Why the Sandfire Resources NL share price is rising today

Sandfire Resources NL (ASX: SFR) jumped 2.7% to $7.37 to take out the third top spot on the ASX 200 index upswings today as its quarterly presentation and report was handed down on January 30.

The mid-tier mining and exploration company became a bona fide copper producer in 2012 after the commissioning of its flagship DeGrussa Copper-Gold Mine north of Perth.

Sandfire also has a solid portfolio of base metal, iron ore, manganese and gold projects.

Sandfire has been on a steady upward trend since early November and logged a 62% increase in annual net profit after tax in June 2017, catching the eye of analysts admiring its low-debt position and strong production capability – buoyed by a rising copper market.

So far Sandfire has smashed Bell Potter’s February 2017 12-month broker price target of $7.10 out of the park and is heading towards Macquarie Group Ltd’s (ASX: MQG) valuation of $7.50 at a rate of knots.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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