What’s with the Cooper Energy (ASX:COE) share price today?

The ASX oil and gas player downgraded its FY21 production guidance this morning.
The post What’s with the Cooper Energy (ASX:COE) share price today? appeared first on The Motley Fool Australia. –

The Cooper Energy Ltd (ASX: COE) share price is back where it started today following the company’s announcement it has cut its FY21 production forecast.

At the time of writing, the Cooper Energy share price is trading flat at 26 cents after falling to an intraday low of 25 cents this morning.

What did Cooper Energy announce?

The oil and gas exploration company provided an update to full year FY21 guidance and cut its previous production forecasts.

Cooper’s sales volume guidance is approximately 3.0 millions of barrels of oil equivalent (MMboe). The previous guidance was towards the middle of the 2.9 – 3.1 MMboe range.

In addition, it now sees production of 2.6 MMboe. This is down from the previous guidance of the lower end of 2.7 – 2.9 MMboe.

The company also gave capital expenditure guidance at the low end of $35 – $40 million, which is in line with previous commentary.

In the statement released this morning, Cooper Energy said:

Production from the Sole gas field in the Gippsland Basin has been constrained due to fouling within the sulphur absorbers of the Orbost Gas Processing Plant (owned and operated by APA Group (ASX: APA)). Notwithstanding the gas processing issues, all Sole customer nominations have been met to date, with gas supply sourced from Cooper Energy’s back-up supply arrangements when required.

Regarding production headwinds:

The increased seasonal gas demand and storage withdrawal is mainly due to the increased demand for gas-fired generation to offset the curtailment of electricity generation at the Yallourn Power Station.

A key benefit of processing CHN gas in the Athena Gas Plant2 is that gas supply will be on a firm basis. The plan is for the Athena Gas Plant to be commissioned in Q2 FY22.

Cooper Energy share price snapshot

The Cooper Energy share price is having a difficult year. It fell 35.75% over the first six months of 2021 and is down 7.14% over the past month alone.

It has a market capitalisation of $407 million, with 1.63 billion shares outstanding.

The post What’s with the Cooper Energy (ASX:COE) share price today? appeared first on The Motley Fool Australia.

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

Before you consider Cooper 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 Cooper 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 May 24th 2021

More reading

Broker tips Life360 (ASX:360) share price to keep rising after hitting record high
Why the Bod (ASX:BDA) share price is climbing today
Why Lendlease, Marley Spoon, Reece, & Woolworths shares are sinking

Former ASX CEO admits to insider trading

Why has the Weebit (ASX:WBT) share price jumped 9% today?

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!