The Origin Energy Ltd (ASX: ORG) share price weakened in afternoon trade, finishing the day down 2.44% to $4.80.
It comes amid reports the energy giant has decided to cancel its investor day, which was scheduled for next month.
While a formal announcement has not been made by Origin, the news might be sparking some questions.
Sparking speculation
Investors put downwards pressure on the Origin Energy share price today. This is despite there being no announcements posted by the S&P/ASX 200 Index (ASX: XJO) energy company.
However, The Australian has suggested Origin Energy has cancelled its upcoming investor day. As a result, onlookers could be wondering what would prompt such action. One query, in particular, is whether there could be a major shift in strategy planned.
For example, some market participants are asking if Origin could be on the table for another big oil and gas deal. This comes at a time when megadeals are being executed left, right, and centre.
Examples of these include the $23 billion merger of Oil Search Ltd (ASX: OSH) and Santos Ltd (ASX: STO). Another is Woodside Petroleum Limited (ASX: WPL) and the oil assets of BHP Group Ltd (ASX: BHP).
Specifically, some investors are wondering whether the company could be mulling the sale of its energy retail business. Any sale would be eyebrow-raising considering it was only last month the company executed an agreement to sell a 10% interest in Australia Pacific LNG worth $2.12 billion.
Origin Energy share price snapshot
While the Origin Energy share price has diverted a negative return in 2021 so far, it is still less than spectacular. Having gained 0.5% since the year commenced, Origin shares are underperforming the benchmark index by around 8%.
Unlike many other ASX-listed shares, the Origin Energy share price is still a long way off its pre-COVID levels. Prior to the market crash in March 2020, the energy retailer was fetching a price of around $8.74.
Finally, the company currently holds a market capitalisation of $8.56 billion.
The post Is something big about to go down with Origin Energy (ASX:ORG) shares? appeared first on The Motley Fool Australia.
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More reading
- Why is the Origin (ASX:ORG) share price outperforming AGL in November?
- Here’s why the Origin (ASX:ORG) share price has outperformed the ASX 200 over the last 3 months?
- These ASX 200 shares could be set to face fresh pressure over climate action
- Why is the AGL (ASX:AGL) share price underperforming Origin lately?
- The top performing ASX 200 energy shares in October unmasked
Motley Fool contributor Mitchell Lawler 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.
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