|Bid||35.65 x 1000|
|Ask||35.66 x 700|
|Day's range||35.62 - 36.06|
|52-week range||24.91 - 37.44|
|PE ratio (TTM)||38.22|
|Dividend & yield||1.08 (3.08%)|
|1y target est||37.33|
With the company's financial metrics continuing to head in the right direction during the second quarter, it could lead to a big announcement down the road.
RBC Capital Markets has run the numbers on Australia's three big miners after their June quarter production reports and declared Rio Tinto (RIO.AU) (RIO) the stock to own. Analyst Paul Hissey says South32 (S32.AU) is his second favored stock, followed by BHP Billiton (BHP.AU) (BHP), after comparing the trio on a bunch of metrics including growth, returns, margins and valuations. Here's why Rio Tinto comes out ahead: Our preference remains with RIO (Outperform), driven not only by the slight advantage on the balance sheet (over BHP), but by both fundamental and relative discount to its major peer, as well as our forecast of an aggressive interim dividend (including US$1bn special) given an overall greater degree of latitude in putting excess capital to use.
Australian mining stocks are on fire Wednesday morning after copper prices surged 4% to a two year high overnight. BHP Billiton (BHP.AU), the world's largest miner, is up 3% and Rio Tinto (RIO.AU) is also up 3%. Copper is trading around $2.87 a pound.