BHP Group (ASX: BHP) Shares Rise to Mid-June Highs Amid Mixed Output Expectations

2 min read | July 03, 2024 01:21 PM AEST | By Team Kalkine Media

Google News:

BHP Group (ASX: BHP) Shares Rise to Mid-June Highs Amid Mixed Output Expectations — Image source: Andriy Solovyov, Shutterstock

Recent News

Why Is CSL (ASX:CSL) Back on Healthcare Watchlists After Its Slide?

Why Is Cochlear (ASX:COH) Shaking the ASX 200 Healthcare Sector?

Top ASX Tech Stocks Draw Focus as Governance Risks Rise

Top Australian Value Stocks Watch as Cash Flow Leads Market

Make Kalkine Media
My Trusted Source

Shares of BHP Group (ASX: BHP) saw a notable increase of 0.53% on Wednesday, reaching AU$43.39 apiece, their highest level since mid-June. This rise comes as analysts at Macquarie forecast mixed output results for the mining giant in Q4 FY24.

Iron Ore Shipments:

Macquarie analysts expect BHP's Western Australia Iron Ore (WAIO) operations to record Q4 shipments of 78.7 million tons (mt), a significant increase from the 68.1 mt shipped in the previous quarter. For FY24, Macquarie forecasts BHP's total iron ore shipments to reach 291 mt. This is within BHP's own guidance range of 282 mt to 294 mt.

Metallurgical Coal Production

Despite the positive outlook for iron ore, Macquarie anticipates BHP will miss market consensus estimates for Q4 metallurgical coal production. This is attributed to depleted inventory positions affecting output.

Market Performance

The broader Australian mining sector (.AXMM) rose as much as 1.1%, hitting its highest level since June 17. However, BHP's stock has experienced a 14.4% decline this year, as of the last close.

BHP Group's share price gains reflect positive sentiment around its iron ore shipments, despite concerns over its metallurgical coal production. The company's performance in the upcoming quarter will be closely watched by investors, particularly in light of the mixed output expectations and the broader trends in the mining sector.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.