In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.35% to 8,882.2 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is down 8.5% to $1.70. Investors have been selling the energy producer’s shares after a disappointing update on the Who Dat joint venture. LLOG Exploration Company, which is the operator of Who Dat, has informed Karoon Energy that the reinstatement of production through the Who Dat E manifold will now not occur in 2026. In light of this, calendar year 2026 total production guidance has been revised to the range of 7.2 MMboe to 8.2 MMboe. This is down from 8.1 MMboe to 9.2 MMboe previously.
PLS Group Ltd (ASX: PLS)
The PLS share price is down over 4.5% to $6.19. This reflects broad weakness in the lithium industry today. In addition, the lithium miner was the subject of a broker note out of Bell Potter this morning. It feels that PLS shares are fully valued at current levels and has retained its hold rating with an improved price target of $6.15 (from $5.50). It said: “We maintain our Hold recommendation. At current lithium market prices, PLS will generate substantial earnings and cash flow with the restart of the 200ktpa Ngungaju processing plant. P2000 and Colina development studies are being progressed, providing substantial organic growth optionality in markets with strong underlying EV and BESS-led long term demand fundamentals.”
South32 Ltd (ASX: S32)
The South32 share price is down 4% to $4.30. This may have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded the mining giant’s shares to a neutral rating (from outperform) but with a slightly improved price target of $4.60 (from $4.50). This still implies potential upside of approximately 7% for investors over the next 12 months.
Transurban Group (ASX: TCL)
The Transurban share price is down 2.5% to $14.98. This morning, in response to the toll road operator’s trading update, Citi downgraded its shares to a neutral rating (from buy) with a lowered price target of $15.80. Citi appears concerned that investors may rotate out of defensive assets such as Transurban following the US-Iran peace deal. In addition, it highlights that Transurban’s traffic volumes were largely flat in May.
The post Why Karoon Energy, PLS, South32, and Transurban shares are falling today appeared first on The Motley Fool Australia.
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More reading
- This ASX energy stock just crashed 11%. Here’s what went wrong
- 5 things to watch on the ASX 200 on Tuesday
- This ASX lithium stock is close to an all time high – can it keep rising?
- Transurban earnings: M7-M12 project and A25 sale boost outlook
- 6 ASX shares with 35% to 75% growth ahead of them: experts
Citigroup is an advertising partner of Motley Fool Money. Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group and Transurban Group. The Motley Fool Australia has positions in and has recommended Transurban Group. The Motley Fool Australia has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.