On Wednesday I looked at three ASX shares that brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with them right now. Three ASX 200 shares that have just been given sell ratings by brokers are listed below.

Here’s why these brokers are bearish on them:

Australia and New Zealand Banking GrpLtd (ASX: ANZ)

According to a note out of the Macquarie equities desk, its analysts have retained their underperform rating and $18.50 price target on this banking giant’s shares. Although the broker believes ANZ’s divestment of its New Zealand-based UDC Finance business was a positive, it isn’t enough for a change of rating. It continues with its bearish view of the bank and retains its underperform rating. The ANZ share price is trading at $19.10 this afternoon.

Cochlear Limited (ASX: COH)

Analysts at UBS have retained their sell rating but lifted the price target on this hearing solutions company’s shares to $160.50. According to the note, the broker has revised its earnings estimates higher to reflect its belief that Cochlear unit sales will recover a touch quicker than expected. Nevertheless, with its shares trading well ahead of its price target, the broker is holding firm with its sell rating for the time being. Cochlear’s shares are changing hands for $197.89 on Thursday.

Nufarm Limited (ASX: NUF)

Another note out of Macquarie reveals that its analysts have downgraded this agricultural chemical company’s shares to an underperform rating and cut the price target on them to $4.85. The broker was left underwhelmed by Nufarm’s recent trading update and has concerns over its prospects in the fourth quarter. Given the importance of this quarter to its overall result, this could mean a disappointing full year result in September. The Nufarm share price has fallen heavily today and is now trading at $4.79.

More reading

• Should you be an ASX bull or bear right now?
• ASX 200 hits 6,000 points: Westpac provide AUSTRAC update, Vocus reaffirms guidance
• Why Austal, Ecofibre, Northern Star, & Nufarm are dropping lower
• Where to invest $2,000 in cheap shares
• Is the CBA share price cheap today?

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. 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 Scott Phillips.

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At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to record another strong gain. The benchmark index is currently up 1% to 6,000.9 points.

Here’s what has been happening:

ASX 200 hits 6,000 points.

The ASX 200 index has shaken off the recession news and stormed higher again on Thursday. So much so, the index has broken through the symbolic 6,000 points mark. This is the first time the ASX 200 has traded above this level in almost three months. The big four banks have played a key role in driving it through this level today. All four are trading higher at lunch.

Westpac AUSTRAC update.

The Westpac Banking Corp (ASX: WBC) share price is pushing higher today despite the release of an update on its Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) compliance issues. Australia’s oldest bank has been investigating its compliance issues and believes three primary factors led to the breaches. These include some areas of AML/CTF risk not being sufficiently understood within the bank.

Vocus reaffirms guidance.

The Vocus Group Ltd (ASX: VOC) share price is charging higher today after the release of a positive announcement. The specialist fibre and network solutions provider revealed that it has refinanced its debt and remains on course to achieve its guidance for FY 2020. Vocus expects its earnings before interest, tax, depreciation, and amortisation (EBITDA) to be in the range of $359 million to $369 million. This compares to the EBITDA of $360.1 million it posted in FY 2019. The core Vocus network services business is expected to deliver EBITDA growth of 10% this year.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Thursday has been the Unibail-Rodamco-Westfield (ASX: URW) share price with a 15% gain. Investors may believe the shopping centre operator’s shares have bottomed now. The worst performer has been the Nufarm Limited (ASX: NUF) share price with a decline of almost 11%. This morning analysts at Macquarie downgraded its shares to an underperform rating with a $4.85 price target.

More reading

• Should you be an ASX bull or bear right now?
• Top brokers name 3 ASX 200 shares to sell today
• Why Corporate Travel Management, SKYCITY, Vocus, & Westpac are pushing higher
• Why Austal, Ecofibre, Northern Star, & Nufarm are dropping lower
• Where to invest $2,000 in cheap shares

Motley Fool contributor James Mickleboro 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 Scott Phillips.

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The Buru Energy Limited (ASX: BRU) share price is charging higher today after the small-cap ASX energy share provided an operations update. At the time of writing, Buru shares have rallied 15% to 11.5 cents per share, taking the company’s current market capitalisation to around $50 million.

Buru Energy is an oil and gas exploration and production company. It is focused on exploring and developing the petroleum resources of the Canning Basin in the Kimberley region of Western Australia. With this, the company holds interests in a portfolio of exploration permits covering around 5.5 million gross acres in the Canning Basin. It also has a 50% operating interest in the currently producing Ungani Oilfield.

What did Buru Energy announce?

This morning, Buru provided an operations update regarding Ungani oil sales and production. Notably, the company revealed it has been buoyed by the improving crude market, with increases in the Brent oil price during May resulting in additional revenue from the May lifting of around US$200,000.

The company also announced that the next lifting of Ungani crude from Wyndham Port, which is expected to be in mid-July, has been sold on a spot basis.

The Ungani joint venture plans to continue to sell crude on a spot basis while it reviews the potential for entering into another longer-term offtake agreement.

The received price of the July lifting will be based on the average dated Brent oil price for the month of July, less an agreed discount to reflect an increase in marine transport charges to a refinery in Asia.

Meanwhile, Ungani field production is currently 1,250 barrels of oil per day and a series of well optimisation activities have been planned.

Buru also noted that its current farm-out process is progressing well. Various parties have accessed the virtual data room and with COVID-19 restrictions easing, locally-based interested parties are now able to physically attend Buru’s office to access the geophysical database.

Commenting on today’s update, executive chair Eric Streitberg said:

“We are very pleased and relieved to see the firming oil price that gives us a healthier return from our oil sales. Although we are facing higher shipping charges and tightening refinery terms, there is still a good market for our particular high quality crude from Ungani.

Our strong cash position and our high quality exploration portfolio puts us in a good position to weather the current storms and it has also been very pleasing to see the share price improving. Although like many other companies our share price is still near historic lows, it is at least now reflecting a value greater than our cash position.”

More reading

• Should you be an ASX bull or bear right now?
• Will the HomeBuilder stimulus boost ASX 200 building shares?
• These ASX healthcare shares could be long term market beaters
• Top brokers name 3 ASX 200 shares to sell today
• ASX 200 hits 6,000 points: Westpac provide AUSTRAC update, Vocus reaffirms guidance

Motley Fool contributor Cathryn Goh 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 Scott Phillips.

The post Buru Energy share price jumps 15% as the ASX small-cap benefits from firming oil prices appeared first on Motley Fool Australia.

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