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How is the Beach Energy share price managing to hang tough despite falling oil prices?

Beach Energy extends gains today.
The post How is the Beach Energy share price managing to hang tough despite falling oil prices? appeared first on The Motley Fool Australia. –

The Beach Energy Ltd (ASX: BPT) share price has continued its ascent today, now up less than 1% to $1.80 apiece.

Investors have bid the share up more than 6% over the past month, despite the price of Brent Crude oil falling by 8.5% in the same time.

The global oil benchmark now trades at US$100 per barrel, back in range of its early March levels.

What’s kept the Beach Energy share price going?

It’s no secret that energy shares have been the best performing sector this calendar year. Since trading resumed in January, the index is up around 30%, despite levelling off in recent months.

The adjacent utilities sector is also up around 19% in the same time, whereas over the past 12 months gains are even at about 31% each.

Therefore momentum has been strong leading into this period, and investors look to still be constructive on both sectors.

Meanwhile, Brent Crude futures have receded back to US$100 per barrel in today’s session, ahead of the upcoming OPEC+ meeting.

“[OPEC+] is expected to keep output largely unchanged amid supply challenges and concerns a potential global recession could hit energy demand,” Trading Economics reported.

Beach has been defiant in the face of oil’s turbulence and continues to pulsate higher in a wave-like fashion, as seen on the chart below, for the past 3 months.

Meantime, the Beach Energy share price is rated as a buy from 78% of the brokers covering it, according to Refinitiv Eikon data. There is just 1 sell rating, with the remaining coverage rating it a hold.

The consensus price target from this list is $2.07, suggesting brokers expect the share to appreciate over the coming periods.

In the last 12 months, the Beach share price has climbed more than 50%, and 43% this year to date.

The post How is the Beach Energy share price managing to hang tough despite falling oil prices? appeared first on The Motley Fool Australia.

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