How is the Origin Energy share price managing to hit multi-year highs today?

a group of three electricity workers stand smiling wearing hard hats and high visibility vests in front of an array of high voltage power equipment.a group of three electricity workers stand smiling wearing hard hats and high visibility vests in front of an array of high voltage power equipment.

The Origin Energy Ltd (ASX: ORG) share price surged to a new post-pandemic high today despite the company’s silence.

Making its gains more impressive, the broader market is trading lower this afternoon. Origin Energy’s home sector – the S&P/ASX 200 Utilities Index (ASX: XUJ) – is also in the red.

At the time of writing, the Origin Energy share price is $6.93, 0.29% higher than its previous close.

However, it reached a new multi-year high of $7.08 earlier today, representing a 2.46% gain.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently 0.09% lower.

Let’s take a closer look at what’s going on with Origin Energy and its utility peers on Wednesday.

What’s boosting the Origin share price today?

The Origin Energy share price is in the green alongside some of its ASX 200 peers today.

Of the ASX 200’s 11 sectors, only four are currently trading in the green.

Sadly, the ASX 200 utilities sector isn’t among them. It’s recording a 0.14% slip right now.

The index’s other constituents are recording a poor performance this afternoon.

The share price of APA Group (ASX: APA) has slumped 0.09%. Meanwhile, that of AGL Energy Limited (ASX: AGL) has fallen 1.2%.

This year so far has been a good one for both the Origin Energy share price and the company’s bottom line.

The energy producer and retailer revealed its revenue for the March quarter had more than doubled year-on-year to surpass $2.5 billion last week. The increase was driven by higher commodity prices amid surging demand.

Right now, Origin Energy’s stock is trading for 29% more than it was at the start of 2022. It has also risen 65% since this time last year.

The post How is the Origin Energy share price managing to hit multi-year highs today? appeared first on The Motley Fool Australia.

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

Before you consider Origin 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 Origin Energy wasn’t one of them.

The online investing service he’s run for over 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 January 13th 2022

More reading

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 positions in and has recommended APA Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/ECMWQ9a

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s