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Fortescue (Fortescue) Momentum Rank : 8 (As of Apr. 28, 2024)


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What is Fortescue Momentum Rank?

Fortescue has the Momentum Rank of 8.

For Momentum Rank, we considered the residual momentum concept that was widely studied by Blitz and his colleagues as well as by Nobel Prize laureates Fama and French. However, we did not find any significant differences in the performances of stocks with different ranks of residual momentum. Therefore, we use traditional momentum instead.

Momentum Rank is determined using the standardized momentum ratio and other momentum indicators. The standardized momentum ratio is the average of the performances from 12 months ago to 1 month ago and 6 months ago to 1 month ago, divided by the beta of the stock over the past 12 months. To calculate the momentum ratio today, we would use the average of the two performance numbers.

For momentum, we found that stock price performance does not have a monotonic correlation with the momentum ratio. The stocks with the highest momentum ratios perform worse than those at about the 70th percentile. Therefore, for the momentum rank, we ranked the stocks at about the 70th percentile of the momentum ratio as the highest at 10.

Please click GF Score to see more details on the GF Score's 5 Key Aspects of Analysis.

Competitive Comparison of Fortescue's Momentum Rank

For the Other Industrial Metals & Mining subindustry, Fortescue's Momentum Rank, along with its competitors' market caps and Momentum Rank data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Fortescue's Momentum Rank Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Fortescue's Momentum Rank distribution charts can be found below:

* The bar in red indicates where Fortescue's Momentum Rank falls into.


Fortescue Momentum Rank Related Terms

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Fortescue (Fortescue) Business Description

Industry
GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Fortescue Ltd (OTCPK:FSUGY) » Definitions » Momentum Rank
Comparable Companies
ASX:MIN ASX:S32 ASX:PLS ASX:IGO ASX:LYC ASX:NIC ASX:ILU ASX:LTR ASX:DRR ASX:BOE ASX:BHP ASX:RIO LSE:RIO LSE:GLEN BSP:VALE3 SAU:1211 GMEXICOB LSE:AAL MIC:GMKN TSX:TECK.B
Traded in Other Exchanges
FSUMF:USA FVJ:Germany FMG:Australia
Address
87 Adelaide Terrace, Level 2, East Perth, Perth, WA, AUS, 6004
Website
https://www.fortescue.com
Fortescue is an Australia-based iron ore miner. It has grown from obscurity start of 2008 to become the world's fourth-largest producer. Growth was fueled by debt, now repaid. Expansion from 55 million metric tons in fiscal 2012 to about 190 million metric tons in 2023 means Fortescue supplies nearly 10% of global seaborne iron ore. Further expansion above 200 million metric tons is likely once it completes construction of its 22 million metric tons Iron Bridge magnetite mine. However, with longer-term demand likely to decline as China's economy matures, we expect Fortescue's future margins to be below historical averages. More recently, Fortescue diversified into green energy, with ambitions to become a major supplier of green hydrogen and green ammonia. Its efforts are early stage.