Marathon Petroleum (MPC) shares are falling following a ruling by the Commerce Department that could potentially hurt domestic refineries. NEW YORK ( TheStreet) -- Marathon Petroleum ( MPC) - Get Report shares are down -5.8% to $81.49 on Wednesday due to a new Commerce Department ruling that could hurt refinery profits across the industry.
What's happening with MP Materials stock?
New shares (related to the warrants) and insiders selling after a lock-up period could put downward pressure on the stock price. Having only traded for a month or so at this point, MP Materials stock has roughly doubled in value.
Why is the stock market going down?
A Closer Look: Why Is the Stock Market Going Down? Job growth is still at high levels, consumer spending is still healthy, and businesses are continuing to invest. So, you may be confused when you see news of the stock market going down in an economy that seems to be doing well.
What happened to MP Materials in March?
His focus includes renewable energy, gold, and water utilities. Follow him on Twitter. . . Follow @scott81236 After shooting 44% higher in February, shares of MP Materials ( NYSE:MP) fell 14% in March, according to data provided by S&P Global Market Intelligence.
How many MP shares are going up for auction?
Consider: The 6.9 million MP shares going up for auction represent about 10.8% of all shares outstanding. That's a big chunk of the company's shares, and seeing "selling shareholders" unload so much stock all at one go certainly seems to have shaken investor confidence in the company.
Is MP a good buy?
MP Materials has received a consensus rating of Buy. The company's average rating score is 3.00, and is based on 7 buy ratings, no hold ratings, and no sell ratings.
What is going on with MP Materials?
MP Materials announces the signing of a definitive agreement to merge with Fortress Value Acquisition Corp. (NYSE: FVAC); will be publicly traded as “MP” on NYSE in the fourth quarter of 2020.
Is MP Materials overvalued?
PB vs Industry: MP is overvalued based on its Price-To-Book Ratio (6.5x) compared to the US Metals and Mining industry average (2x).
What is MP stock prediction?
The 9 analysts offering 12-month price forecasts for MP Materials Corp have a median target of 54.00, with a high estimate of 58.00 and a low estimate of 42.00. The median estimate represents a +35.44% increase from the last price of 39.87.
Does China own MP Materials?
MP Materials is 51.8%-owned by US hedge funds JHL Capital Group (and its CEO James Litinsky) and QVT Financial LP, while Shenghe Resources Holding Co. Ltd., a partially state-owned enterprise of the Government of China, holds an 8.0% stake. Apart from institutions, the public owns 18%.
What does Lynas mine?
How did Lynas get here? The 38-year-old company owns the Mt. Weld mine in Western Australia. The mine is an ancient collapsed volcano, and one of the largest and highest-grade rare earths deposits in the world.
Are MP materials profitable?
The company, which relies on China to process rare earth oxides from its California mining complex, reported net income of $49 million, or 26 cents per share, for the three months ended Dec. 31, compared with $24.1 million, or 20 cents per share, in the year-ago quarter.
Is MP materials undervalued?
MP Materials Corp owns a latest Real Value of $44.05 per share. The recent price of the firm is $38.96. At this time, the firm appears to be undervalued....USD 38.96 0.47 1.19%LowNext ValueHigh32.7737.2441.72
Is MP materials a SPAC?
About MP Materials: In 2020, MP Materials Corp (NYSE: MP) announced a SPAC merger to go public. The deal brought the decades-old Mountain Pass mining site in California public in a new effort to help the U.S. become less reliant on China's rare earth mineral mining.
Does MP materials pay a dividend?
MP MATERIALS (NYSE: MP) does not pay a dividend.
Will GrowGeneration stock go up?
Stock Price Forecast The 9 analysts offering 12-month price forecasts for GrowGeneration Corp have a median target of 7.00, with a high estimate of 15.00 and a low estimate of 4.00. The median estimate represents a +28.68% increase from the last price of 5.44.
How much is MP materials net income?
Besides doubling revenue compared to Q4 2019, MP Materials reported net income of $24 million -- 23 times more than the $1.04 million that it reported during the same period last year. But then the bad news came.
Who is Scott from Motley Fool?
A member of The Motley Fool since 2006, Scott began contributing content in 2013. His focus includes renewable energy, gold, and water utilities. Follow him on Twitter. . . Follow @scott81236
Will MP Materials receive proceeds from the sale?
While MP Materials will not receive proceeds from the sale, it will also not result in dilution as no new shares will be issued. On the other hand, MP Materials, on the same day, announced that it planned to raise $500 million through the offering of a green convertible bond due 2026.
MP Materials's Stock Price And Volume Action
MP Materials's (NYSE: MP) stock has been falling Tuesday, down 13.45% to a price of $39.34. The stock's current volume for the day is 4.23 million, which is approximately 67.88% of its previous 30-day average volume of 6.23 million.
Why It's Moving
Benzinga Pro's real-time breaking news service shows some insight into what is affecting shares: MP Materials shares are trading lower after the company reported an 8 million share common stock offering via selling shareholders.
Insights On Recent Price Action
The 50-day moving average price of MP Materials's stock was $37.84 when this article was published. The stock reached a high of $51.77 and a low of $15.45 in the past 52 weeks.
What happened
Shares of rare earth miner MP Materials ( MP -0.70% ) fell just shy of 15% in morning trading on Dec. 29. Although the shares were able to claw back some of the decline, they still ended the day off by around 11% or so. The backstory here is complex, but it all ties back to the company's creation.
So what
The year 2020 will be best remembered for the coronavirus pandemic. But the year also saw an increase in special purpose acquisition companies (SPACs or "blank check" companies ). These are companies that start life with no business. They effectively sell shares to the public with the promise to use the cash raised to buy another company.
Now what
Having only traded for a month or so at this point, MP Materials stock has roughly doubled in value. The rare earth story is quite attractive to Wall Street today, given the important role these metallic elements play in high-tech products like electric cars.
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What happened
Shares of MP Materials Corp ( MP 7.37% ), the company that bought the assets of bankrupt Molycorp before its recent SPAC IPO, fell nearly 18% on Tuesday when it first announced a big stock and debt offering, then fell almost 9% more when the company revealed the details of how it will be pricing those offerings yesterday.
So what
Clearly, investors needed some time to digest the details of yesterday's news. But now that they have had that time...have they come to the correct conclusion that this big stock-and-debt offering is not all bad news?
Now what
And yet, at the same time as insiders are cashing out -- with no benefit from this sale accruing to MP -- MP is also raising plenty of cash on its own, selling as much as $690 million in "green" convertible notes that will cost the company only 0.25% annually in interest.
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