

Mid Cap

Sector ETFs

Broad U.S. Equity ETFs

New ETFs

Currency ETFs

Small Cap

ETFs

$BTC

SPDR Dow Jones Industrial Average ETF Trust

ENPH

EWBC

Market Vectors ETF Trust Market Vectors Gold Miners

MANH

PowerShares DB US Dollar Index Bullish Fund

WTFC

ZION

Stocks Fall, GM Eyes Best Day In A Year, Gold Breaks Records, Silver Hits 12-Year Highs: What's Driving Markets Tuesday?

Shares of copper companies are trading lower possibly after China's September exports data missed estimates. Betting markets project Donald Trump's victory in the U.S. presidential election, which may result in a decline in demand for commodities related to renewable energy.

Scotiabank analyst Alfonso Salazar maintains Southern Copper (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) with a Sector Underperform and lowers the price target from $54 to $52.

Price Target

Analyst Ratings

Scotiabank Maintains Sector Underperform on Southern Copper, Lowers Price Target to $52

VALE

Shares of copper and iron ore companies are trading lower amid China stimulus uncertainty.

Citigroup analyst Alexander Hacking maintains Southern Copper (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) with a Sell and raises the price target from $99.44 to $100.

Citigroup Maintains Sell on Southern Copper, Raises Price Target to $100

As of Sept. 27, 2024, four stocks in the materials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi">RSI is above 70</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>. 
Here's the latest list of major overbought players in this sector.
<h3 class="wp-block-heading">Freeport-McMoRan Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>)</h3>
<ul>
<li>On Sept. 25, Freeport said its Board of Directors declared cash dividends of 15 cents per share on FCX&#8217;s common stock payable on Nov. 1, to shareholders of record as of Oct. 15. The company's stock gained around 17% over the past five days and has a <a href="https://www.benzinga.com/quote/FCX">52-week high of $55.24</a>.</li>
<li>RSI Value: 76.95&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li>
<li>FCX Price Action: Shares of Freeport-McMoRan gained 7.5% to close at $51.91 on Thursday.</li>
</ul>
<h3 class="wp-block-heading">Mp Materials Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>)</h3>
<ul>
<li>On Sept. 3, MP Materials approved a $300 million increase to the company&#8217;s existing share repurchase program, bringing the total authorized amount to $600 million. &#8220;We remain very confident in the long-term value of our assets and the MP platform,&#8221; said James Litinsky, Founder, Chairman, and CEO of MP Materials. &#8220;As we have consistently stated, subject to continuing to maintain a fortress balance sheet, we expect to be opportunistic in our approach to capital allocation to create value for shareholders.&#8221;The company's stock gained around 20% over the past five days and <a href="https://www.benzinga.com/quote/MP">has a 52-week high</a> of $20.85.</li>
<li>RSI Value: 78.23</li>
<li>MP Price Action: Shares of Mp Materials rose 4.6% to close at $16.90 on Thursday.</li>
</ul>
<h3 class="wp-block-heading">ArcelorMittal SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MT#NYSE">MT</a>)</h3>
<ul>
<li>On Aug. 28, Deutsche Bank analyst Bastian Synagowitz upgraded ArcelorMittal from Hold to Buy and raised the price target from $29 to $31. The company's stock gained around 10% over the past month and has a <a href="https://www.benzinga.com/quote/MT">52-week high</a> of $29.01.</li>
<li>RSI Value: 72.57</li>
<li>MT Price Action: Shares of ArcelorMittal gained 5.1% to close at $25.93 on Thursday.</li>
</ul>
<h3 class="wp-block-heading">Southern Copper Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>)</h3>
<ul>
<li>On Sept. 19, Morgan Stanley analyst Carlos De Alba maintained Southern Copper with an Underweight and raised the price target from $97 to $100. The company's stock jumped around 15% over the past five days and has a 52-week high is $129.07.</li>
<li>RSI Value: 73.34</li>
<li>SCCO Price Action: Shares of Southern Copper gained 8.2% to close at $120.43 on Wednesday. </li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/24/09/41055695/wall-streets-most-accurate-analysts-spotlight-on-3-real-estate-stocks-delivering-high-dividend-yield">Wall Street&#8217;s Most Accurate Analysts Spotlight On 3 Real Estate Stocks Delivering High-Dividend Yields</a></li>
</ul>

Pre-Market Outlook

Markets

Top 4 Materials Stocks That May Implode In Q3

Shares of copper companies are trading higher following a report suggesting China will issue up to $284 billion of sovereign debt as part of a stimulus.

Majorie Taylor Greene disclosed new stock transactions this week, which come as public efforts to ban members of Congress from trading continue to grow over <a href="https://www.benzinga.com/general/politics/24/05/39096827/exclusive-khanna-says-shameful-congress-members-profited-from-stocks-calls-for-trading-ban-makin">potential conflicts of interest.</a>
Here are the latest trades by the Republican House member from Georgia.
 What Happened: Greene has increased her frequency of trading disclosures <a href="https://www.benzinga.com/markets/equities/24/05/38611874/marjorie-taylor-greene-reveals-new-stock-trades-after-2-year-gap-berkshire-hathway-goldman-sachs">in recent months</a> with several large batches of stock purchases announced recently after a two-year hiatus of disclosures.
On Sept. 23, Greene disclosed her latest transactions, as reported by<a href="https://www.benzinga.com/gov-trades/members/marjorie-taylor-greene"> Benzinga's Government Trades page.</a>
Here are the stocks Greene bought, with each one disclosed as a value of $1,000 to $15,000:
<ul>
<li>Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)</li>
<li>Berkshire Hathaway B (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>)</li>
<li>Blackstone Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>)</li>
<li>Cardinal Health (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAH#NYSE">CAH</a>)</li>
<li>CrowdStrike Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>)</li>
<li>Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>)</li>
<li>Lam Research Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>)</li>
<li>Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>)</li>
<li>Southern Copper Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NASDAQ">SCCO</a>)</li>
<li>United Parcel Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>)</li>
</ul>
Several of these purchases add to recent stakes taken by the representative, including shares of Berkshire Hathaway, Microsoft and CrowdStrike.
The disclosure by Greene did not report any sale transactions, which means the congresswoman continues to hold her Trump Media &amp; Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) shares <a href="https://www.benzinga.com/general/social-media/24/08/40475137/djt-stock-hits-new-lows-since-trump-media-companys-public-debut-heres-how-much-marjorie-tayl">bought in October 2021.</a>
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent092524">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Why It's Important: Greene disclosed buying Digital World Acquisition shares back in October 2021, the SPAC that took Donald Trump's media company public in March 2024.
The transaction was done with shares trading between $67.96 to $118.80. A tweet from UnusualWhales pins the purchase price at $94.20, meaning Greene is down significantly on her $15,000 to $50,000 purchase in the Trump-linked stock. Shares of DJT trade at $13.63 at the time of writing.
Greene buying CrowdStrike shares continues to be an area to watch as <a href="https://www.benzinga.com/general/politics/24/07/39585140/marjorie-taylor-greene-buys-cybersecurity-stock-owned-by-nancy-pelosi-why-trade-could-draw-red-f">Benzinga previously reported</a> the representative sits on the Subcommittee on Cybersecurity, Information Technology and Government Innovation, which operates under the House Committee on Oversight and Accountability.
With the latest stock transactions, Greene has increased her holdings in technology stocks along with placing bets on Warren Buffett to continue powering Berkshire Hathaway along after the stock hit a $1 trillion market capitalization.
Not many can say that their investing portfolios are betting on Donald Trump and Warren Buffett, but Greene can.
Check This Out:
<ul>
<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent092524">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Photo: Shutterstock

Politics

CRWD

GOOG

INTC

LRCX

MSFT

Marjorie Taylor Greene Stays Loyal To Trump, Keeps DJT Stock, Buys Into Warren Buffett's Berkshire In Latest Trades

Wall Street inched higher on Tuesday, with the Nasdaq 100 outperforming other major indices, while cyclical sectors linked to metals and industrial commodities saw strong gains, fueled by a surprise stimulus package <a href="https://www.benzinga.com/markets/asia/24/09/41003814/chinese-stocks-jump-as-central-bank-unveils-major-stimulus-to-spur-economy-a-step-in-the-right-direc">from China&#8217;s central bank.</a>
The People&#8217;s Bank of China (PBOC) unveiled a series of aggressive measures, including cuts to the reserve requirement ratio (RRR) for banks and a reduction in the seven-day repo rate, following a recent cut to the 14-day reverse repo rate. These moves are expected to inject roughly $140 billion (1 trillion yuan) into the banking system, providing banks with additional liquidity to boost lending.
Chinese equities skyrocketed on the news, with the iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) soaring over 8%, marking its largest single-day gain since March 2022. 
Commodities followed suit with copper and silver climbing more than 3% each, while gold rose 0.7%, hitting record highs for the fourth consecutive session.
The Nasdaq 100 posted a 0.5% gain, leading U.S. indices, while the S&amp;P 500 remained nearly flat, hovering just shy of its all-time highs. 
The U.S. dollar weakened by 0.4% following a lower-than-expected September consumer confidence report from the Conference Board. This data has bolstered expectations for a potential 50-basis-point rate cut by the Federal Reserve in November.
Treasury yields fell on short-term maturities, while longer-dated yields held steady. Oil prices climbed 1.2%, though concerns about U.S. demand lingered due to the disappointing consumer confidence figures.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) slipped 0.2% failing to join the China-led rally across other risk assets.
<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,958.91</td>
<td>0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,726.37</td>
<td>0.1 %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,218.10</td>
<td>0.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,081.24</td>
<td>-0.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092424&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;rose 0.1% to $570.49.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;flattened at $420.90.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.6% to $485.85.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) stalled at $220.69.</li>
<li>The Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) outperformed, up 1.2%. The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) lagged, down 1.2%.</li>
</ul>
<h1 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h1>
<ul>
<li>Chinese stocks rallying Tuesday included Tencent Music Entertainment Group &#8211; ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TME#NYSE">TME</a>) up 14%, JD.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) up over 10%, PDD Holdings Inc &#8211; ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) up 10%, XPeng Inc &#8211; ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) up 9%, NIO Inc &#8211; ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) up 8.7% and Li Auto Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) up 9%.</li>
<li>NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rallied nearly 4% amid rising growth prospect in China.</li>
<li>Materials stocks showing the largest gains were MP Materials Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>) up 10%, Freeport McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) up 7.5%, Alcoa Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) up 7.6%, and Southern Copper Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>), up 7.3%.</li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/09/41007724/gold-breaks-records-on-chinas-policy-stimulus-mining-metal-stocks-exhibit-strongest-1-day-rally-in-2">Gold Breaks Records On China&#8217;s Policy Stimulus: Mining, Metal Stocks Exhibit Strongest 1-Day Rally In 2024</a></li>
</ul>
Photo: Shutterstock

Asia

Global

Econ #s

BABA

Citigourp Global Markets 2% Protected Notes Linked To The Djia

Select Sector SPDR-Consumer Discretionary

XPEV

Tech Stocks Rise, Materials Sector Rallies On China's Stimulus, Nvidia Surges: What's Driving Markets Tuesday?

Shares of copper stocks are trading higher after China Central Bank announced a new stimulus package.

Morgan Stanley analyst Carlos De Alba maintains Southern Copper (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) with a Underweight and raises the price target from $97 to $100.

Morgan Stanley Maintains Underweight on Southern Copper, Raises Price Target to $100

ACHR

AZUL

BEEM

CENX

EVTL

FLNC

JCSE

JOBY

KALU

LICY

MVST

NRGV

PLUG

RKLB

RYAAY

SKIL

SPXC

STLD

TORO

Shares of companies in the broader industrial space are trading higher following the Fed's announcement to cut rates by 50 basis points yesterday, which could support investment and economic growth.

Shares of copper stocks are trading higher amid a rise in the metal's price after the Fed cut rates by 50 basis points at the FOMC yesterday.

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President-...

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As the global economy transitions toward sustainability, the demand for green metals is expected to surge. Thus, investors might consider adding three green metal mining companies, Southern Copper (SCCO), Rio Tinto Group (RIO), and BHP Group (BHP), for the clean energy revolution and growth prospects. Read on… The shift to renewable energy and Electric Vehicles (EVs) has skyrocketed demand for green metals like lithium, cobalt, and nickel. Mining companies focusing on these resources are capitalizing on the global push for cleaner energy solutions. The increasing adoption of EVs and energy storage systems has driven demand for these metals, creating significant opportunities for mining firms.
Given this landscape, investors might consider investing in three fundamentally stable mining stocks: Southern Copper Corporation (<a href="https://stocknews.com/stock/SCCO/">SCCO</a>), Rio Tinto Group (<a href="https://stocknews.com/stock/RIO/">RIO</a>), and BHP Group Limited (<a href="https://stocknews.com/stock/BHP/">BHP</a>) for potential gain.
In a global scenario, governments are implementing policies to reduce carbon emissions, fueling investments in green technologies and propelling growth in the sector. Additionally, <a href="https://www.ignitec.com/insights/sustainable-mining-is-imperative-but-is-it-possible/">corporates are creating a pathway to sustainability</a> in mining by adopting approaches that integrate IoT in smart mining, building circular economies, and shifting to renewable energies.
Similarly, technological advancements that include AI and Machine Learning, 3D printing, automation and robotics, drones and aerial surveying, blockchain for ethical sourcing, and biotechnology for waste management also help clear the way out for mine workers and corporations. Companies that <a href="https://mining-events.com/5-ways-to-make-mining-more-sustainable/">adopt eco-friendly mining technologies are likely to gain a competitive edge</a>, addressing both operational efficiency and environmental accountability.
Moreover, the global market for the green mining industry is anticipated to reach $16.9 billion by 2029, <a href="https://www.bccresearch.com/pressroom/env/green-mining-market">exhibiting a CAGR of 7.4%</a>, driven by key factors such as growing environmental legislation and regulatory pressures, rising green finance, and rapid integration of renewable energy in mining operations.
Given this positive outlook, let us delve into the fundamentals of three <a href="https://stocknews.com/category/industrial-metals/">Industrial - Metals</a> stocks, beginning with the third.
Stock #3: Southern Copper Corporation (<a href="https://stocknews.com/stock/SCCO/">SCCO</a>)
SCCO is an integrated producer of copper and valuable by-products. It operates the mining, exploring, smelting, and refining facilities in Peru, Mexico, Argentina, Chile, and Ecuador. Its operating segments include Peruvian operations; Mexican open-pit operations; and Mexican underground mining operations.
On November 21, backed by its strong financials, the company declared to its shareholders a quarterly <a href="https://www.investopedia.com/terms/d/dividend.asp">dividend</a> of $0.70 per share and a stock dividend of 0.0062 shares per share of common stock.
SCCO pays an annual dividend of $2.78, which translates to a yield of 2.97% at the prevailing price levels. Its four-year average dividend yield is 4.50%. The company's dividend payments have grown at a CAGR of 5.8% over the past five years.
SCCO's sales for the third quarter (ended September 30, 2024) increased 17% year-over-year to $2.93 billion. The company reported an operating income of $1.45 billion, indicating a 35.6% growth from the prior year quarter. SCCO's adjusted EBITDA came in at $1.68 billion, up 30.5% year-over-year, while its net income per share grew 43.8% from the prior-year quarter to $1.15.
The consensus revenue estimate of $2.87 billion for the fiscal fourth quarter (ended December 2024) represents a 25.2% increase year-over-year. The consensus EPS estimate of $1.11 for the same quarter indicates a 94.9 % improvement year-over-year. The company has an impressive earnings surprise history; it surpassed the consensus EPS estimate in three of the trailing four quarters.
The stock has gained 14.7% over the past year to close the last trading session at $93.78.
SCCO's <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a> reflect this robust outlook. The stock has an overall rating of B, which equates to Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree.
SCCO has an A grade for Quality and a B for Stability. It is ranked #10 out of 31 stocks in the <a href="https://stocknews.com/category/industrial-metals/">Industrial - Metals</a> industry. <a href="https://stocknews.com/stock/SCCO/">Click here</a> to see the additional ratings for SCCO (Growth, Value, Momentum, and Sentiment).
Stock #2: Rio Tinto Group (<a href="https://stocknews.com/stock/RIO/">RIO</a>)
Headquartered in London, the United Kingdom, RIO engages in exploring, mining, and processing mineral resources worldwide. The company operates through four segments: Iron Ore; Aluminum; Copper; and Minerals. 
On December 12, RIO approved a $2.5 billion investment to expand the Rincon project in Argentina, the company's first commercial-scale lithium operation, to 60,000 tonnes per year. The project uses direct lithium extraction (DLE) technology, a process that supports water conservation, reduces waste, and produces lithium carbonate more consistently. This investment will help RIO to strengthen its commodity portfolio.
In the same month, RIO entered into a partnership agreement with the Swedish investment company Vargas, Mitsubishi Corporation, and other international and local industry partners to study low-carbon aluminum projects in Finland. This partnership should strengthen the company's global leadership in low-carbon aluminum.
For the six-month period that ended on June 30, 2024, RIO's consolidated sales revenue increased marginally year-over-year to $26.80 billion. The company's operating profit amounted to $8.26 billion, reflecting a 14% rise from the previous year's quarter. In addition, its profit after tax reached $5.89 billion, and EPS came in at $3.56, reflecting increases of 19.1% and 13.3% year-over-year, respectively.
Analysts expect RIO's revenue and EPS for the fiscal year ended December 2024 to be $52.73 billion and $6.86, respectively.
RIO shares have declined marginally intraday to close the last trading session at $58.19.
RIO's bright prospects are reflected in its POWR Ratings. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system.
It also has a B grade for Value, Stability, Sentiment, and Quality. Within the Industrial - Metals industry, it is ranked #5. <a href="https://stocknews.com/stock/RIO/">Click here</a> to see RIO's ratings for Growth and Momentum.
Stock #1: BHP Group Limited (<a href="https://stocknews.com/stock/BHP/">BHP</a>)
Based in Melbourne, Australia, BHP is a global resources company specializing in producing various commodities, such as iron ore, copper, nickel, potash, and metallurgical coal. The company operates through three segments: Copper; Iron Ore; and Coal.
On December 4, BHP signed a new Memorandum of Understanding (MOU) with HBIS Group to collaborate on decarbonizing the steel value chain. In the new MOU, using BHP's Pilbara iron ores in commercial-scale DRI-EAF steel production will continue to be optimized. BHP aims to establish best practices and scalable solutions that continue aligning with its climate goals.
On October 31, BHP announced the signing of a multi-year Global Framework Agreement with ABB, a leading global technology company. This strategic collaboration will enable opportunities for both companies to collaborate in support of project delivery, operations and maintenance, and operational decarbonization.
In the fiscal year which ended June 30, 2024, BHP's revenues increased 3.4% year-over-year to $55.66 billion. Its underlying EBITDA came in at $29.02 billion, up 3.8% from the previous year's quarter. The company's profit after taxation from continuing and discontinued operations amounted to $9.60 million, and its earnings per ordinary share stood at $1.56.
Street expects BHP's revenue for the fiscal year (ending June 2025) to be $52.22 billion. Moreover, its EPS estimate is expected to be $4.36 for the same period.
Shares of BHP have declined marginally intraday to close the last trading session at $48.18.
It's no surprise that BHP has an overall rating of B, equating to a Buy in our POWR Ratings system. It has a B grade for Value, Stability, and Quality. Out of 31 stocks in the same industry, BHP is ranked #4.
Beyond what is stated above, we've also rated BHP for Growth, Momentum, and Sentiment. Get all BHP's ratings <a href="https://stocknews.com/stock/BHP/">here</a>.
What To Do Next?
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<hr />
BHP shares were trading at $48.44 per share on Wednesday afternoon, up $0.26 (+0.54%). Year-to-date, BHP has declined -0.80%, versus a 0.34% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: ShreyaRathi</h2> <img src='https:/wp-content/uploads/2024/10/0.jpeg' style="float:left; padding:5px;width:125px;"><a href="https://stocknews.com/authors/?author=shreya-rathi">More...</a>The post <a href=https://stocknews.com/news/bhp-rio-scco-3-mining-companies-extracting-profits-from-green-metals/>3 Mining Companies Extracting Profits From Green Metals</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Mining Companies Extracting Profits From Green Metals

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