Why Byron Energy, Clover, DEXUS, & Webjet shares are sinking lower today

Byron Energy Ltd (ASX:BYE) and Webjet Limited (ASX:WEB) shares are two of four sinking notably lower on the ASX today…
The post Why Byron Energy, Clover, DEXUS, & Webjet shares are sinking lower today appeared first on Motley Fool Australia. –

red arrow pointing down, falling share price

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a sizeable decline. The benchmark index is currently down 0.55% to 5,831.5 points.

Four shares that are falling more than most today are listed below. Here’s why they are sinking lower:

The Byron Energy Ltd (ASX: BYE) share price has crashed 33% lower to 19 cents. This morning the oil and gas exploration company released drilling results from its SM58 G2 well. According to the release, the well has been drilled to a final total depth of 11,237 feet measured depth and has been deemed non-commercial. Management remains optimistic there will be other opportunities close by.

The Clover Corporation Limited (ASX: CLV) share price is down 5% to $2.14. This appears to have been driven by a broker note out of UBS this morning. Its analysts have retained their neutral rating and cut the price target on the specialist ingredients company’s shares to $2.30 following its FY 2020 results. It notes that FY 2021 is going to be a challenging year for Clover, with demand largely flat year to date.

The DEXUS Property Group (ASX: DXS) share price has fallen 3.5% to $8.72. Investors have been selling the property company’s shares after analysts at Morgan Stanley downgraded them to an underweight rating from overweight. The broker has also slashed its price target from $10.20 down to $8.15. Morgan Stanley has concerns over the Australian office market and expects DEXUS to struggle with its occupancy.

The Webjet Limited (ASX: WEB) share price is down 1.5% to $3.85. This also appears to have been driven by a broker note out of Morgan Stanley. This morning its analysts retained their underweight rating and cut the price target on the online travel company’s shares to $3.00. It is expecting another large loss from Webjet in FY 2021 before it returns to profit in FY 2022.

Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.

Find out the names of our 3 Post COVID Stocks – For FREE!

*Returns as of 6/8/2020

More reading

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Clover Limited. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why Byron Energy, Clover, DEXUS, & Webjet shares are sinking lower today appeared first on Motley Fool Australia.

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!