Economy Expanding

UK economy expanding faster than expected say headlines and all stock picks are a mix of 76% BUY, 12% HOLD and 12% SELL.

1. SELL Upland Resources

Top stock pick this week SELL Upland Resources Limited by Tom Winnifrith in ShareProphets with a tip performance of 45%.

Upland Resources is a Jersey-based upstream oil and gas company that acquires target companies that have operations in the oil and gas exploration and production sector. Upland predominantly seeks material stakes in oil and gas plays that represent an attractive risk and reward balance for its shareholders.

Founded in 2012, it launched on LSE at 1p in 2015 under the ticker UPL, reached an all-time high of 4.5p in 2023 and is today at 1.2p.

Winnifrith placed the tip on Monday 22nd at 2.10p. By 24th stock sank to 1.03p, a loss of 50%. The topic in question relates to block SK334, a patch of land in Sarawak that may have petroleum potential.

QUpland released an upbeat RNS about the block stating that all was on track in conversations with Sarawak State Government for Upland to be granted sole rights to SK334. However, Winnifrith points out that truth is contradicted by Petros the state oil company, which goes on to say the rights to SK334 will be offered for bidding from all interested parties. He goes on to say “tin pot cash poor Upland is not quite the certain partner for the block that it wishes us to believe” and rates it as a SELL.

The only other analyst in Stockomendation is Lucian Myers with SELL. There are no active short positions open.

2. UNDERWEIGHT Antofagasta

Second stock pick this week (7 days) is UNDERWEIGHT Antofagasta by JP Morgan with a tip performance of 5%.

Antofagasta plc is a London-based copper mining company with interests in transport. The Company's operations are related to mining and exploration activities and the transport of rail and road cargo. It is one of the most important conglomerates of Chile with equity participation in Antofagasta Minerals, the railroad from Antofagasta to Bolivia, Twin Metals in Minnesota and other exploration joint ventures in different parts from the world. It operates through Los Pelambres, Centinela, Antucoya, Zaldívar, Exploration and Evaluation, and Transport Division segments. Its mines produce copper cathodes and copper concentrates; and molybdenum, gold, and silver by-products. The company also has exploration projects in various countries.

Founded in 1888, Antofagasta share price launched at 11p in 1988, reached an all-time high of 2,365p in May this year and is today at 1,897p.

In Stockomendation JP Morgan and Barclays have UNDERWEIGHT, HSBC has REDUCE, Canaccord Genuity has HOLD and UBS has BUY. There are no active short positions currently open.

3. REDUCE Ocado

Third interesting stock pick this week is REDUCE Ocado Group by HSBC with a tip performance of 4%

Ocado Group is a grocery technology company based in Hatfield, England. Founded in 2000, Ocado share price launched at 159p in 2010, rose to an all-time high of 2,808p in 2021 and is today at 413p. Ocado is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index and operated in the UK and the US.

On Tuesday it announced in this RNS its US partner Kroger had placed an order for wide range of new automated features such as On-Grid Robotic Pick and Automated Frameload to be rolled out across its network in the US.

On Wednesday HSBC lowered its price target on the company from 370p to 285p and affirmed its reduce rating.

In Stockomendation Barclays has it as UNDERWEIGHT, Berenberg and Bernstein with UNDERPERFORM and JP Morgan has NEUTRAL. There are 8 short positions currently open, view those here.

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Disclaimer: The contents of this article should not be considered financial advice. Pricing data correct as at 25th July 2024.