12 Best Australian Stocks to Buy Right Now

Page 11 of 11

1. BHP Group Limited (NYSE:BHP)

Number of Hedge Fund Holders: 31

BHP Group Limited (NYSE:BHP) is among the 12 Best Australian Stocks to Buy Right Now. On August 11, the company announced that it would be part of an industry consortium to assess the development of Carbon Capture, Utilisation and Storage (CCUS) hubs across Asia.

The consortium will comprise leading steelmakers, including ArcelorMittal Nippon Steel India, Hyundai Steel Company, JSW Steel, and value chain players BHP Group Limited (NYSE:BHP), Chevron, and Mitsui & Co., Ltd. The first of its kind industry-led study in Asia will investigate the commercial and technical pathways to utilising CCUS in hard-to-abate sectors across the continent.

According to BHP Group Limited (NYSE:BHP)’s press release, the research will focus on the potential for large-scale projects that could store or repurpose captured CO2. The study will also seek applications for the use of captured CO2 in industrial processes or its transportation to Asia or Northern Australia through pipeline or shipping.

The research will conclude in 2026 and is open to additional members wanting to join and contribute to the study. Dr Ben Ellis, Vice President of Marketing Sustainability at BHP Group Limited (NYSE:BHP) shared the following remarks on the announcement of the consortium:

“BHP is committed to supporting our steelmaking customers on their journey to decarbonise the industry.With more than 1 billion tonnes of production a year in Asia coming from blast furnace capacity that is relatively early in its production life, it’s important for industry to progress technologies to decarbonise existing steelmaking assets while new commercial pathways to decarbonise steelmaking are developed over time.

By leveraging shared knowledge and resources with our partners, we are investing in support for innovative solutions—like the potential of CCUS—that we see as an essential part of decarbonising hard-to-abate sectors such as steelmaking.”

While we acknowledge the potential of BHP to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BHP and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 11 Best Large Cap Defense Stocks to Buy According to Analysts and 10 Best Low Priced Defense Stocks to Buy Now.

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email below.

Page 11 of 11