There are a lot of options for investors to choose from in the resources sector.
To narrow things down, let's look at three popular shares that Morgans has recently given its verdict on.
Are they buys, holds, or sells? Let's find out:
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Boss Energy Ltd (ASX: BOE)
Morgans was pleased with this uranium producer's finish to a challenging year.
While the broker has been disappointed with the performance of the Alta Mesa operation, it has maintained its accumulate rating (between buy and hold) with a trimmed price target of $1.40. It said:
Honeymoon guidance achieved following a challenging year – 4Q uranium production rebounded 79% qoq to 362klb, allowing BOE to achieve revised FY26 production guidance, while FY26 C1 costs (A$39/lb) and AISC (A$61/lb) also landed within guidance.
Alta Mesa. What a disappointment – Alta Mesa production of just 45klb (100% basis) missed consensus by ~78%, highlighting the ongoing impact of permitting delays and reinforcing that meaningful production growth remains dependent on approval of new wellfields. We maintain our ACCUMULATE rating with a downgraded target price of A$1.40ps (previously A$1.55ps).
Northern Star Resources Ltd (ASX: NST)
Morgans has also been looking at Northern Star shares following the release of its update for FY 2026.
The broker was pleased to see beats on costs for all three production centres and production volumes ahead of its revised guidance.
However, due to a recent rebound, Morgans downgraded the gold miner's shares to an accumulate rating with a trimmed price target of $24.00. The broker said:
Costs beat at all three production centres and FY26 volumes finished above revised guidance. We view the result as largely neutral. FY27 guidance has been deferred to the 20 August FY26 result pending early KCGM Mill Expansion commissioning data. Move to an ACCUMULATE with a A$24ps target price.
Woodside Energy Group Ltd (ASX: WDS)
Finally, Woodside delivered a good second-quarter update with operating revenue comfortably ahead of expectations.
And while its net debt was higher than expected, the broker believes this was due to cash flow timing.
In response to the update, Morgans retained its hold rating with a trimmed price target of $32.50. It said:
A good-looking 2Q26 operational and sales result, with operating revenue of US$4,185m up 28% qoq, 14.1% ahead of Visible Alpha (VA) consensus (US$3,668m) and 18% ahead of us (MorgansF US$3,545m). Roughly half the revenue beat came from marketing activity (lower margin). Strip that out and the beat narrows to ~6% on reported revenue, still healthy.
Net debt of ~US$9.3bn was a rare negative, ~US$1.4bn above our estimate, but appears to be a cash flow timing factor. Nothing in Q2 materially changes our view. We update our TP to A$32.50 (from A$33.40) and maintain our HOLD rating.
