The S&P/ASX 200 Index (ASX: XJO) slid 1.95% today, but one ASX iron ore share jumped ahead on the release of its FY22 results.

The Fenix Resources Ltd (ASX: FEX) share price gained 5.88% today to trade at 36 cents.

Let’s take a look at what this ASX iron ore share reported to the market.

Fenix Resources revenue lifts 118%

Highlights of Fenix Resources FY22 full-year results include:

• Net profit after tax (NPAT) lifted 3% to $50.7 million
• Net operating cash flow of $62.3 million, down from $65.3 million in FY21
• Total sales revenue lifted 118% on the previous financial year to $249.2 million
• Fully franked final dividend of 5.25 cents per share
• $101.9 million cash at hand as of 30 June

What else did the company report?

Fenix shipped and sold about 1.335 million wet metric tonnes (wmt) of high-quality iron ore from its 100%-owned Iron Ridge Project.

This included about 627,00 wmt of lump iron ore with an average grade of 63.9% Fe and 708,000 wmt of fines at an average grade of 61.9% Fe.

Revenue lifted 118% on the back of the company ramping up operations.

Despite “volatility in the iron ore price” and higher fuel and freight costs, Fenix reported a slightly higher net profit than the FY21 result of $49 million.

This year’s dividend was on par with the dividend paid out in FY21.

Management comment

Commenting on the results, Fenix chairman John Welborn said:

Fenix continues to deliver outstanding returns for shareholders based on the excellent operational focus of our team and the application of disciplined corporate strategy.

We are exceptionally well placed to maintain the strength of our existing operations and advance exciting opportunities for further growth.

What’s ahead?

Fenix said it is in a “strong hedging position” for FY23. The company has iron ore swap arrangements for 50,000 dry metric tonnes (dmt) per month up to September this year at a price equivalent of $230.30 per dmt in Australian dollars. From October to June next year, Fenix has hedging arrangements for 35,000 dmt per month at $180.65 per dmt. The total value of these arrangements is about $12.65 million as of 30 June.

The company is predicting it will ship about 1.3 million wmt of iron ore in FY23.

Share price snapshot

The Fenix Resources share price has soared 26% in a year, while it’s lifted 33% year to date.

In the past month alone, Fenix Resources shares have surged 29%.

For perspective, the benchmark ASX 200 Index has fallen 7% in a year.

The post Guess which ASX iron ore share leapt 6% on ‘outstanding returns for shareholders’. Hint: not Fortescue appeared first on The Motley Fool Australia.

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More reading

• What’s going on with the Santos share price today?
• Why are the VAS ETF’s dividends so erratic?
• Why did the Polynovo share price plunge 17% today?
• Why did the Sayona share price tumble 5% on Monday?
• Why did the Appen share price just hit a 5-year low?

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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The Santos Ltd (ASX: STO) share price fared better than most on Monday.

Although the energy producer’s shares ended the day 0.75% lower at $7.85, this compares favourably to a 1.95% decline by the ASX 200 index.

Why did the Santos share price outperform?

The Santos share price avoided the worst of the selloff today thanks to the release of a positive announcement relating to the Barossa joint venture.

According to the release, a final investment decision (FID) has been taken to proceed with the Darwin Pipeline Duplication Project, located offshore the Northern Territory.

This will extend the Barossa Gas Export Pipeline to the Santos-operated Darwin LNG (DLNG) facility and allow for the repurposing of the existing Bayu-Undan to Darwin pipeline to facilitate carbon capture and storage (CCS) options.

The release highlights that gas from the Barossa field, located 300 kilometres north of Darwin, is intended to replace the current supply from the Bayu-Undan facility located in Timor-Leste. The first gas production at DLNG using Barossa gas is targeted for the first half of 2025.

Santos’ managing director and CEO, Kevin Gallagher, spoke very positively about the project. He said:

Taking FID on the Darwin Pipeline Duplication Project will allow for the Barossa project to be CCS ready. The Bayu-Undan CCS project has the potential to capture and store up to 10 million tonnes of carbon dioxide per annum, equivalent to about 1.5 per cent of Australia’s carbon emissions each year from other projects, customers and other hard to abate industries and has the potential to be the largest CCS project in the world.

This will come at a cost, though. Adding the Darwin Pipeline Duplication project is estimated to increase Santos’ share of capital expenditure for the Barossa project by approximately US$311 million.

Work is scheduled to commence on the Darwin Pipeline Duplication project in 2023, subject to Commonwealth and other regulatory approvals.

The post What’s going on with the Santos share price today? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Monday
• Up 13% in a month, is the Santos share price still attractive?
• Earnings highs and lows, and energy policy in focus. Scott Phillips on Nine’s Late News
• 5 things to watch on the ASX 200 on Thursday
• 5 things to watch on the ASX 200 on Wednesday

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 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 Vanguard Australian Shares Index ETF (ASX: VAS) is a popular exchange-traded fund (ETF) on the ASX. In fact, it happens to be the most popular ETF on the ASX right now.

Investors seem drawn to VAS for a number of reasons. But it’s probably a safe bet that most VAS investors appreciate the simplicity of the exposure to an index of ASX shares that this ETF provides.

Now, ASX shares, and by extension the S&P/ASX 300 Index (ASX: XKO) that VAS tracks are well-known for dividend prowess. Most ASX shares that are at the top of the ASX 300 Index by weighting are formidable dividend payers.

There are the big four banks like Commonwealth Bank of Australia (ASX: CBA), of course. As well as other income heavyweights like BHP Group Ltd (ASX: BHP), Telstra Corporation Ltd (ASX: TLS) and Woodside Energy Group Ltd (ASX: WDS).

As an ETF, VAS has to pay out all dividends that it receives from its portfolio to investors within the same year of receipt in the form of distributions.

As an investor might expect from an index ETF holding so many dividend heavyweights, VAS’s 12-month trailing dividend distribution yield currently stands at a healthy 7.2%.

This comes from the total of $6.26 in dividend distributions VAS has paid out over the past 12 months.

So why are VAS’s dividend distributions so erratic?

But here’s where things get interesting. VAS may have paid out $6.26 in distributions over the past year, covering FY22. But over FY21, the ETF doled out a far less impressive total of $2.33 per unit. For the 12 months covering FY20, it was $2.67. For FY19, it was $3.58.

So what’s going on here? How come VAS’s distributions are so erratic from year to year?

Well, the answer relates to VAS’s structure. As we touched on earlier, as a trust, VAS has to pay out whatever dividends come into its unitholders. As such, it can’t hoard cash in a way that a company can to smooth out dividends over time.

So if ASX shares as a whole have a great year and fork out plenty of dividends, like in FY22, this will flow through to VAS’ unitholders.

But if there is a dividend drought, such as the COVID-induced drought of FY21, there is less dividend income that VAS can pass through.

So the dividend distributions that VAS’ investors enjoy are entirely dependent on the dividends that ASX shares themselves payout. Especially those at the top of the market like the banks and BHP.

So that’s why the Vanguard Australian Shares Index ETF’s dividend distributions appear so erratic. At the end of the day, VAS can only give income to its shareholders that ASX shares themselves give VAS.

The post Why are the VAS ETF’s dividends so erratic? appeared first on The Motley Fool Australia.

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More reading

• How does VGS stack up against other ASX index funds?
• 2 ETFs I think would make good additions to most portfolios
• Here’s how much the Vanguard Australian Shares Index ETF (VAS) has paid in dividends over the past 5 years
• Top ASX dividend shares to buy in August 2022
• Is the VAS ETF providing a bigger dividend yield than other ASX 200 index funds?

Motley Fool contributor Sebastian Bowen has positions in Telstra Corporation Limited. 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 positions in and has recommended Telstra Corporation Limited. 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 Polynovo Ltd (ASX: PNV) share price closed well in the red on Monday today despite no announcements from the company.

Shares of the ASX medical devices company finished the day at $1.36 each, down 17.07%. It comes after the Polynovo share price shed 15% on Friday.

The S&P/ASX 200 Health Care Index (ASX: XHJ) also had a tough time today, recording a 1.45% loss. However, it performed marginally better than the S&P/ASX 200 Index (ASX: XJO) which closed 2.08% lower.

It seems momentum from last week’s largely negative news from the company carried over to today’s price action. Let’s recap what’s been happening with Polynovo.

What’s going on with the Polynovo share price?

Polynovo’s shares plummeted on Friday amid the company posting its full-year earnings card for FY22. As my Fool colleague Brooke Cooper observed, the slide was despite company revenue growing 42.8% from the prior corresponding period (pcp). Polynovo also reduced its net losses to $1.2 million (down from $4.6 million).

Of note is that Polynovo did not provide material guidance on its earnings or revenues for FY23 or beyond. Instead, it opted to give investors operational and product forecasts and leave investors to extrapolate the outlook for themselves. Although the information provided was useful, the absence of hard numbers did nothing to abate the violent market sell-off.

Moving forward to FY23, the company is working on its European distribution model and has submitted its BTM licence in Canada. It also has interests in Oceania, with eyes set on expanding into Australia and New Zealand.

Polynovo share price snapshot

The Polynovo share price is down 10.5% year to date. At the same time, ASX 200 Health Care Index and the ASX 200 Index are down 5.58% and 8.27% respectively.

The company’s current market capitalisation is roughly $903 million.

The post Why did the Polynovo share price plunge 17% today? appeared first on The Motley Fool Australia.

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More reading

• Why Aussie Broadband, Grange, NextDC, and PolyNovo shares are being hammered
• Polynovo share price plummets 15% despite surging full-year revenue
• Why City Chic, Macquarie Telecom, Polynovo, and Smartgroup shares are sinking
• Earnings preview: Here are the ASX shares reporting today
• How did the Polynovo share price respond last time the company reported?

Motley Fool contributor Matthew Farley 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 POLYNOVO FPO. 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 Sayona Mining Ltd (ASX: SYA) share price powered downwards on Monday afternoon.

This was despite the company not releasing any announcements since the update regarding its North American lithium operation earlier this month.

At market close on Monday, the emerging lithium producer’s shares finished down 5.36% to 26.5 cents.

What dragged down Sayona shares?

A broader sell-off on the S&P/ASX 200 Index (ASX: XJO) today appears to have impacted the Sayona share price.

In contrast, the benchmark ASX 200 index finished down 1.95% to 6,965.5 points following Wall Street’s heavy falls last week.

The United States Federal Reserve held its annual Jackson Hole economic symposium on Friday.

At the event, Fed Reserve chair Jerome Powell dashed hopes about a change in direction from the central bank’s aggressive monetary policy.

He reaffirmed the goal to bring down inflation levels to 2% and hinted at a possible 0.75% rate hike next month.

Subsequently, the market seems to be pricing in the latest news.

Currently, futures for the Dow Jones Industrials are down 213 points, or 0.66%.

The S&P 500 futures and the Nasdaq Futures are sliding 0.83% and 1.18%, respectively.

In the past month, Sayona shares have accelerated by 32.5%, reaching a three-month high of 31 cents on 25 August.

This reflects a very strong rebound from when it was trading at a discount of 11.5 cents on 23 June.

Sayona Mining share price snapshot

Since this time last year, the Sayona share price has soared by 89%.

In 2022, the company’s shares have continued their impressive trajectory, up 104%.

The robust gains have come on the back of renewed optimism in the lithium market in the past few months.

Based on today’s price, Sayona Mining presides a market capitalisation of approximately $2.2 billion.

The post Why did the Sayona share price tumble 5% on Monday? appeared first on The Motley Fool Australia.

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More reading

• Have Sayona Mining shares been a good investment in 2022?
• Why did the Sayona Mining share price beat the ASX All Ords on Tuesday?
• Why is the Sayona Mining share price surging 8% on Friday?
• Why is the Sayona Mining share price so volatile?
• Why are ASX lithium shares having such a cracking start to the week?

Motley Fool contributor Aaron Teboneras 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 Appen Ltd (ASX: APX) share price continued its slide on Monday.

At one stage, the artificial intelligence data services company’s shares were down over 6% to a five-year low of $3.65.

Furthermore, when its shares hit that level, it meant that they had lost 36% of their value since this time last month.

Why is the Appen share price at a five-year low?

Let’s start with today’s decline. The Appen share price was sold off today after tech shares crashed lower on Wall Street’s NASDAQ index on Friday night.

This was driven by comments out of the US Federal Reserve which indicated that it would aggressively raise rates to fight inflation. And while the market has been expecting rates to rise, the general consensus is now that rates will be higher for longer than previously expected.

It wasn’t just the Appen share price falling today. The S&P ASX All Technology index dropped a sizeable 4%.

What else?

Also weighing on Appen’s shares has been the recent release of its half year results for FY 2022.

For the 12 months ended 30 June, Appen posted a loss after tax of US$9.4 million. This was down from a profit of US$6.7 million during the prior corresponding period.

In response to the result, the team at Macquarie retained its underperform rating and cut its price target to $3.30. Whereas the team at Ord Minnett downgraded Appen’s shares to a sell rating and slashed its price target on them to $3.00.

Unfortunately, based on these broker notes, the Appen share price may not have found a bottom yet despite its recent weakness.

The post Why did the Appen share price just hit a 5-year low? appeared first on The Motley Fool Australia.

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More reading

• Which crypto is ASX 300 tech company Appen holding and why?
• Appen share price rockets then stalls on US$9m half-year loss
• Appen share price on watch as interim dividend scrapped
• Earnings preview: Here are the ASX shares reporting today
• The Appen share price is down 20% in a month. Is it going lower?

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 Appen Ltd. 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 Zip Co Ltd (ASX: ZIP) share price is in the red today, down 9.78% at the time of writing. The sell-off in Zip shares comes amid a string of bad news for the company over the last week.

Shares of the ASX buy now pay later (BNPL) company currently trade for 81.2 cents each. They closed trading on Friday at 90 cents each.

It’s not only the Zip share price that’s been hit today. The S&P/ASX 200 Financials Index (ASX: XFJ), which Zip is a part of, is also not doing too good this afternoon. It’s down by 2.18%.

Zooming out further, the broader market is also struggling today with the S&P/ASX 200 Index (ASX: XJO) 1.98% lower in late afternoon trading.

Let’s recap what’s been challenging the Zip share price over the last week.

What’s going on with the Zip share price?

The black cloud of bad news last week seems to be following the company into the next. On Thursday, investors reeled amid news that Zip posted a $1 billion loss for FY22. The loss equated to roughly 165% of the company’s market cap at the time. Shares unexpectedly rallied to 94 cents apiece when the loss was posted but have since entered a sharp sell-off amid recent developments.

On Friday, UBS broker analyst Tom Beadle posted a note stating the Zip share price was trading at a premium two times higher than what it should be worth, giving it a 45-cent price target. That’s a 45% expected downside at the time of writing.

Beadle said (as quoted by The Australian):

In FY23, managing cash burn and demonstrating a clear path to profitability will be crucial for Zip. Whilst Zip have announced a range of initiatives designed to reduce cash burn, quantifying their precise impact remains difficult; in our view material uncertainty remains.

And today, my Foolish colleague James Mickleboro reported that short sellers are actively targeting Zip shares in expectation of further losses, noting that short interest has risen 8.4% week on week.

Zip share price snapshot

The Zip share price is down 81% year to date.

Both the S&P/ASX 200 Financials Index (ASX: XFJ) and the S&P/ASX 200 Index (ASX: XJO) are far outperforming the BNPL share. They’re down 8.32% and 8.23%, respectively.

Zip’s market capitalisation is roughly $567 million

The post Why is the Zip share price slipping 10% on Monday? appeared first on The Motley Fool Australia.

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More reading

• These are the 10 most shorted ASX shares
• Here’s why UBS tips the Zip share price to halve
• Zip’s FY22 loss is 165% of its market cap. So why did its shares go up?
• Zip share price lifts despite $1 billion loss for FY22
• Earnings preview: Here are the ASX shares reporting today

Motley Fool contributor Matthew Farley 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 ZIPCOLTD FPO. 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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There’s been a flurry of activity to start the week as ASX reporting season nears the final bend.

In late afternoon trade, the S&P/ASX 300 Index (ASX: XKO) is tumbling by 1.9%.

Today has seen some big-name reports from the likes of Fortescue Metals Group Limited (ASX: FMG) and A2 Milk Company Ltd (ASX: A2M).

Amidst all of the news, let’s check out reports from three ASX 300 shares that are flying under the radar today.

Dalrymple Bay Infrastructure Ltd (ASX: DBI)

The Dalrymple Bay share price is brushing off the negative market sentiment to edge higher today.

At the time of writing, Dalrymple Bay shares have inched 0.5% higher to $2.15 as investors appear satisfied with the company’s first-half FY22 results.

The company holds a 99-year lease of the Dalrymple Bay Terminal (DBT), the world’s largest metallurgical coal export facility.

For the first half of FY22, the company generated total revenue of $255.7 million, up 7% from the prior corresponding period (pcp) of 1H21.

Net profit after tax (NPAT) came in at $6.6 million, with comparisons from the pcp muddied due to a reversal of IPO transaction costs in the prior year.

Dalrymple Bay declared a second-quarter distribution of 4.5675 cents per security, taking first-half distributions to 9.135 cents. 

Total FY22 distribution guidance remains at 18.27 cents. This puts Dalrymple Bay shares on a forward dividend yield of 8.5%.

29Metals Ltd (ASX: 29M)

The 29Metals share price is performing roughly in line with the ASX 300 today. 29Metals shares have retreated 1.9% at the time of writing to $2.02.

The copper-focused ASX miner handed in its first-half FY22 results this morning, headlined by a 23% jump in revenue to $356 million.

This top-line growth was driven by higher copper and zinc production along with favourable Australian dollar commodity prices. Partially offsetting this was softer gold production and higher treatment and refinement charges.

In the first half, 29Metals delivered copper equivalent production of 34 kilotonnes (kt), up 14% compared to pro-forma 1H21 results.

The company recorded a big improvement in operating cash flow, which came in at $109 million.

This helped the company to strengthen its balance sheet position, ending the period with net cash of $16 million.

29Metals also announced a maiden dividend, declaring a fully franked interim dividend of 2 cents per share.

InvoCare Limited (ASX: IVC)

Funeral home operator InvoCare is another ASX 300 share that reported half-year results today.

At the time of writing, the InvoCare share price is slightly outperforming the ASX 300 index, falling 1.4% to $11.

In the first half of FY22, InvoCare generated 9% top-line growth as revenue hit $285 million. The company also delivered record operating earnings, which lifted by 10% to come in at $44 million.

These results were achieved against a backdrop of ongoing COVID impacts, a spike in ‘excess deaths’, unusually inclement weather, and an inflationary economic environment.

On the back of the record profit result, InvoCare cranked up its interim dividend by 42%. It declared a fully franked interim dividend of 13.5 cents, putting shares on a trailing dividend yield of 2.3%.

The post 3 ASX 300 company earnings results you might have missed appeared first on The Motley Fool Australia.

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More reading

• How are ASX copper shares performing after Monday’s surge?
• ASX copper shares explode by up to 34% following BHP takeover bid

Motley Fool contributor Cathryn Goh 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 A2 Milk. 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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With the S&P/ASX 200 Index (ASX: XJO) now down 1.94% for the day so far to 6,966 points or so, it’s fair to say that ASX 200 shares have had better starts to a trading week. But amid these nasty falls, the Novonix Ltd (ASX: NVX) share price is certainly standing out.

Novonix shares have had a shocker of a start to the week. The battery technology company has suffered a 6.54% loss as it currently stands to $2.22 a share. So why is this ASX company enduring a loss more than triple that of the broader markets?

Well, unfortunately, it’s not quite clear what has gotten investors’ collective goats over this company today. There has been no news or announcements whatsoever out of Novonix today. Or indeed since 5 August.

What’s going on with the Novonix share price today?

So it thus seems the most likely explanation for these falls is that investors are getting a bit carried away with the market’s overall losses and bailing out of Novonix shares with gusto.

But this situation isn’t just confined to the Novonix share price. We see many other ASX shares in Novonix’s outer wheelhouse experiencing similar moves. Take lithium producer Pilbara Minerals Ltd (ASX: PLS). It’s currently down 1.83% at $3.49 a share.

Core Lithium Ltd (ASX: CXO) is down 2.88%, while Lake Resources N.L. (ASX: LKE) is faring even worse, down nearly 10%.

But investors seem to have been developing a distaste for Novonix shares for a while now. Including today’s falls, the company has now dropped a painful 32% or so since 11 August.

Whatever the reason for today’s dire share price performance, no doubt investors will be hoping this week can only get better. But we shall have to wait and see.

In the meantime, the current Novonix share price gives this ASX battery share a market capitalisation of $1.08 billion.

The post Why is the Novonix share price tumbling 6% on Monday? appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Monday
• Core Lithium share price dips despite Tesla extension
• These are the 10 most shorted ASX shares
• Are Pilbara Minerals shares better value than Allkem right now?
• ASX 200 reporting season weekly wrap: Top risers and fallers

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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With so many shares to choose from on the ASX, it can be hard to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.

Three top ASX shares leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Allkem Ltd (ASX: AKE)

According to a note out of UBS, its analysts have retained their buy rating on this lithium miner’s shares with an improved price target of $18.60. UBS notes that Allkem’s results fell short of expectations and the company’s production guidance for Mt Cattlin was downgraded just weeks after giving it. However, the broker is overlooking this due to the belief that lithium prices will be higher for longer. The Allkem share price is trading at $13.80 on Monday.

Costa Group Holdings Ltd (ASX: CGC)

A note out of Morgans reveals that its analysts have retained their add rating but trimmed their price target on this horticulture company’s shares to $3.35. This follows the release of a half year result that was in line with expectations. And while wet weather has forced a reduction in Morgans’ earnings estimates and valuation, it still believes that its shares are significantly undervalued at current levels. The Costa share price is fetching $2.68 this afternoon.

Ramsay Health Care Limited (ASX: RHC)

Analysts at Citi have upgraded this private hospital operator’s shares to a buy rating with an $85.00 price target. While the broker has reduced its earnings estimates to reflect a slower than expected recovery from the pandemic, it remains positive that one is coming. But perhaps the main catalyst for the upgrade is Citi’s belief that there’s a reasonable chance that private equity firm KKR will come back with another takeover offer in the near future. The Ramsay share price is trading at $70.13 today.

The post Leading brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

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setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
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More reading

• Are Pilbara Minerals shares better value than Allkem right now?
• Morgans still sees ‘value upside’ in Allkem share price despite recent rally
• Top brokers name 3 ASX shares to buy next week
• ASX 200 reporting season weekly wrap: Top risers and fallers
• Ramsay share price plunges 4% after suitor withdraws takeover offer

Motley Fool contributor James Mickleboro has positions in Allkem Limited. 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 Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/2KIFsdu