Category: Stock Market

If you’re feeling a bit off on Monday, you’re not alone. Many shares are also having a relatively tedious day, with the S&P/ASX 200 Index (ASX: XJO) trading 0.16% lower than it was at Friday’s close.

Fortunately, that hasn’t stopped some overachievers from outperforming. Four ASX 200 shares have posted new 52-week highs this morning.

Here is all you need to know about the quartet trading at long-forgotten heights today.

4 ASX 200 shares posting new 52-week highs

Making the first notable jump this morning is the Pro Medicus Limited (ASX: PME) share price. The ASX 200 health imaging provider’s stock rose 2% today to a new 52-week high of $66.42.

The gain came as the company announced a new 8-year $12 million deal with US community-based, integrated delivery network (IDN) Samaritan Health Service.

The deal will see Pro Medicus’ Visage 7 Enterprise Imaging Platform replacing legacy systems across Samaritan’s network.

Pro Medicus CEO Dr Sam Hupert commented on the news, saying:

IDNs are the largest market segment in North America, and this is our fifth material IDN contract in the last 12 months.

Joining Pro Medicus’ shares in posting a new 52-week high today are those of Treasury Wine Estates Ltd (ASX: TWE).

The ASX 200 wine company’s stock peaked at $14.47 earlier today. That marked a 0.5% gain and a new post-pandemic high.

Interestingly, there’s been no news from the company lately. Though, it has been tipped to benefit from an apparent easing of tensions between Australia and China.

Also in on the action is the TechnologyOne Ltd (ASX: TNE) share price.

It rose nearly 2.2% this morning to reach $15.14 – a new all-time high.

The stock dodged the carnage that plagued the S&P/ASX 200 Information Technology Index (ASX: XIJ) in 2022 and has made the most of the sector’s 2023 gains.

It’s already risen 15% year to date.

And last but not least is Karoon Energy Ltd (ASX: KAR).

The ASX 200 oil and gas exploration company’s shares lifted 1.2% to hit a multiyear-high of $2.45 this morning before slipping into the red.

Today’s slump follows a 12% gain posted by the stock over the course of last week amid the release of its December quarterly report.

The post 4 ASX 200 shares hitting new 52-week highs on Monday appeared first on The Motley Fool Australia.

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More reading

• Two ASX sectors to buy right now (and two to avoid like the plague): fundie
• ASX 200 consumer staples shares raced higher to finish the day on top
• Experts say these are the ASX 200 blue chip shares to buy now
• These ASX 200 tech shares are leading the market today
• 3 ASX shares to cash in on China’s reopening to the world: Jun Bei Liu

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Pro Medicus. The Motley Fool Australia has positions in and has recommended Pro Medicus. The Motley Fool Australia has recommended Technology One and Treasury Wine Estates. 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 ResMed Inc (ASX: RMD) share price has started the week deep in the red.

At the time of writing, the sleep treatment focused medical device company’s shares are down 7% to $31.25.

Why is the ResMed share price sinking?

On Friday, the ResMed share price rose 2% following the release of the company’s quarterly update.

Unfortunately, US investors didn’t respond anywhere near as positively, leading to the company’s NYSE listed shares falling by approximately 3.5% on Friday night.

So, with each ResMed share equal to one-tenth of its NYSE shares, they have given back Friday’s gains and some more today to reflect this.

Is this a buying opportunity?

A number of brokers are likely to see the weakness in the ResMed share price as a buying opportunity.

For example, this morning Morgans has reiterated its add rating with an improved price target of $37.24. It was pleased with its stronger than expected second quarter performance. Morgans commented:

2Q was ahead of market expectations, with robust sales across all product lines, but with GM headwinds limiting robust operating leverage.

Elsewhere, Goldman Sachs has retained its buy rating with an improved price target of $38.00. The broker was also pleased with its performance and remains positive on its outlook. It said:

Steady improvements in diagnosis rates and supply chain could widen opportunity for share gains.

Finally, over at Citi, its analysts have held firm with their buy rating and lifted their price target to $39.00. Citi notes that industry conditions are improving and are favourable for ResMed. The broker commented:

The supply chain situation is improving for RMD and the competitive dynamic remains in its favour.

Based on the current ResMed share price, these price targets imply potential upside of 19% to 25% for investors over the next 12 months.

The post ResMed share price sinks 7%: Is this a buying opportunity? appeared first on The Motley Fool Australia.

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More reading

• Add some oomph to your portfolio with these ASX growth shares: analysts
• 5 things to watch on the ASX 200 on Monday
• $20,000 invested in these ASX shares 10 years ago is worth how much now?
• ASX 200 healthcare share charges higher as quarterly revenue surges
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ResMed. The Motley Fool Australia has positions in and has recommended ResMed. 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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ASX investors love to see the insiders of a company they own shares of putting their money where their mouths are and buying shares of the companies they are running. After all, the ultimate job of a company insider is to lead their company to prosperity. And long-term prosperity usually means higher share prices over time. 

So let’s look at four ASX All Ords shares that insiders have been buying up this January.

4 ASX All Ords shares that insiders have been buying up in 2023

Liontown Resources Ltd (ASX: LTR)

First up today is ASX lithium share Liontown Resources. As we covered a few days ago, Liontown chair Tim Goyder made a big investment in the company he runs earlier this month.

Goyder picked up a cool million shares at a cost of $1.5 million back on 20 January. The shares traded in a range of $1.375 and $1.465 on that day. This indicates that Goyder is sitting on a tidy profit today, given the shares are currently going for $1.64 at the time of writing.

New Hope Corporation Limited (ASX: NHC)

ASX coal miner New Hope is next up. This energy share has had one of the best runs on the All Ords over the past year or so, up more than 160% since January 2022. One insider thanking their lucky stars would be non-executive director, Jacqueline McGill.

McGill bought more than 10,000 shares of the company back on 6 January for $5.88 each, costing the director almost $59,000. This comes after McGill also bought 20,000 shares back in June last year for $3.66 each.

Today New Hope is asking $5.98 a share, meaning McGill would be a very happy camper indeed.

Andromeda Metals Ltd (ASX: ADN)

Our third ASX All Ords share worth taking a look at is the copper and gold explorer Andromeda Metals. More than one Andromeda insider has been putting money where their mouths are this month. Firstly, independent non-executive chair Michael Wilkes. Wilkes acquired 1.06 million new shares in Andromeda over 10-11 January, costing the director close to $53,000. This implies a buy price of around 5 cents per share.

But we also had managing director James Marsh pick up just over 1.9 million new shares over 13-16 January. This transaction was worth around $110,000, implying a buy price of just over 5.8 cents per share.

Andromeda non-executive director Melissa Holzberger didn’t want to miss out either. Holzberger netted another 384,615 shares on 16 January, for a cost of $24,615. That implies a cost per share of 6.2 cents.

So on today’s current Andromeda Metals share price of 5.6 cents per share, Wilkes would certainly be doing the best out of all of these recent insider purchases.

Race Oncology Ltd (ASX: RAC)

Finally today, we have ASX All Ords healthcare share Race Oncology. As we covered earlier this month, executive director and chief science officer Dr Daniel Tillett spent January buying up shares in the company. Tillett bought an additional 25,550 shares in Race over 11-13 January, at a total cost of $50,223.

That implies an average purchase price of $1.966 per share. In the days after this buy, Race shares went as high as $2.07, but the company is trading at $1.95 per share today.

The post 4 ASX All Ords shares insiders have been buying up in January appeared first on The Motley Fool Australia.

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More reading

• With a 30% forecast yield, is this dividend stock the biggest bargain on the ASX 200?
• Why did ASX 200 coal share New Hope Corporation sink 9% today?
• Here are the 3 most heavily traded ASX 200 shares on Friday
• Why Liontown, Megaport, Origin, and Tyro shares are pushing higher today
• Which ASX lithium share executive just invested $1.5 million in his company?

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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 ANZ Group Holdings Ltd (ASX: ANZ) share price has had a good start to the year, rising by around 10%.

Can the ASX bank share be a top idea in the current environment as interest rates keep rising?

With that in mind, let’s have a look at what an expert thinks of one of Australia’s biggest banks.

ANZ share price rated as a buy

Writing on The Bull, Jed Richards from Shaw and Partners decided to put a buy recommendation on the ASX bank share. Richards said:

The ANZ is our top pick in the banking sector. Australian banks generate about 90 per cent of their earnings from net interest income. Generally, the higher the cash rate, the greater the net interest. ANZ is the cheapest major bank from a valuation perspective, and was recently trading on an attractive grossed up dividend yield of around 7 per cent.

Why do interest rates matter to bank earnings?

As the Reserve Bank of Australia (RBA) cash rate rises, banks are passing on the interest rates to borrowers. This means that households are paying more on their loans and could see even higher rates in the next few months.

However, while savers are seeing interest rate rises, it’s not of the same scale or speed as borrowers. This is having the effect of boosting the net interest margin (NIM) of banks.

Higher lending profitability means the bank is on track to generate higher earnings per share (EPS).

How much profit could ANZ make in FY23?

Estimates on Commsec suggest that ANZ could generate $2.35 on EPS in the current financial year.

That would put ANZ shares at under 11 times FY23’s estimated earnings.

How does that compare to the other major ASX bank shares?

Looking at the FY23 projected profit numbers on Commsec:

Commonwealth Bank of Australia (ASX: CBA) shares are valued at 18 times forward earnings.

Westpac Banking Corp (ASX: WBC) shares are valued at 11 times forward earnings.

National Australia Bank Ltd (ASX: NAB) shares are valued at under 13 times forward earnings.

So, it is noticeably cheaper than CBA and NAB, while being slightly cheaper than Westpac, on an earnings multiple basis.

The post Is the ANZ share price cheap right now? appeared first on The Motley Fool Australia.

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More reading

• Investing in ASX 200 bank shares? Here’s the dividend outlook for 2023
• This could crash the earnings season party for ASX 200 bank shares: Macquarie
• Buy ANZ and this ASX dividend share: analysts
• Bought $5,000 of ANZ shares 5 years ago? Here’s how much passive income you’ve received
• 2 excellent ASX passive income shares to buy next week: analysts

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking. 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 Core Lithium Ltd (ASX: CXO) share price is marching higher on Monday, up 2.65% in morning trade.

The S&P/ASX 200 Index (ASX: XJO) lithium stock closed on Friday trading for $1.13 per share and is currently trading for $1.16.

This comes following the release of the company’s quarterly results for the three months ending 31 December.

Read on for the highlights.

Finniss on track for production

During the quarter, Core Lithium delivered its first shipment of 15,000 dry metric tonnes (dmt) of direct shipping ore (DSO) to a customer in Fangchen, China. The average grade was 1.4% Li2O and the ore sold for US$951/dmt.

Construction work at the miner’s Finniss project in the Northern Territory continued on track, including successfully commissioning the crushing and screening plant.

Primero was awarded a five-year operations and maintenance contract for the Dense Media Separation (DMS) plant during the quarter. And the Core Lithium share price could be getting some tailwinds today as the company reiterated that its DMS plant remained on schedule for production of first spodumene concentrate in the first half of 2023.

The three-month reporting period also saw Core Lithium successfully complete a $100 million equity raising.

As at 31 December, the miner held $125 million in cash. That figure doesn’t include proceeds from the sale of DSO, which it received in the current quarter.

What did management say?

Commenting on the results helping push the Core Lithium share price higher today, CEO Gareth Manderson said:

Core Lithium has continued to reach key milestones this quarter including the mining of ore, commissioning the crushing plant, sale of pre-production direct shipping ore (DSO) and the successful completion of the $100 million placement.

The Finniss operations team are managing the weather impacts experienced from Tropical Cyclone Ellie that brought above average rainfall during December. We continue to refine our approach to manage the impacts of wet season events and remain on track for commissioning of the concentrator with our key contracting partners.

Core Lithium share price snapshot

The Core Lithium share price is off to a strong start in 2023, up more than 14%. Over the past 12 months, the ASX 200 lithium stock has gained an impressive 52%.

The post Core Lithium share price marches higher as key quarterly milestones achieved appeared first on The Motley Fool Australia.

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More reading

• What’s with ASX 200 lithium shares today?
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• If I invest $10,000 in Core Lithium shares now, what could my return be this year?
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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Xero Limited (ASX: XRO) shares are starting the week strongly.

In morning trade, the cloud accounting platform provider’s shares are up 5% to $78.92.

Why are Xero shares shooting higher?

Investors have been scrambling to buy Xero shares this morning after the company was the subject of a bullish broker note out of Goldman Sachs.

According to the note, the broker has added the company to its coveted conviction buy list with a buy rating and new price target of $109.00.

Even after today’s solid gain, this suggests that the Xero share price could rise 38% for investors over the next 12 months.

What did the broker say?

Goldman has been looking through the tech sector and has named Xero as its top pick.

And while it acknowledges that Xero is high risk, it believes it has higher reward potential that more than justifies an investment. It commented:

Following our geographic analysis and recent high frequency data, we are incrementally positive of XRO’s risk reward: (1) a backstop in underlying ANZ/UK profitability (trading on 26X FY24 EV/EBITDA with no NA value – attractive in our view); (2) a shift in high-frequency indicators towards profitable growth (price rises & less hiring); (3) our above consensus forecasts into FY23 & beyond.

The broker also highlights the company’s massive total addressable market (TAM) that Xero can grow into over the next decade and beyond. It adds:

Xero is a Global Cloud Accounting SaaS player, with existing focuses in ANZ, UK, North American and SE Asian markets. We see Xero as very well-placed to take advantage of the digitisation of SMBs globally, driven by compelling efficiency benefits and regulatory tailwinds, with >100mn SMBs worldwide representing a >NZ$76bn TAM. Following the recent underperformance (absolute/relative), we see an attractive entry point into a compelling global growth story and our preferred large-cap technology name in ANZ, and are Buy rated (on CL).

The post Why Xero shares are Goldman’s top ASX 200 tech pick appeared first on The Motley Fool Australia.

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More reading

• These ASX 200 tech shares are leading the market today
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• 3 excellent ASX 200 growth shares with major upside potential: analysts
• Leading brokers name 3 ASX shares to buy today
• 5 things to watch on the ASX 200 on Monday

Motley Fool contributor James Mickleboro has positions in Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Xero. The Motley Fool Australia has positions in and has recommended Xero. 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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Some former top ASX dividend shares could be trading at a good value to deliver market-leading returns from here.

I like to be able to buy businesses that pay dividends at lower prices because it boosts the dividend yield. However, I’d only invest in a business if I thought its earnings could grow over the longer term.

Higher earnings can translate into a rising share price and bigger dividend payments.

Baby Bunting Group Ltd (ASX: BBN)

Baby Bunting is one of the leading retailers of baby and toddler products. It sells a variety of things like prams, car seats, furniture, toys, blankets and so on.

The Baby Bunting share price is down by around 45% over the past year. It faced difficulties with its profit margins in the first half of FY23. The company has spent money on establishing its New Zealand business and opening new stores while also targeting efficiency improvements.

A growing store network and New Zealand expansion may enable Baby Bunting to keep growing earnings in the years ahead. It expects to open a total of eight stores in FY23. It has a long-term target of 120 stores in Australia and New Zealand.

Commsec estimates put the current Baby Bunting share price at 16x FY23’s estimated earnings with a grossed-up dividend yield of 6.1%. Looking ahead to the early FY25 projections, the ASX retail share is valued at 11x FY25’s estimated earnings with a possible 8.9% grossed-up dividend yield.

Challenger Group Ltd (ASX: CGF)

Challenger is the largest annuity provider in Australia. An annuity is where a customer can turn their capital into a source of regular income over a set period or the rest of their life.

I don’t think the previous record low interest rate environment benefited Challenger. A higher interest rate appears to be better for the business as it delivers better returns for customers.

After all, a retiree is more likely to want an annuity with an interest return of more than 4%, for example, than the lower rate being offered in mid-2021.

This is reflected in results from the first quarter of FY23, where annuity sales increased by 50% to $1.8 billion.

Challenger recently explained at its annual general meeting (AGM) some of the tailwinds it is benefiting from:

Successive governments have implemented significant regulatory reforms across the financial services sector, such as the Retirement Income Covenant. These reforms are expected to provide retirees with the confidence of a secure retirement and have also created tailwinds for our business.

We have reached an exciting point in Australia’s retirement system with a definitive shift in industry focus towards the decumulation phase. And Challenger – as Australia’s leading retirement income brand – is well positioned to benefit.

Our unique competitive advantages combined with supportive long-term tailwinds see us well-placed to capture opportunities and drive strong business growth. We are leaders and innovators in our respective markets – with a broad offering and strong distribution footprint.

Australia’s world-class superannuation system continues to grow rapidly. Assets are set to triple over the next 20 years.

Using the Commsec estimates, the Challenger share price is valued at under 17x FY23’s estimated earnings. This, with a grossed-up dividend yield of 4.8%.

The post Why I think these 2 ASX dividend shares offer great buying right now appeared first on The Motley Fool Australia.

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More reading

• Why Baby Bunting, Origin, Rio Tinto, and South32 shares are dropping today
• Why did this ASX 300 share just crash 12%?
• 3 ASX All Ords shares forecasting dividend yields of at least 7% in FY24
• The 3 ASX 200 bank shares that outperformed all others in 2022
• 2 ASX dividend shares to buy with 5%+ yields – analysts

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Baby Bunting Group. The Motley Fool Australia has recommended Baby Bunting Group and Challenger. 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 share price of ASX newbie Patriot Battery Metals Inc (ASX: PMT) is taking off again, this time on the company’s latest lithium finds.

It announced assay results for the final 10 drill holes completed at its CV5 Pegmatite system last year – which has significantly expanded the known lithium mineralisation at the target.

Right now, the Patriot Battery Metals share price is up 13.41%, trading at $1.565.

That’s also 161% more than the company offered its shares for under its initial public offering (IPO) late last year.

Let’s take a closer look at the find driving the ASX lithium share sky-high on Monday.

ASX lithium share soars on assay results

The Patriot Battery Metals share price is roaring on the final assays from the 2022 drill campaign conducted at the company’s Corvette Property

The latest finds have further delineated the high-grade zone – now named the Nova Zone. Additionally, the easternmost drill hole conducted at CV5 Pegmatite returned assays of:

• 52.2 metres at 3.34% lithium oxide (219.1 metres to 271.2 metres), including 15 metres at 5.1% lithium oxide

That drill hole has extended mineralisation eastwardly and appears to have intersected part of the Nova Zone, which has so far been found to boast a strike length of at least 350 metres.

Commenting on the news driving the ASX lithium share higher today, Patriot Battery Metals president, CEO, and director Blair Way said the company “could not be more thrilled with the results” from the drill campaign, continuing:

We have exceeded all of our program objectives, expanding the known mineralised system from a few hundred metres along-strike in 2021, to at least 2.2 kilometres in 2022, remaining open and demonstrating high-grades at both ends.

We have just recently commenced our 2023 drill campaign and will continue to aggressively delineate what we believe will be a top tier lithium asset globally when fully defined.

The company kicked off the 2023 campaign in early January. Way previously tipped this year to be “transformative” for Patriot Battery Metals.

No doubt, plenty of eyes will be watching its share price in the coming weeks and months.

The post Guess which ASX lithium share is rocketing 13% on new finds appeared first on The Motley Fool Australia.

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More reading

• Guess which ASX lithium share is soaring another 12% today
• 3 ASX mining shares rocketing more than 18% on Thursday
• ‘Hard to find words’: Why this ASX lithium share is rocketing 22%
• This under-the-radar ASX battery metals share is leaping 15% on Friday. Here’s why

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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If you have room for some new portfolio additions, then it could be worth considering the two ASX growth shares listed below.

Here’s what you need to know about these buy-rated shares:

NextDC Ltd (ASX: NXT)

The first ASX growth share that has been tipped as a buy is data centre operator NextDC.

Goldman Sachs is positive on the company and has just reiterated its buy rating with a $13.60 price target. It believes NextDC is well-placed for strong growth over the next decade.

This morning, the broker commented:

We continue to believe NXT hybrid model puts the company in a strong position to continue gaining share in Enterprise while winning its fair share of hyperscale contracts, supporting a strong earning trajectory over the next decade. This is consistent with its recent bullish AGM commentary expecting to convert its record backlog within the next 6-12 months (i.e. May – Nov 2023). We also expect a detailed update on NXT Asia ambitions in 2023, which although riskier, is well flagged by the company

ResMed Inc. (ASX: RMD)

Another ASX growth share that has just been tipped as a buy is ResMed. It is a medical device company with a focus on sleep treatment solutions.

Morgans is a fan of ResMed and has put an add rating and $37.24 price target on its shares. The broker likes the company due to its strong position in the sleep treatment market and its huge potential in the out of hospital care market.

It commented:

We continue to believe the overall fundamentals remain sound and the company is well positioned, with margin headwinds expected to abate slowly. […] We view RMD as increasingly well positioned as a leading SaaS provider of out of hospital care, with strong underlying sales momentum (+7%) expected to continue, and integration of German-based Medifox Dan (only 6 weeks in 2Q; EPS neutral) offering end-to-end software for nursing and HME customers in Germany.

The post Add some oomph to your portfolio with these ASX growth shares: analysts appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Lovisa Holdings Ltd and ResMed Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has positions in and has recommended ResMed Inc. The Motley Fool Australia has recommended Lovisa Holdings Ltd. 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 Pilbara Minerals Ltd (ASX: PLS) share price has already surged nearly 32% year to date, but could it even go higher?

Pilbara shares are climbing 2.45% in today’s trade to $5.02 apiece. For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) is 0.76% in the red today.

Let’s take a look at the outlook for the Pilbara Minerals share price.

Could Pilbara go higher?

Pilbara produces lithium from Pilgangoora Project, near Port Headland in Western Australia.

Pilbara Minerals shares are a “buy” according to Seneca investment advisor Arthur Garipoli.

Commenting on Pilbara on The Bull, Garipoli highlighted Pilbara’s higher production, lower operating costs, and improved cash balance in the December quarter. He added:

In our view, the company offers strong growth potential. It may announce a maiden interim dividend.

Pilbara delivered a 10% lift in spodumene concentration production in the December quarter to 162,151 dry metric tonnes (dmt). The company’s cash balance grew 60% from $1.375 billion to $2.226 billion. Operating costs fell 5% to $579 per dry metric tonne.

Pilbara announced an “inaugural dividend policy” in November. The company is targeting a dividend payout ratio at 20 to 30% of free cash flow.

Meanwhile, the team at Morgans has also recently recommended Pilbara Minerals as a buy. The broker retained an add rating and lifted the price target on Pilbara to $5.40. This implies an upside of about 9% based on the current share price. Morgans was also impressed with Pilbara’s quarterly update.

Share price snapshot

Pilbara Minerals shares have soared 53% in the last year.

Pilbara has a market capitalisation of nearly $15 billion based on the current share price.

The post Pilbara Minerals share price ‘offers strong growth potential’: expert appeared first on The Motley Fool Australia.

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More reading

• Top brokers name 3 ASX shares to buy next week
• What’s with ASX 200 lithium shares today?
• Here are the 3 most heavily traded ASX 200 shares on Friday
• Lithium giant forecasts 15% greater demand. How are ASX lithium shares reacting?
• Here are the 3 most heavily traded ASX 200 shares on Wednesday

Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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