Oil producers reigned supreme over other ASX energy shares last month
The post These were the 3 best performing ASX energy shares in September appeared first on The Motley Fool Australia. –
While September is known for being a hard month for stock markets around the world, these ASX energy shares managed to push through it with massive gains.
Eagle-eyed investors might notice all the best-performing energy stocks of September are oil producers. Of course, September was a brilliant month for oil prices.
In fact, rising oil prices might have been one reason the S&P/ASX 200 Energy Index (ASX: XEJ) gained an impressive 16.3% last month. For comparison, the S&P/ASX 200 Index (ASX: XJO) fell 2.6% over September.
According to data from CNBC, the price of West Texas Intermediate soared 9.5% in September to reach US$75.03 per barrel.
Meanwhile, the Brent crude oil price gained 7.5%, ending the month at US$78.52 a barrel.
So, that explains why oil producers reigned through September, but which producers performed best?
The 3 best performing ASX energy shares of September
Investors who held shares in these energy stocks in September, get ready to pat yourself on the back.
For simplicity’s sake, only energy shares with market capitalisations of more than $100 million have been included in this list.
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price came in at equal first place as one of two top-performing ASX energy shares over the month of September. It gained 42.8% over the course of last month.
While Beach Energy started off slow, its share price took off after the company released multiple announcements in late September.
First, Beach announced it had entered a heads of agreement with BP for the sale of all the liquid natural gas produced at its Waitsia Gas Project Stage 2. Then, it released a positive investor update.
The company’s stock ended the month trading for $1.50 apiece.
Empire Energy Group Limited (ASX: EEG)
The Empire Energy share price was also best-in-show last month. The company’s share price also gained an impressive 42.8% to finish September at 40 cents.
The company started the month strong, releasing an update on grants awarded to its wholly owned subsidiary.
The grants will offset 25% of the costs of seismic acquisition and drilling, fracture stimulation, and flow testing of three horizontal appraisal wells in its Beetaloo Sub-Basin tenement.
It also announced it had received work program approval from the Northern Territory government.
Comet Ridge Ltd (ASX: COI)
Finally, Comet Ridge made it onto the podium as the third best performing ASX energy share in September.
The Comet Ridge share price gained 40% over the course of last month, ending it trading at 14 cents.
In September, the company completed a $5 million placement ahead of an appraisal program at its Mahalo North blocks.
Later that month, Comet released a positive update on the block’s program alongside an update on the company’s cash position and commercial agreements.
The post These were the 3 best performing ASX energy shares in September appeared first on The Motley Fool Australia.
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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 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.