Fortescue (OTCMKTS:FSUGY) Shares Gap Down - Here's What Happened

Key Points

• Fortescue Ltd.'s stock price opened at $24.45 after closing at $25.42, experiencing a notable gap down prior to trading.
• Brokerages have recently downgraded Fortescue's ratings, with Macquarie changing it from "hold" to "strong sell" and Royal Bank of Canada from "moderate buy" to "hold".
• The company announced a dividend of $0.758 per share, representing a high yield of 555.0%, set to be paid on October 3rd.

Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY - Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $25.42, but opened at $24.45. Fortescue shares last traded at $24.76, with a volume of 416 shares.

Analysts Set New Price Targets

FSUGY has been the subject of a number of analyst reports. Macquarie cut shares of Fortescue from a "hold" rating to a "strong sell" rating in a research note on Thursday, July 24th. Royal Bank Of Canada lowered shares of Fortescue from a "moderate buy" rating to a "hold" rating in a report on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold".

Fortescue Price Performance

The firm's 50-day simple moving average is $24.42 and its 200 day simple moving average is $21.60. The company has a current ratio of 2.43, a quick ratio of 1.84 and a debt-to-equity ratio of 0.26.

Fortescue Dividend Announcement

The company also recently declared a dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 8th will be issued a $0.758 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a dividend yield of 555.0%.

About Fortescue

Fortescue Ltd engages in the exploration, development, production, processing, and sale of iron ore in Australia, China, and internationally. It explores for copper, gold, and lithium deposits; and rare earth elements. The company provides port towage services; owns and operates rail and port facilities; and focuses on producing green energy and green hydrogen, including derivatives comprising green ammonia.