The overall S&P/ASX 200 index is sluggishly redeeming itself after a period of downturn following Wall Street hiccups, but these 3 resource stocks are logging gains irrespective.
Fortescue Metals Group Limited (ASX: FMG)
Shares in iron ore production and exploration company Fortescue Metals Group Limited are on the top of the S&P/ASX 200 gainers today with a share price rise of 2.5% to $4.37 at the time of writing.
Fortescue has been in the news this week for cutting iron ore price expectations as Trump-inspired trade war fears and slowing of the Chinese construction sector weighed on forecasts.
But investors are rallying behind the Pilbara-based resource stock, with share prices back on the up after a 12-month period of downturns from a $6.42 share price at this time last year.
Fortescue recently reported a net profit of US$681 million for the half-year to December 31, 2017 with an interim dividend of 11c per share fully-franked.
Fortescue also announced the launch of a US$1.4 billion debt repayment offer via a tender, with note holders able to tender their 2022 Senior Secured Notes at US$1.10 per US$1.00 of principal.
Beach Energy Ltd (ASX: BPT)
Shares in oil and gas explorer Beach Energy Ltd were up 2.4% to $1.26 at the time of writing – another S&P/ASX 200 commodity share on the gains list today.
Beach holds interest in exploration and production tenements in Australia, Tanzania, New Zealand and Romania and its share price has tracked up steadily in the last 12-months from a 52-week low of 55c per share.
While Beach Energy shares are performing well, a takeover bid on Santos Ltd (ASX: STO) saw a stock price surge of 21% yesterday, although things have settled today with Santos shares down 0.3% at the time of writing to $5.87.
But all eyes in the sector right now are focused on Sundance Energy Australia Ltd (ASX: SEA) after Morgan's announced a forecast increase of 255% on the share price this week slapping an add recommendation on the stock after Sundance purchased 21,900 acres of land in the US as part of a transformative acquisition.
Mineral Resources Limited (ASX: MIN)
Shares in mining services player Mineral Resources Limited have surged up today beside its commodity brothers – rising 1.4% to $17.24 at the time of writing despite a broker downgrade out of Ord Minnett last month.
Ord Minnett downgraded Mineral Resources to accumulate from buy, lowering its price target on the stock from $20.50 to $19.50 in late March.
Ord Minnett named Orocobre Limited (ASX: ORE), Galaxy Resources Limited (ASX: GXY) and Kidman Resources Ltd (ASX: KDR) as better buys at present.
