These 3 resource stocks made the best share price recovery on the S&P/ASX 200 today 

It’s been a contentious few days on Wall Street and most S&P/ASX 200 stocks plunged well into the red this week as the ricochet effect rained down across most sectors. 

But with the Dow Jones Industrial Average rising 2.3% or 567 points overnight, things have looked much healthier today, with these 3 resource stocks booking a notable recovery. 

Pilbara Minerals Ltd (ASX: PLS)

Emerging lithium and tantalum producer Pilbara Minerals shot up almost 11% as the market opened today to sit at 87 cents a share after booking a predictable succession of slides over the last week. 

Pilbara Minerals’ share price has been on a steady upswing since September 2017 when it was priced at about 38 cents a share, but began a succession of declines this month alongside lithium peers Argosy Minerals Limited (ASX: AGY) which tumbled 7% on February 5 and Lepidico Ltd (ASX: LPD) which also fell 7% on the same day. 

Pilbara only broke into the S&P/ASX 200 late 2017, and has so far logged successful results for its 100% owned Pilgangoora Lithium-Tantalum Project to close off the calendar year. 

Galaxy Resources Limited (ASX: GXY)

Global lithium producer Galaxy Resources Limited followed the lithium miners’ share price surge today up almost 12% to $3.20 at the time of writing. 

The Galaxy share price was flying high in late 2017 and the company reported a positive cash flow of $2.67 million for the December 2017 quarter in mid-January on the back of forecasts lithium demand will increase globally over the next few years due to lithium-ion battery usage in electric vehicles and emerging technologies. 

Today’s substantial share price rise could herald the start of another upswing for Galaxy with analysts setting the 12-month price target at $4.30 – upgraded from a previous target of $3.80 due to the company’s improved margins and success so far to ramp up operations at its Mt Cattlin facility. 

Mineral Resources Limited (ASX: MIN)

Mining services and commodities production company Mineral Resources Limited was among the top three movers in the S&P/ASX 200 recovery today, with a rise of 10% to $18.50 at the time of writing. 

Mineral Resources Limited manages a portfolio of contracting and processing brands including Polaris Metals and Mesa Minerals. 

Mineral Resources’ share price climbed steadily from mid-2017 to close off the calendar year on a high, with the company in talks about the takeover of smaller cap oil and gas exploration company AWE Limited (ASX: AWE). 

Mineral Resources share price dropped 5.7% after the February 5 announcement Japanese firm Mitsui had beaten the Mineral Resources takeover bid by $76million. 

But the recovery has been sharp and fast for Mineral Resources and its shareholders, with the January 31 release of a buoyant quarterly activities report and FY18 outlook of maintaining a minimum EBIDTA of $500 million and capital expenditure of between $300 million to $350 million. 

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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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