Category: Stock Market

With most brokers taking a break over the holiday period, research notes are few and far between at the moment.

But don’t worry because listed below are three recent broker buy recommendations that still have plenty of upside potential.

Here’s why brokers think these ASX shares are in the buy zone:

Qantas Airways Limited (ASX: QAN)

According to a note out of Morgans, its analysts have an add rating and $8.50 price target on this airline operator’s shares. Morgans sees a lot of value in the Qantas share price at the current level. Particularly given its expectation that pent-up travel demand will underpin further EBITDA growth over FY24/25. Overall, the broker believes the discount being applied to Qantas’ shares is unwarranted. The Qantas share price is trading at $6.23 this afternoon.

REA Group Limited (ASX: REA)

A note out of Goldman Sachs reveals that its analysts have a conviction buy rating and $159.00 price target on this real estate listings company’s shares. Goldman remains positive on REA Group’s ad yield outlook and is expecting this to underpin modest EBITDA growth in FY 2023 and then a 19% jump in FY 2024. The latter is ahead of analyst consensus estimates. The REA share price is fetching $110.92 this afternoon.

Woolworths Group Ltd (ASX: WOW)

Another note out of Goldman Sachs reveals that its analysts have a conviction buy rating and $41.70 price target on this retail giant’s shares. The broker appears pleased with Woolworths’ decision to acquire a 55% stake in pet accessories and food retailer Petspiration Group. It sees the transaction as an incrementally positive step in the evolution of its eco-system strategy. Goldman also highlights that the transition from liquor retail and gaming/hotels into higher growth pet retail is in line with its strategy. The Woolworths share price is trading at $33.10 on Thursday.

The post Top brokers name 3 ASX shares to buy appeared first on The Motley Fool Australia.

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More reading

• Top ASX shares to buy in January 2023
• Buy these growing ASX 200 dividend shares in 2023: experts
• The Qantas share price soared 20% in 2022. Can it maintain altitude in 2023?
• Here’s how I’ll be investing my money in ASX shares in 2023
• Can these 2 ASX 200 shares crush the market again in 2023?

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended REA Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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ASX shares are broadly off to a good start in 2023.

Since the opening bell on 3 January, the All Ordinaries Index (ASX: XAO) is up a healthy 1.7%.

Joining in the rally today, two ASX shares have just hit new 52-week highs.

Gold regaining its shine

The gold price edged up again overnight to US$1,859. That’s the highest price the yellow metal has fetched since early June last year. And it’s up almost 11% since 4 November.

That’s helped most gold miners post some healthy gains. And, as you can see in the chart below, Northern Star Resources Ltd (ASX: NST) is no exception.

The ASX gold share has soared 67% since 26 September.

Investors have been hitting the buy button amid the rising gold price and the positive outlook the miner provided in an exploration update on 15 November.

“Our exploration team has made a strong start to FY23, advancing some exciting early-stage prospects across our global tier-1 portfolio as well as expanding beyond known areas of mineralisation,” managing director Stuart Tonkin said.

The Northern Star share price is up 1.8% in afternoon trading today to $11.64 per share. That’s a new 52-week high for the ASX share and its highest level since November 2020.

Which brings us too…

ASX share hits new 52-week high on continuing takeover interest

The second stock marching to a new 52-week high today is Warrego Energy Ltd (ASX: WGO).

The ASX share has been the subject of a takeover battle involving Gina Rinehart’s Hancock Energy Strike Energy Ltd (ASX: STX) and former suitor Beach Energy Ltd (ASX: BPT).

Today, Rinehart increased her offer for Warrego Energy by almost 29% to 36 cents per share.

That offer has sent the Warrego share price leaping 8.7% to 37.5 cents, interestingly higher than the latest takeover bid.

With today’s big boost, the ASX share is trading at new 52-week highs and up a whopping 168% since 3 November.

Happy New Year!

The post These two ASX shares are celebrating 2023 by hitting new 52-week highs appeared first on The Motley Fool Australia.

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More reading

• Why Alkane, Appen, Warrego Energy, and Zip shares are racing higher today
• Warrego Energy share price rockets 9% as Rinehart doubles down on takeover
• Why Appen, Hub24, Northern Star, and PointsBet shares are racing higher today
• 3 best ASX 200 gold shares of 2022
• 5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor Bernd Struben 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 Scott Phillips.

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The Core Lithium Ltd (ASX: CXO) share price is flying high on Thursday.

In afternoon trade, the lithium miner’s shares are up a decent 5% to $1.08.

Why is the Core Lithium share price charging higher?

Investors have been bidding the Core Lithium share price higher today following the release of a positive announcement.

According to the release, Core Lithium has made its first shipment of lithium to a customer in China.

The company revealed that the ship Rossana, loaded with 15,000 dry metric tonnes (dmt) of 1.4% Li2O spodumene Direct Shipping Ore (DSO) from the Finniss Lithium Operation, has set sail from Darwin Port.

This marks the maiden shipment of lithium from Finniss and is the company’s first revenue event. Management also highlights that it is a significant milestone in Core Lithium’s journey to deliver sustained shareholder value.

Core Lithium sold the lithium to a lithium-ion battery supply chain participant in Fangcheng, China, for a price of $US951/dmt. This values the shipment at approximately US$14.25 million.

‘Significant milestone’

The company’s CEO, Gareth Manderson, was pleased with the news. He said:

I am proud of the Core team and our contract partners for safely delivering this significant milestone in our Company’s history. This first shipment of lithium product has also allowed our team to successfully commission the logistics chain linking Finniss to the Darwin Port.

Manderson advised that the company will now turn its focus to the production of high-quality spodumene concentrate from Finniss. He added:

Our focus now is to safely complete construction of the dense media separation (DMS) plant at Finniss to enable us to produce high-quality spodumene concentrate.

The post Core Lithium share price higher on China shipment update appeared first on The Motley Fool Australia.

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More reading

• What caused such wild swings in the Core Lithium share price in 2022?
• These were the 3 best performing ASX lithium shares of 2022
• The 3 best performing ASX 200 mining shares of 2022
• Why are ASX 200 lithium shares running on empty today?
• Why has the Core Lithium share price fallen 26% in a month?

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 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 Scott Phillips.

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2023 looks like a great idea to be searching for ASX dividend shares that can generate passive income for investors.

Last year saw many share prices drop noticeably. Not only does this mean that those businesses are on a cheaper valuation, but the dividend yields have received a boost too.

For businesses that are expected to grow the dividend in the coming years, the lower share prices are a welcome boost for income-focused investors.

These are two that look like good options with attractive yields.

Rural Funds Group (ASX: RFF)

Rural Funds is a real estate investment trust (REIT) that owns a portfolio of agricultural properties across vineyards, almonds, macadamias, cattle and cropping (sugar and cotton).

One of the key goals of the business is to grow its distribution by 4% per annum for investors. That’s typically better than inflation and can compound strongly over time.

The business has rental income built into its contracts with tenants, linked to inflation or there’s a fixed rental increase annually. This is useful organic growth for the ASX dividend share’s passive income.

Another thing that can help the passive income is that Rural Funds is investing in increasing farm productivity, with aspects like improved water access.

It pays equal amounts quarterly, providing regular income for investors. In FY23, the total distribution is expected to be 12.2 cents per unit. This translates into an FY23 distribution yield of 5%, or around 1.25% per quarter.

Shaver Shop Group Ltd (ASX: SSG)

Shaver Shop is an ASX retail share that sells beauty and personal care through a store network and online. This beauty and personal care market is worth over $10 billion in Australia and New Zealand and is expected to grow to $12 billion by 2026. That’s a useful tailwind for growing passive income.

The company has grown its dividend each year since FY17 and Commsec numbers suggest another increase is coming in FY23. It could grow its annual dividend by 5% to 10.5 cents per share, translating into a forward grossed-up dividend yield of 13%. But, that’s just a projection.

In FY22 to 6 November, total sales were up 13% and the gross profit margin was “consistently up” on the prior year.

Based on Commsec projections, the Shaver Shop share price is valued at 9 times FY23’s estimated earnings.

$200 per month of passive income

If an investor were to buy an equal amount of those two passive income ideas, it would be an average dividend yield of 9% including the franking credits (which are accessed when the tax return is done).

I think these two ASX dividend shares could do well as part of a diversified dividend portfolio.

A monthly income of $200 translates into an annual income of $2,400. With these two names and an average yield of 9%, it would take a total investment of $27,000 to generate $2,400 of total income.

That annual total could just be from year one though. Rural Funds aims to keep growing its payment by 4% every year, while Commsec numbers suggest dividend growth in FY24 and FY25 as well. So, the annual income could keep rising from $2,400.

The post 2 passive income ideas I’d use to generate $200 a month in 2023 appeared first on The Motley Fool Australia.

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More reading

• I think these are the 10 best ASX shares to buy for 2023
• 2 defensive ASX dividend shares to buy for 2023: experts
• How to swap your job for $75,000 in retirement income using ASX dividend shares
• Yields of up to 7%… 3 ASX dividend shares I’d buy to hold for 10 years
• Buy these ASX dividend shares for a passive income boost: analysts

Motley Fool contributor Tristan Harrison has positions in Rural Funds Group. 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 Rural Funds Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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S&P/ASX 200 Index (ASX: XJO) casino operator Star Entertainment Group Ltd (ASX: SGR) has just flipped the calendar on a year to forget.

But 2023 could throw up some more headaches for the ASX 200 stock.

Why was the ASX 200 casino operator battered in 2022?

As you can see in the chart below, the Star Entertainment share price trended broadly lower throughout the year, with a final big fall in December.

By the time the smoke cleared, the ASX 200 casino operator’s shares were down 52% in 2022.

Star faced various regulatory headwinds during the year, culminating when it was hit by yet another $100 million fine in December, this one courtesy of Queensland.

In announcing the penalty on 9 December, Queensland’s Attorney-General and Justice Minister, Shannon Fentiman, said Star’s operating practices in the state’s casino had been found to be unsuitable.

“I was appalled at the extent of the actions of The Star in welcoming excluded persons to their casinos and the exorbitant incentives on offer for questionable gamblers,” she said.

And if the ASX 200 casino operator needed more troubles (it didn’t), the company received it from New South Wales just a week later.

That’s when NSW treasurer Matt Kean announced the state’s plan to increase taxes on gaming tables and poker machines at casinos. NSW hopes to raise $364 million over the next three years from the tax hike.

This led Goldman Sachs to cut its price target for the ASX 200 casino operator by 34% to $1.90.

 â€œThe NSW government’s proposed casino tax reforms pose a significant earnings risk for SGR’s Sydney casino,” Goldman noted.

What other headaches could Star Entertainment face in 2023?

Clearly the ASX 200 casino operator is going to need to lift its game from a governance perspective.

If done correctly, that should put an end to the crushing fines and casino license suspensions.

However, increasing compliance to the level that ASIC demands will come at its own cost.

Commenting on ASIC’s signal to Australia’s casinos, Monash University gambling regulation expert Charles Livingstone said (quoted by The Australian Financial Review):

The signal is pretty clear. If you want to be on the board of a large gambling concern, then you need to be around all the regulatory concerns of the industry, which are many and varied.

Livingstone said this will take a lot more effort from directors, however, it’s certainly achievable.

“It’s not unenforceable, but it becomes a much less profitable business if you do it properly, and that’s the issue.”

Indeed, the ASX 200 casino operator could see its profits eroded as it closes the door on problem gamblers and questionable high rollers flush with cash.

According to Livingstone, this will see the casinos incur some “really significant losses”.

The post Could this ASX 200 casino operator be in for another year of pain in 2023? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Why Invictus Energy, Star, Whitehaven Coal, and Woodside shares are dropping
• 5 things to watch on the ASX 200 on Thursday
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Here are the 3 most heavily traded ASX 200 shares on Monday

Motley Fool contributor Bernd Struben 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 Scott Phillips.

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The S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. In afternoon trade, the benchmark index is up slightly to 7,059.6 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are rising:

Alkane Resources Limited (ASX: ALK)

The Alkane Resources share price is up 12% to 64.5 cents. This morning, the gold miner upgraded its FY 2023 guidance for the Tomingley Gold Operation. Alkane now expects production of 62,000 ounces to 70,000 ounces. This is up from its previous guidance range of 55,000 to 60,000 ounces. In addition, it has revised its cost guidance lower for the year.

Appen Ltd (ASX: APX)

The Appen share price is up a further 3% to $2.67. This artificial intelligence data services company’s shares have been given a boost from a broker note out of Jefferies this week. Its analysts believe Appen will deliver revenue of US$393 million in FY 2022, which is at the top end of its guidance range.

Warrego Energy Ltd (ASX: WGO)

The Warrego Energy share price is up 9% to 37.5 cents. This follows news that Gina Rinehart’s Hancock Energy has increased its takeover offer for the energy explorer. Hancock has lifted its offer by 28.6% to 36 cents per share. With its shares trading higher than this, investors appear to be betting that a competing offer will be made.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 8% to 60 cents. This is despite there being no news out of the buy now pay later (BNPL) provider today. Though, it is worth noting that a number of BNPL shares are rising today following a strong night of trade for Wall Street listed Affirm. Investors may believe the industry was oversold in 2022.

The post Why Alkane, Appen, Warrego Energy, and Zip shares are racing higher today appeared first on The Motley Fool Australia.

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More reading

• Warrego Energy share price rockets 9% as Rinehart doubles down on takeover
• Can you guess which ASX gold share is surging 15% on Thursday?
• Why Appen, Hub24, Northern Star, and PointsBet shares are racing higher today
• The Zip share price crashed 88% in 2022. Can it recover in 2023?
• Here are the 10 most shorted ASX shares

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 Appen and Zip Co. 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 Scott Phillips.

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The Magellan Financial Group Ltd (ASX: MFG) share price has rocketed out in front of many of its S&P/ASX 200 Index (ASX: XJO) peers in the first three sessions of 2023.

Stock in the much-talked-about fund manager has gained 11% so far this year. That’s seen it regain most of its December losses already.

The Magellan share price closed 2022 trading at $8.94 – more than 50% lower than it was at the end of 2021. However, 2023 has – so far, at least – brought a change in fortune.

Right now, the Magellan share price is $9.93.

That makes it one of the top-performing ASX 200 shares of the (albeit short) year so far.

Other notable gainers include Sayona Mining Ltd (ASX: SYA) and BrainChip Holdings Ltd (ASX: BRN). Their shares have risen 11.6% and 10.7% respectively since the final close of 2022.

So, what might be going right for the Magellan share price this week? Let’s take a look.

What’s boosting the Magellan share price this week?

Interestingly, there’s been no word from the embattled ASX 200 fund manager.

In fact, the last time the market heard news to move the Magellan share price was early last month when the company announced a $2.5 billion funds under management (FUM) outflow for November.

It likely came as no surprise when the market bid the stock 3.3% lower on the back of the news.

And we might be due for another update in the near future. Magellan typically dropped its FUM updates in the first week of a given month over much of 2022.

It’s also worth noting the strong performance put out by Magellan’s home sector, the S&P/ASX 200 Financials Index (ASX: XFJ), this week.

After dropping 1.9% in the first session of 2023, the sector picked itself up to gain 2.8% over the course of yesterday and today, leaving it 0.8% higher than it ended 2022 right now.

The ASX 200, meanwhile, has risen 0.4% since the final close of last year.

The post Flying start: Magellan share price surges 11% in 2023 appeared first on The Motley Fool Australia.

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More reading

• The 3 best performing ASX 200 dividend shares of 2022
• 5 things to watch on the ASX 200 on Thursday
• ASX financial shares lifted the ASX 200 today
• Here are the top 10 ASX 200 shares today
• ASX 200 tech shares are leading the market higher today

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 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 Scott Phillips.

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The explosive lithium trend tempered in 2022 following an incredible year for ASX lithium shares in 2021.

Even some of the most profitable companies in the industry rounded out the year with relatively mediocre returns compared to the year prior. For example, Pilbara Minerals Ltd (ASX: PLS) posted a reasonable 17% gain last year. However, this pales in comparison to the remarkable 133% climb in 2021.

Meanwhile, many lithium players still in the pre-production stages were dealt hammering blows to their share prices. Investors decisively turned away from money-hungry investments throughout the year as capital became more expensive due to rising rates.

Here are the ASX lithium shares that were hit the hardest during a challenging year.

Harrowing hardship for these ASX lithium shares

Galan Lithium Ltd (ASX: GLN)

The Argentina and Australia lithium project developer had a busy year drilling and testing across its sites during 2022. Most notably, Galan Lithium finished the year by acquiring the remaining 20% of the Greenbushes South Lithium Project in December to give it full ownership of the development.

However, the capital-intensive process of exploration while pre-revenue meant Galan widened its losses. In FY22, the company reached $5.08 million in net losses, deepening from $0.9 million.

It appears investors were less enthused about holding out for the possibility of future revenue amid the economic backdrop. In turn, this ASX lithium share suffered a substantial 45% fall in its share price in 2022. At present, Galan Lithium is fetching $1.04 per share with a market capitalisation of $320 million.

Ioneer Ltd (ASX: INR)

The second worst-performing ASX lithium share might be surprising given its achievements last year. Ioneer made major strides toward shoring up customers for its future anticipated lithium supply with offtake agreements with EcoPro Group, Ford, and Prime Planet Energy & Solutions Inc.

Although, with production not yet underway, Ioneer likewise dialled up the losses. At the end of FY22, the bottom line had blown out to $12.6 million in the red — worsening from the $10.3 million worth of bleeding in the prior fiscal year.

As such, the market responded with a 52.5% slashing of the Ioneer share price in 2022. Today, this ASX lithium share goes for 40 cents apiece, giving it a market cap of $808 million.

Lepidico Ltd (ASX: LPD)

Turning to the ASX lithium company that fared the worst in 2022. Lepidico was unable to catch a break last year as the small-cap persevered with exploration in Namibia and the United Arab Emirates.

Positively, Lepidico made headway on phase 1 of its projects, receiving cost estimates for further development. The company estimated the costs of an integrated mine, concentrator, and chemical plant to be US$266 million. Though, Lepidico still lacks revenue and only held $8 million in cash at the end of June 2022.

Over the course of 2022, this ASX lithium share tumbled 58%. At the time of writing, Lepidico shares are swapping hands at 1.5 cents each with a market cap of around $107 million.

The post These were the worst-performing ASX lithium shares of 2022 appeared first on The Motley Fool Australia.

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More reading

• Why Beach, Blackmores, Costa, and Weebit Nano shares are falling today
• Warrego Energy share price rockets 9% as Rinehart doubles down on takeover
• The Lake Resources share price sank 21% in 2022. What now?
• Can you guess which ASX gold share is surging 15% on Thursday?
• The 3 best performing ASX 200 dividend shares of 2022

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 Scott Phillips.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.1% to 7,065.6 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is down 4% to $1.52. Investors have been selling Beach and other energy shares today after oil prices sank again overnight. Traders were selling down oil amid global economic growth concerns. The S&P/ASX 200 Energy index is down 2.1% this afternoon.

Blackmores Ltd (ASX: BKL)

The Blackmores share price is down 1.5% to $73.38. This is despite there being no news out of the health supplements company. However, it is worth noting that Citi recently warned about the company’s prospects in FY 2023. It feels that price increases and the cost of living crisis could hit demand for its offering. Citi has a sell rating and $58.85 price target on its shares.

Costa Group Holdings Ltd (ASX: CGC)

The Costa Group share price is down 2% to $2.74. A number of agricultural shares are under pressure on Thursday. This may have been driven by some large investors rotating out of the sector into other areas of the market.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is down 1% to $3.60. This may have been driven by profit taking after some strong gains in recent sessions. Investors have been buying this semiconductor company’s shares after it provided a positive update on its demo chip.

The post Why Beach, Blackmores, Costa, and Weebit Nano shares are falling today appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Thursday
• Why are ASX 200 energy shares falling today?
• 5 things to watch on the ASX 200 on Wednesday
• Here are the top 10 ASX 200 shares today
• Why HT&E, Seven West Media, Tabcorp, and Weebit Nano shares are rising

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Blackmores and Costa Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Warrego Energy Ltd (ASX: WGO) share price is roaring higher on Thursday after Hancock Energy – owned by mining magnate and Australia’s richest person Gina Rinehart – upped its takeover bid for the ASX company.

Rinehart has today slapped a 36-cent per share bid on the table. That’s a 28.6% increase on the billionaire’s previous 28-cent offer.

The newly hiked bid follows a 32-cent all-scrip offer from Strike Energy Ltd (ASX: STX) last month, as well as the withdrawal of former suitor Beach Energy Ltd (ASX: BPT) from the takeover race.

Interestingly, however, the market appears to be hopeful the company could go for more than all currently tabled offers.

It has bid the Warrego share price 9.28% higher to trade at 37.7 cents right now.

Furthermore, the stock hit a 52-week high of 38.5 cents earlier today ­– marking an 11.6% surge.

Let’s take a closer look at what’s going on with the ASX energy developer today.

What’s driving the Warrego Energy share price today?

The Warrego share price is soaring higher than all takeover bids put to the company on Thursday. its gains come amid a sixth bid from Rinehart’s Hancock energy.

The latest bid is conditional on the acceptance of 40% of Warrego shareholders. Hancock already has its hands on 25.9% of the ASX company’s stock.

The offer is set to close on 31 January with Hancock lined up to fork out up to $447 million.

And Warrego’s shares aren’t alone in the green. The share price of Strike Energy is also rocketing, gaining 11.94% to trade at 37.5 cents right now.

Though, in a strange twist of events, Strike’s gains could also have something to do with an editing mistake found in a release from Mineral Resources Limited (ASX: MIN).

The AS&P/ASX 200 Index (ASX: XJO) giant announced an off-market takeover bid for Norwest Energy NL (ASX: NWE) yesterday. In its release, however, Strike’s ABN was included in place of Norwest’s, perhaps suggesting it might also be a target.

Mineral Resources is also suspected of being behind a trade wherein 15% of Warrego’s stock swapped hands for 35 cents apiece yesterday, Australian Financial Review reports.

Meanwhile, Hancock believes the Strike share price is being supported by the takeover battle. It’s encouraging Warrego investors not to accept the competing bid lest the value of Strike’s stock falls.

The post Warrego Energy share price rockets 9% as Rinehart doubles down on takeover appeared first on The Motley Fool Australia.

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More reading

• Why Core Lithium, MMA, Northern Star, and Warrego Energy are charging higher
• These 3 ASX shares have doubled, can they do it again?
• Why Bigtincan, Core Lithium, Pinnacle, and Warrego shares are dropping today
• Why Beach, Chalice Mining, Nitro, and Rio Tinto shares are rising today
• Warrego Energy share price slides as Hancock takeover offer trumps Beach

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 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 Scott Phillips.

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