Did you catch what happened with ASX 200 mining stocks in February?

BHP, Rio Tinto, and Fortescue all released earnings results in February. How did they do?

| More on:
Miner and company person analysing results of a mining company.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) dropped 4.2% in February, with two of the big three ASX 200 mining stocks underperforming that result.

Fortescue Ltd (ASX: FMG) shares suffered the biggest setback. The Fortescue share price closed out January at $19.13 and ended February at $16.51, down 13.7%.

Early in the third trading day of March, the new month has yet to offer shareholders any reprieve. Fortescue shares are down 2.4% so far this month to $16.04. That sees the ASX 200 mining stock down 38% in a year, not including Fortescue's dividend payouts.

Falling from $117.40 a share on 31 January to $113.37 a share on 28 February, Rio Tinto Ltd (ASX: RIO) stock slid 4.4% over the month, just trailing the benchmark returns.

With shares up 3.8% so far in March to $118.13, the Rio Tinto share price is down 5% over 12 months, excluding dividend payouts.

The BHP Group Ltd (ASX: BHP) share price was the best performer of the group and the only one to beat the losses posted by the ASX 200.

BHP stock closed out January trading for $39.95 a share and ended February at $39.04 a share, down 2.3%.

Up 1.3% so far in March at $39.54, BHP shares are down 11% over 12 months, not including dividends.

What moved the ASX 200 mining stocks in February?

Iron ore is the number one revenue earner for BHP, Rio Tinto, and Fortescue. Copper comes in at number two for the ASX 200 mining stocks.

Although iron ore gained around 5% in February to close the month at US$106 per tonne, investors likely have one eye on the forecast supply boom ahead for the steel-making metal, which could sharply depress prices.

Copper also had a strong performance over the month, rising 3.5% in February to US$9,358 per tonne.

All three of the big Aussie miners also reported earnings results in February.

Here's a snapshot.

What results did BHP, Rio Tinto and Fortescue report?

BHP released its half-year results on 18 February.

The ASX 200 mining stock reported an 8% year on year decline in revenue to US$25.2 billion. With underlying attributable profit down 23% to US$5.1 billion, BHP cut its fully franked interim dividend by 28.4% to 78.5 Aussie cents per share.

Rio Tinto released its full-year results on 20 February.

While revenue was down 1% year on year to US$53.7 billion, Rio Tinto's profit after tax increased by 15% to US$11.55 billion. Management declared a fully franked final dividend of AU$3.536 a share, down 10% from last year's final dividend.

Fortescue also reported its half-year results on February 20.

Going a long way to explaining the poor performance of the Fortescue share price in February, the ASX 200 mining stock suffered a 20% year on year fall in revenue to US$7.6 billion.

With net profit after tax (NPAT) of US$1.6 billion, down 53% year on year, management cut the fully franked interim dividend by 53.7% to 50 Aussie cents per share.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Resources Shares

Copal miner standing in front of coal.
Resources Shares

How much upside does Macquarie tip for New Hope shares?

A softer-than-expected quarter has impacted the broker's view.

Read more »

2 people at mining site, bhp share price, mining shares
Resources Shares

Rio Tinto share price pushes higher on $1.4 billion lithium agreement

Rio Tinto shares are gaining major lithium exposure.

Read more »

Miner looking at a tablet.
Resources Shares

Up 73% since April, why Mineral Resources shares could keep charging higher

A leading expert says that Mineral Resources shares remain ‘heavily undervalued’. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Resources Shares

Guess which ASX 200 mining stock is sinking 7% following its quarterly update

Let's see how this miner performed during the third quarter.

Read more »

Miner looking at a tablet.
Resources Shares

What's the latest broker ratings on BHP shares?

There's an air of caution floating about BHP shares even with bullish ratings.

Read more »

A young African mine worker is standing with a smile in front of a large haul dump truck wearing his personal protective wear.
Resources Shares

BHP shares last traded at $50 in 2023. When will they get back there?

Let’s dig into the potential for BHP shares to rise.

Read more »

Man with rocket wings which have flames coming out of them.
Share Gainers

Guess which ASX All Ords stock just rocketed 21% on 'exceptional' results

Investors are sending the ASX All Ords stock flying higher on Wednesday. But why?

Read more »

A mature age woman with a groovy short haircut and glasses, sits at her computer, pen in hand thinking about information she is seeing on the screen.
Resources Shares

Guess which prominent Super fund just offloaded its remaining Mineral Resources shares?

This super fund has had enough.

Read more »