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    BPT   AU000000BPT9

BEACH ENERGY LIMITED

(BPT)
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Beach Energy drags Australia shares lower, Mesoblast limits losses

04/29/2021 | 08:56pm EDT

April 30 (Reuters) - Australian shares fell on Friday, dragged by plunging shares of Beach Energy after it said reserves at its oilfields in the country were drying up, with losses in gold stocks also weighing on the benchmark index.

The S&P/ASX 200 index dropped 0.6% to 7,042.1 by 0018 GMT, moving away from a 14-month high it hit on Thursday.

Beach Energy Ltd was the top percentage loser with a drop of over 20%. The oil and gas producer downgraded its annual production forecast and said it would review its reserves at Western Flank after output declined there.

Beach also dragged the energy sub-index 1.3% lower despite oil prices rising overnight.

Keeping losses in check were shares of top percentage gainer Mesoblast, as they jumped nearly 9% after trial data showed the company's drug reduced mortality in COVID-19 patients under the age of 65.

Shares of Beach Energy and Mesoblast were the most-heavily traded by volume.

Gold stocks fell 2% after the bullion dropped overnight on rising U.S. Treasury yields. Leading the losses was West African Resources Ltd, down 4.6%, followed by Ora Banda Mining Ltd, dropping 4.3%

Financial stocks slid 0.4%. Australia and New Zealand Banking Group lost 0.3% after it warned of a profit hit in the first-half from its exposure to Malaysia's 1MBD scandal.

Tech stocks fell 0.9% and miners lost 1.3%.

In other markets, Japan's Nikkei was down 0.5% at 28920.3, while S&P 500 E-minis futures fell 8.25 points, or 0.2%.

In New Zealand, the benchmark S&P/NZX 50 index fell 0.08% to 12,704.7. (Reporting by Arundhati Dutta in Bengaluru; editing by Uttaresh.V)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BEACH ENERGY LIMITED -4.12% 1.28 End-of-day quote.-29.09%
MESOBLAST LIMITED -5.45% 1.735 End-of-day quote.-22.89%
ORA BANDA MINING LIMITED 0.00% 0.195 End-of-day quote.-36.07%
WEST AFRICAN RESOURCES LIMITED -4.85% 0.98 End-of-day quote.-6.22%
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Financials
Sales 2021 1 509 M 1 173 M 1 173 M
Net income 2021 319 M 248 M 248 M
Net Debt 2021 67,1 M 52,1 M 52,1 M
P/E ratio 2021 8,84x
Yield 2021 1,69%
Capitalization 2 860 M 2 214 M 2 223 M
EV / Sales 2021 1,94x
EV / Sales 2022 1,88x
Nbr of Employees 483
Free-Float 70,2%
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Technical analysis trends BEACH ENERGY LIMITED
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 1,72 AUD
Last Close Price 1,26 AUD
Spread / Highest target 99,2%
Spread / Average Target 37,3%
Spread / Lowest Target 13,1%
EPS Revisions
Managers and Directors
NameTitle
Matthew Vincent Kay Chief Executive Officer, MD & Executive Director
Morné Engelbrecht Chief Financial Officer
Glenn Stuart Davis Independent Non-Executive Chairman
Ian Grant Chief Operating Officer
Colin David Beckett Independent Non-Executive Deputy Chairman
Sector and Competitors
1st jan.Capitalization (M$)
BEACH ENERGY LIMITED-29.09%2 290
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