New analysis from the team at Morgans has included significant upgrades for two ASX 200 shares. 

Both James Hardie Industries PLC (ASX: JHX) and Lottery Corporation Ltd (ASX: TLC) received a new accumulate rating from the broker. 

These two ASX 200 stocks have moved in opposite directions in 2026. 

James Hardie Industries shares have risen by over 21% year-to-date, while Lottery Corporation has fallen almost 7%. 

However both have upside moving forward according to the team at Morgans. 

Here is the latest outlook. 

James Hardie

James Hardie is the world’s leading producer and marketer of fibre cement building products and a major supplier of fibre gypsum and cement-bonded boards. 

The ASX 200 company held its combined James Hardie and AZEK Investor Day in New York on 15 September 2026. 

The day centred on the “built to outperform, resilient by design” tagline, as management guided to 4% to 7% organic sales growth above market, while stressing that this growth did not require a US housing recovery. 

Morgans said growth will come from the AZEK combination, synergies ahead of plan, and a leaner, lower-capex portfolio after the Europe sale. 

The positive company story and the growth trajectory are only partially offset by the tough macro, a 75bps rise in the 30-year mortgage rate over the past six months, and a peer multiple de-rate. On this basis we upgrade to an Accumulate rating, whilst moderating our target price to A$43.00 (from A$45.00).

From current levels, this updated price target indicates an upside potential of 20%. 

Lottery Corporation

This ASX 200 company is Australia’s largest provider of lottery, Keno, and instant scratch products.

The team at Morgans has updated its forecasts on the company given domestic lottery conditions have not improved since the FY26 result. 

We have marked our lottery tracker to market and now have tracked turnover running high single digits behind the prior comparative period. We cut FY27/28F Lotteries revenue by 2-3% and Lotteries EBITDA by 3-4%, with EPS down 6%/4%. 

The change is a lower jackpot assumption, partly offset by a lower jackpot share of turnover, as base games and three price increases carry more of the mix.

The broker has upgraded its target price to $5.40 (previously $5.60). 

From current levels, this indicates an upside potential of over 15%. 

Following the September bond issue, our FY27 interest costs remain broadly unchanged with FY28 lifted nominally. At c.16.5x 12-month forward EV/EBITDA and a 3.3% fully franked yield, we think a poor sequence is in the price, and see upside from here if conditions improve.

The post 2 ASX 200 stocks that Morgans just upgraded appeared first on The Motley Fool Australia.

More reading

• 6 ASX 200 shares boosted by brokers this week
• James Hardie says it doesn’t need a US housing recovery. Can it prove it?
• Down 6% today: What’s going on with the James Hardie share price?
• James Hardie lifts guidance and details long-term growth at 2026 Investor Day
• Buy, hold, sell: Echo IQ, James Hardie, Woolworths shares

Motley Fool contributor Aaron Bell 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 The Lottery Corporation. The Motley Fool Australia has recommended The Lottery Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

A small bunch of S&P/ASX All Ords Index (ASX: XAO) shares have ex-dividend dates coming up next week.

We’re helping you keep track of ex-dividend dates with an article every Friday.

Here are some of the ASX shares due to go ex-dividend next week.

To receive the next dividend, you must own the ASX share before its ex-dividend date.

ASX shares with ex-dividend dates coming up 

Cochlear Ltd (ASX: COH)

This ASX healthcare share will pay an 85% franked dividend of $1.30 per share on 14 October.

The ex-dividend date is Monday, 21 September.

New Hope Corporation Ltd (ASX: NHC)

This ASX coal share will pay a fully franked dividend of 30 cents per share on 15 October.

The ex-dividend date is 21 September.

Southern Cross Engineering Ltd (ASX: SXE)

This ASX industrials share will pay a 100% franked dividend of 7.5 cents per share on 7 October.

The ex-dividend date is Tuesday, 22 September.

Latitude Group Holdings Ltd (ASX: LFS)

This ASX financial share will pay a 100% franked dividend of 5.5 cents per share on 22 October.

The ex-dividend date is 22 September.

Fleetwood Ltd (ASX: FWD)

This ASX industrials share will pay a 100% franked dividend of 9.5 cents per share on 9 October.

The ex-dividend date is 22 September.

St Barbara Ltd (ASX: SBM)

This ASX materials share will pay a fully franked dividend of 5 cents per share on 16 October.

The ex-dividend date is Wednesday, 23 September.

IPD Group Ltd (ASX: IPG)

This ASX industrials share will pay a fully franked dividend of 7.9 cents per share on 8 October.

The ex-dividend date is 23 September.

Genesis Energy Ltd (ASX: GNE)

This ASX utilities share will pay an unfranked dividend of 6.3 cents per share on 9 October.

The ex-dividend date is 23 September.

Bisalloy Steel Group Ltd (ASX: BIS)

This ASX materials share will pay a fully franked dividend of 13 cents per share on 9 October.

The ex-dividend date is Thursday, 24 September.

Salter Brothers Emerging Companies Ltd (ASX: SB2)

This ASX financial share will pay a 50% franked dividend of 2 cents per share on 22 October.

The ex-dividend date is 24 September.

Wiseway Group Ltd (ASX: WWG)

Wiseway Group shares will pay a 100% franked dividend of 0.006 cents per share on 9 October.

The ex-dividend date is 24 September.

PRL Global Ltd (ASX: PRG)

PRL Global shares will pay a 100% franked dividend of 3 cents per share on 23 October.

The ex-dividend date is 24 September.

Teaminvest Private Group Ltd (ASX: TIP)

This ASX financial share will pay a 100% franked dividend of 1.5 cents per share on 5 October.

The ex-dividend date is Friday, 25 September.

The post 13 ASX shares with ex-dividend dates next week appeared first on The Motley Fool Australia.

More reading

• 3 ASX shares I think could return 10%+
• Cochlear share price rebounds 53% from 10-year low: Can it keep climbing?
• Cochlear vs Pro Medicus: Which beaten-down ASX healthcare share is the better buy today?
• How much of my superannuation do I need to invest to earn $60,000 of passive income in 2027?
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Bronwyn Allen 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 Cochlear and Ipd Group. The Motley Fool Australia has positions in and has recommended Ipd Group. The Motley Fool Australia has recommended Bisalloy Steel Group, Cochlear, and Southern Cross Electrical Engineering. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Woodside Energy vs Fortescue shares: Which mining stock is better for passive income?

If you’re looking to bank reliable passive income from the mining space, two big names on the ASX often get a close look: Woodside Energy Group Ltd (ASX: WDS) and Fortescue Ltd (ASX: FMG). Both are true Australian heavyweights, attractively sized, and generous dividend payers—plus, their fully franked dividends can be a real drawcard for savvy local investors. But if you’re weighing up Woodside Energy vs Fortescue shares, which is the better bet for building sustainable, hands-off income? Let’s break it down.

The case for Woodside Energy Group

Woodside Energy is Australia’s largest independent oil and gas company, and the largest operator of oil and gas production in the country. With roots going back to 1954, Woodside’s business stretches across offshore platforms and international assets, strengthened by its recent high-profile merger with BHP’s oil and gas portfolio. Listed since 1971, it now sits among the largest companies on the ASX.

What stands out about Woodside:

• It boasts a sizeable market cap of $63.25 billion, underscoring its scale and stability.
• The dividend yield is a strong 5.04%, fully franked, making its income stream friendly for local investors.
• Recent performance has been robust, with a 44.04% year to date return—a real contrast against some sector peers.

The case for Fortescue

Fortescue is one of the giants in iron ore production, sitting just behind BHP, Rio Tinto, and Vale globally. Its flagship operations cover major mining hubs in the Pilbara, a major port, and the world’s fastest heavy-haul railway. Since debuting on the ASX in 1987, it’s grown into a $50.93 billion titan, underpinning a massive chunk of global iron ore supply.

Numbers I’d call out for Fortescue:

• The current dividend yield is a hefty 6.66%, fully franked, comfortably outpacing Woodside.
• A lower P/E ratio of 12.46 could be pointing to better value at these levels.
• However, 2026’s year to date return is -21.40%, showing headwinds for the share price.

Valuation comparison

Here’s a side-by-side look at the key income and value metrics:

	Woodside Energy (WDS)	Fortescue (FMG)
Market Cap	$63.25b	$50.93b
P/E Ratio	14.41	12.46
Dividend Yield	5.04%	6.66%
Earnings per share	1.605	0.931
Dividend per share	1.63	1.08
Year To Date Return	44.04%	-21.40%
Franking	100%	100%

The key takeaway here: Fortescue offers the higher dividend yield for those hunting passive income, and sports a slightly cheaper earnings multiple. But Woodside is the larger company, with a higher earnings per share and a much better share price run lately.

Recent share price performance

All prices quoted are as of 16 September 2026. Woodside closed at $33.27, having climbed 2.84% that day, capping off a strong few weeks—with only minor dips and overall upward price momentum. Year to date, Woodside shares are up a very impressive 44.04%.

Fortescue, meanwhile, finished at $16.54 (up 1.97% that day), but the bigger story is in the negatives: its year to date return is -21.40%. Across the most recent weeks, Fortescue has seen sharper drops and less sustained upward movement than Woodside, reflecting trickier recent trading conditions.

Which is the better buy?

If I’m focused on pure passive income, I think Fortescue has the edge on yield alone—a 6.66% fully franked payout is nothing to sneeze at. That’s a good margin above Woodside’s 5.04%. But the picture isn’t that simple. Woodside brings a larger, arguably more resilient business, higher earnings per share, and absolutely stellar recent share price performance. Fortescue’s negative YTD performance, on the other hand, is a yellow flag—it’s been a rough run for FMG shareholders lately.

Both stocks have given out big, fully franked dividends for years, but Woodside’s price momentum suggests investors have more confidence in its near-term prospects. If my sole priority was maximising present yield, I’d take a good look at Fortescue. But factoring in total return and share price stability, my pick would be Woodside for a smoother and potentially more sustainable passive income ride. The lower headline yield is offset by the capital growth and big-company resilience, which count for a lot in this space.

The post Woodside Energy vs Fortescue: Which ASX mining share is best for passive income? appeared first on The Motley Fool Australia.

More reading

• 5 ASX shares I’d recommend to beginners
• Should I buy Rio Tinto shares for passive income?
• BHP vs Rio Tinto: What’s the better buy?
• 5 things to watch on the ASX 200 on Thursday
• Fortescue shares break a 4-day losing streak as $150 million legal fight heats up

Motley Fool contributor Laura Stewart 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 BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial draft. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.