March was an alright month for the APA Group (ASX: APA) share price despite no price sensitive news being released by the company.
The energy infrastructure company’s stock gained 6.17% last month, ending March trading at $10.67.
That was just a few cents off its 52-week high of $10.88, reached in intraday trade on 31 March.
However, APA’s gains weren’t enough for it to outperform the S&P/ASX 200 Index (ASX: XJO). The index gained 6.39% last month, beating the APA share price’s performance by a measly 0.22%.
So, what might have driven the S&P/ASX 200 Utilities Index (ASX: XJO) constituent’s stock in March? Let’s take a look.
What boosted APA’s stock last month?
The APA share price performed in line with the broader market in March, as did the ASX 200 utilities sector.
The 3-stock strong sector recorded a gain of 6.69% last month, driven by the Origin Energy Ltd (ASX: ORG) share price’s 9.3% rise.
Though, a small amount of news regarding APA did hit the market in March.
An update on a feasibility study into delivering low-cost hydrogen conducted by a consortium involving APA dropped late last month.
The consortium also includes Pilot Energy Ltd (ASX: PGY) and Warrego Energy Ltd (ASX: WGO).
Pilot Energy told the market that the feasibility study is looking good so far. It’s set to be completed in the coming weeks.
Additionally, 4 of the company’s projects were recently selected to receive a share of $50.3 million under the Morrison Government’s national gas infrastructure plan.
Their selection was announced by Minister for Industry, Energy, and Emissions Reduction, Angus Taylor on 22 March.
The APA projects set to receive a share of the cash are Victoria’s Southwest pipeline expansion project, Queensland’s Project Range project and Surat Hub project, and Australia’s East Coast Gas Grid Expansion Stage 2.
APA share price snapshot
Despite trading relatively in line with the ASX 200 last month, the APA share price has outperformed it year to date.
Right now, the infrastructure company’s stock is 3.3% higher than it was at the start of 2022. Over that same period, the ASX 200 has slipped nearly 0.9%.
The post Here’s what happened to the APA share price in March appeared first on The Motley Fool Australia.
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More reading
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- Why did the APA (ASX:APA) share price just ink a new 52-week high?
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- Here’s why the APA (ASX:APA) share price could be a top dividend share
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 owns and has recommended APA Group. 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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