Insights

The Beach Energy (ASX:BPT) share price dropped 15% in November. December is also off to a lousy start

We take a closer look at the company’s announcements over the last month…
The post The Beach Energy (ASX:BPT) share price dropped 15% in November. December is also off to a lousy start appeared first on The Motley Fool Australia. –

The Beach Energy Ltd (ASX: BPT) share price continued its poor form from last month and has tumbled at the start of December. This comes after the company announced a couple of negative announcements that weighed on investor sentiment.

At Wednesday’s market close, the energy producer’s shares added more pain, finishing the day down 0.84% to $1.175.

What’s happening with Beach Energy?

At the start of November, the company announced the departure of its managing director and CEO, Matt Kay.

The news sent the Beach Energy share price almost 4% lower as the board appointed a temporary replacement.

Chief financial officer, Morné Engelbrecht took over the reins while the company conducts a search process for a permanent CEO. No one has yet to take the top job.

A few days later, Beach Energy held its annual general meeting (AGM), highlighting a strong start to FY22.

The company reaffirmed its plan to achieve production of 28 million barrels of oil equivalent (mmboe) by FY24. In contrast, Beach Energy recorded production of 25.6 mmboe in FY21 – down 4% from the previous year.

However, looking at the near term, Beach Energy expects to have 8 gas plants producing from 5 basins by the end of 2023. The plants will deliver gas to 4 markets including the East Coast gas market and the global LNG market.

Lastly, the company is focused on its approach to sustainability, focusing on becoming a net zero emissions producer by 2050. It is already delivering emissions reductions across its operated assets.

Despite the overall positive update, Beach Energy shares failed to gain traction, losing about 5% in the days following.

More recently, the company was hit with two separate class action lawsuits from Slater & Gordon Lawyers and Shine Lawyers. Both firms are representing shareholders who acquired an interest in ordinary shares in Beach Energy between 17 August 2020 and 29 April 2021.

The company stated that it has at all times complied with its disclosure obligations and denies any wrongdoing.

Beach Energy share price summary

Over the last 12 months, the Beach Energy share price has fallen around 30%, with year-to-date dropping almost 35%. Its shares hit a 52-week low of $1.01 in September before rebounding. However, since late October, Beach Energy shares have been on a downward trend.

Beach Energy presides a market capitalisation of roughly $2.68 billion, with approximately 2.28 billion shares on hand.

The post The Beach Energy (ASX:BPT) share price dropped 15% in November. December is also off to a lousy start appeared first on The Motley Fool Australia.

Should you invest $1,000 in Beach Energy right now?

Before you consider Beach Energy, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Beach Energy wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

5 things to watch on the ASX 200 on Wednesday

5 things to watch on the ASX 200 on Tuesday

Here are the top 10 ASX shares today

Biden taps oil reserve. What could this mean for ASX oil shares?

5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor Aaron Teboneras 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 Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!