Buy, hold, sell: Mineral Resources, Whitehaven, Fortescue shares

S&P/ASX 200 Index (ASX: XJO) shares have turned positive after a morning in the red.

ASX 200 shares are up 0.2% to 8,824.4 points, with the miners leading the market today.

Meanwhile, Bell Potter has published new research notes on three mining and energy companies.

Let's see what the broker has to say.  

Mineral Resources Ltd (ASX: MIN)

The Mineral Resources share price is $44.36, up 3.1% today. 

Analyst James Williamson has a buy rating on this ASX 200 mining share.

Williamson said: 

MIN reported quarterly attributable sales of: Onslow iron ore 5.0Mt (BPe 5.5Mt); Pilbara Hub iron ore 2.9Mt (BP est. 2.4Mt); Wodgina SC6e 90kt (BPe 74kt); and Mt Marion SC6e 58kt (BPe 59kt).

Mining Services volumes were a record 103Mt (BPe 89Mt) driven by the Bald Hill and Pilbara Hub ramp-ups and increased stripping at Mt Marion.

Completion of the US$765m MIN-POSCO lithium transaction will accelerate balance sheet deleveraging paired with strong cash flows from iron ore and lithium operations.

MIN's mining services platform delivers a stable earnings stream that is expected to expand with internal and third-party volume growth.

The company is strongly positioned to execute its next phase of growth, having reinstated dividends.

Bell Potter has a 12-month price target of $63 for Mineral Resources shares.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is $7.95, up 1% on Tuesday.

Williamson has a hold rating on this ASX 200 coal mining share. 

He said: 

WHC reported a strong quarter with production well ahead of our estimates. Managed ROM production was 11.0Mt (BPe 9.4Mt), managed saleable production 8.5Mt (BPe 7.6Mt) and equity coal sales 6.1Mt (BPe 6.1Mt).

Narrabri was the swing factor on an uninterrupted run, with the next longwall move in March 2027.

In the medium term, WHC is positioned to capitalise when coal markets sustainably improve with a diversified portfolio of assets in Queensland and New South Wales and strong organic growth optionality.

We have a positive long-term met coal outlook, driven by constrained supply and increased demand from steel producers reliant on seaborne met coal (i.e. India).

Bell Potter has a 12-month price target of $8.15 for Whitehaven shares.

Fortescue Ltd (ASX: FMG)

The Fortescue share price is $14.64, up 0.4% today.

Analyst David Coates has downgraded the ASX 200 iron ore share to a sell recommendation.

Coates said: 

FMG has reported September quarter production of 46.8Mt (previously released, down 11% QoQ), including 2.5Mt from Iron Bridge (down 8% QoQ). C1 costs of US$21.98/wmt (up 13% QoQ) were above our $21.16/wmt forecast and above the top of FMG's FY27 guidance range.

Price realisations continued to decline, dropping to 82% (from 84% QoQ and 89% in March 2026). Combined with lower benchmark
pricing, FMG's realised price dropped 10% QoQ to US$79.79/dmt.

The result has confirmed the headwinds we previously flagged: structurally weaker price realisations, higher C1 costs driven by diesel inflation and compressed near-term cash flow from the sales shortfall.

EPS changes in this report are: FY27 -36%, FY28 -25% and FY29 -20%, driven by the sales shortfall we estimate for FY27 and our lowered iron ore price forecasts.

These changes also remove dividend yield support.

Bell Potter has a 12-month price target of $13.15 for Fortescue shares.

The post Buy, hold, sell: Mineral Resources, Whitehaven, Fortescue shares appeared first on The Motley Fool Australia.

Motley Fool contributor Bronwyn Allen 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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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