How is the Origin Energy share price managing to hit multi-year highs today?

2022 has been good to the Origin Energy share price.
The post How is the Origin Energy share price managing to hit multi-year highs today? appeared first on The Motley Fool Australia. –

The Origin Energy Ltd (ASX: ORG) share price surged to a new post-pandemic high today despite the company’s silence.

Making its gains more impressive, the broader market is trading lower this afternoon. Origin Energy’s home sector – the S&P/ASX 200 Utilities Index (ASX: XUJ) – is also in the red.

At the time of writing, the Origin Energy share price is $6.93, 0.29% higher than its previous close.

However, it reached a new multi-year high of $7.08 earlier today, representing a 2.46% gain.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently 0.09% lower.

Let’s take a closer look at what’s going on with Origin Energy and its utility peers on Wednesday.

What’s boosting the Origin share price today?

The Origin Energy share price is in the green alongside some of its ASX 200 peers today.

Of the ASX 200’s 11 sectors, only four are currently trading in the green.

Sadly, the ASX 200 utilities sector isn’t among them. It’s recording a 0.14% slip right now.

The index’s other constituents are recording a poor performance this afternoon.

The share price of APA Group (ASX: APA) has slumped 0.09%. Meanwhile, that of AGL Energy Limited (ASX: AGL) has fallen 1.2%.

This year so far has been a good one for both the Origin Energy share price and the company’s bottom line.

The energy producer and retailer revealed its revenue for the March quarter had more than doubled year-on-year to surpass $2.5 billion last week. The increase was driven by higher commodity prices amid surging demand.

Right now, Origin Energy’s stock is trading for 29% more than it was at the start of 2022. It has also risen 65% since this time last year.

The post How is the Origin Energy share price managing to hit multi-year highs today? appeared first on The Motley Fool Australia.

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More reading

Origin share price gains as surging commodity prices boost revenue to $2.5b
How might the election outcome impact the outlook for ASX energy shares?
3 ASX 200 stocks smashing 52-week highs today
Are Origin Energy shares really trading on a 3% dividend yield?
Why is the Origin Energy share price having such a dire day?

Motley Fool contributor Brooke Cooper 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 positions in and has recommended APA Group. 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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