The Kogan.com Ltd (ASX: KGN) share price is struggling on Tuesday, slumping to its lowest point in nearly 4 weeks.

That’s despite no price-sensitive news having been released by the company since February.

At the time of writing, shares in Kogan are trading for just $5.12, representing a 3.2% tumble on the stock’s previous closing price and an intraday low.

For context, the broader market is also in the red today. The  All Ordinaries Index (ASX: XAO) has slumped 0.63% while the S&P/ASX 200 Index (ASX: XJO) has dipped 0.6%.

Additionally, while Kogan was booted from the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) in December, the sector is sliding lower today. It has slumped 0.67% at the time of writing.  

Let’s take a closer look at what’s going on with the online retailer and its peers on Tuesday.

What’s weighing on the Kogan share price today?

The Kogan share price is struggling on Tuesday for no obvious reason, but at least it’s not alone.

It’s joined in the red by the stock of many of its consumer discretionary peers. Most notably, that of City Chic Collective Ltd (ASX: CCX).

The clothing retailer’s share price has tumbled 7.8% on Tuesday despite no word being released to the market.

The share prices of PointsBet Holdings Ltd (ASX: PBH) and Breville Group Ltd (ASX: BRG) are in the same boat, sinking 3.7% and 2.6% at the time of writing.

While there’s been no news from Kogan this week, it has remained one of the ASX’s most shorted stocks.

As The Motley Fool Australia’s James Mickleboro reported yesterday, 9% of Kogan’s shares are in the hands of short-sellers.

Additionally, last week the company released a non-price sensitive update announcing a new partnership with QBE Insurance Group Ltd (ASX: QBE)

The pair are teaming up to issue Kogan-branded home, car, and CTP insurance products.

Right now, the Kogan share price is 40% lower than it was at the start of 2022.

The post Why is the Kogan share price slipping to a 4-week low on Tuesday? appeared first on The Motley Fool Australia.

More reading

• These are the 10 most shorted ASX shares
• What’s the go with the Kogan share price today?
• These are the 10 most shorted ASX shares
• Discounted bargain? The Kogan (ASX:KGN) share price is down 3%
• Kogan (ASX:KGN) shares spike another 6% post federal budget

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. owns and has recommended Kogan.com ltd and Pointsbet Holdings Ltd. The Motley Fool Australia owns and has recommended Kogan.com ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/9ZvMgBe

With some ASX shares almost doubling while other fell by more than half, the All Ordinaries Index (ASX: XAO) finished the quarter almost flat, gaining a slender 0.1%.

So, which were the top two performers and which came in last?

We’ll start with the runners-up.

The second best and second worst performers

The second worst ASX share to have held during the quarter just past was Laybuy Group Holdings Ltd (ASX: LBY).

The Laybuy share price was 24 cents when the closing bell rang on 31 December. By the time the ASX closed on 31 March, shares were worth 8 cents, down 67% for the quarter.

Laybuy operates in the buy now, pay later (BNPL) space. And as with other ASX BNPL shares, Laybuy has been hit by expectations of significant interest rate rises, which will impact its business model.

On the flip side of the performance coin, the second-best ASX share to have held during the March quarter was Yancoal Australia Ltd (ASX: YAL).

Yancoal shares kicked off the quarter trading for $2.60 and finished at $4.44, a gain of 71%.

Yancoal shares surged amid rocketing thermal and metallurgical coal prices. The company is Australia’s largest pure-play coal producer, operating and managing a portfolio of coal mines across New South Wales, Queensland, and Western Australia.

The coal producer also released some very strong results for the full 2021 financial year back in February, sending the ASX share leaping higher on the day.

Yancoal also reinstated its dividend, with the company paying an unfranked 10.3% trailing dividend yield at current share prices.

Moving on…

These were the best and worst ASX shares in the March quarter

The worst All Ords ASX share to have held during the March quarter was Cettire Ltd (ASX: CTT).

The online luxury goods retailer closed the last quarter at $3.56 and by 31 March was trading for $1.14, down a painful 68% over the three months.

Cettire had been receiving some healthy tailwinds during the COVID lockdowns, which saw many consumers turn to online retail purchases.

Luxury goods are also more prone to be hit by rising interest rates. And with rates likely to increase significantly from their historic lows, investors may have been selling down the Cettire share price.

Cettire shares also suffered another day of big losses on 23 March after it was revealed the company’s founder, Dean Mintz, was selling 35 million shares.

Which brings us to…

The best ASX share within the All Ords to have held onto during the March quarter was Stanmore Resources Ltd (ASX: SMR).

Stanmore shares were trading for 95 cents when markets closed on 31 December. By the time the ASX closed on 31 March, shares were worth $1.74, up a very impressive 83% for the quarter.

Like the No. 2 best performer, Stanmore Resources is also involved in digging up and selling coal. In fact, until a name change in April 2021, the company was called Stanmore Coal.

Amid record coal prices, Stanmore’s FY21 results were strong, likely helping boost its share price further. Among the highlights, the coal miner’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) leapt 125% year-on-year, hitting $54 million.

The post Guess which 2 ASX shares were the best and worst All Ordinaries performers of the quarter appeared first on The Motley Fool Australia.

More reading

• Here’s a look at the laggards from ASX tech shares last quarter
• These were the worst 3 ASX All Ordinaries shares to hold during the March quarter
• The best ASX All Ordinaries shares of the March quarter unmasked
• Opportunity knocking? 3 ASX All Ords shares trading at 52-week lows today
• In a sea of red, these ASX 200 coal shares are floating above water. Here’s why

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Cettire Limited. The Motley Fool Australia has recommended Cettire Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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

The Lake Resources N.L. (ASX: LKE) share price is backtracking despite no new announcements from the company on Tuesday.

At the time of writing, the clean lithium developer’s shares are trading at $1.83, down 8.04%.

Let’s take a look at what could be driving the fall today.

What’s down streaming the Lake Resources share price?

Investors are offloading Lake Resources shares after they reached a record high of $2.65 apiece on 4 April.

It appears there could be a mix of profit-taking along with weakened market sentiment affecting the ASX today.

Lake Resources shares quickly rose from the beginning of March when they were listed at 96 cents each. It’s a huge difference in just over a month where the company’s shares doubled in value amid hype surrounding the lithium space.

Furthermore, the S&P/ASX 300 Metals and Mining Industry (ASX: XMM) is down 0.44% at the time of writing. The index contains companies in the top 300 ASX companies involved with gold, steel, and precious metals.

Lastly, yesterday’s announcement stating that Lake Resources will issue around 2.3 million shares will have diluted shareholder value.

The issue was pursuant to the exercise of options.

About the Lake Resources share price

Despite today’s fall, Lake Resources has been one of the best places to invest in the past year.

While renewed investor sentiment within the lithium space has supported the share price, the company has been making significant tailwinds.

As a result, the Lake Resources share price has travelled 476% higher since this time last year and is up 82% in 2022 so far.

Based on valuation grounds, Lake Resources commands a market capitalisation of roughly $2.36 billion.

The post Why is the Lake Resources share price powering down by 8% today? appeared first on The Motley Fool Australia.

More reading

• Lithium watch: Broker tips Lake Resources share price to rocket 42% higher
• How did ASX lithium shares perform today?
• Here are the top 10 ASX shares today
• Why IGO, Lake Resources, Regis Resources, and ResApp shares are charging higher
• Lake Resources share price shoots 16% higher on lithium deal with Ford

Motley Fool contributor Aaron Teboneras 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.

from The Motley Fool Australia https://ift.tt/a6hr5DU

The Ragnar Metals Ltd (RAG) share price is soaring today amid the company reporting its latest nickel results.

This ASX mining stock is currently trading at 5 cents, a 56.25% gain. In contrast, the S&P/ASX 200 Resources Index (ASX: XJR) is sliding 0.45% today.

Let’s take a look at what this nickel explorer announced today.

Metals intersected

Ragnar Metals drilling results confirmed “large scale potential” at the company’s Granmuren Deeps nickel, copper, and cobalt discovery. This is located within the ASX mining stock’s Tullsta nickel project in Sweden.

Diamond drilling at hole 21DDTS007 intersected 0.56% nickel, 0.49% copper, and 0.05% cobalt at 146.3 metres.

This included a higher grade zone at 34m of 0.90% nickel, 0.80% copper, and 0.08% cobalt.

A 3D review of the results showed thick nickel and copper mineralisation extending to a depth of 400m. Grades and thinkness of the metals are growing with depth.

Commenting on the results likely fuelling the Ragnar Metals share price, chairman Steve Formica said:

With the results of hole 21DDTS007 now received, we can start to understand the potential scale of the Granmuren Intrusive system.

All holes drilled in this drilling program added to the discovery and understanding of the magmatic sulphides intersected in the drilling.

The modelling and interpretation to date show this to be an extensive system with the potential to host significant tonnage of Ni-Cu-Co metals.

The company is planning to diamond drill another four holes at the site targeting magmatic sulphide accumulations.

Ragnar Metals share price snapshot

The Ragnar Metals share price has soared 75% in the past year, while it is up 54% year to date.

For perspective, the ASX 200 Resources index has increased 15% in a year.

In the past month, this ASX mining stock has rocketed 62%, while it has surged 59% in the past week alone.

Ragnar Metals has a market capitalisasion of about $17.5 million based on the current share price.

The post Why this ASX mining stock just rocketed 56% appeared first on The Motley Fool Australia.

More reading

• 3 highly rated ASX growth shares analysts are tipping as buys
• 3 ASX 200 shares sliding to 52-week lows on Tuesday
• Why did the Woodside share price just get hit with a 5% downgrade?
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• 3 ASX All Ordinaries mining shares smashing 52-week highs today

Motley Fool contributor Monica O’Shea 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.

from The Motley Fool Australia https://ift.tt/R9O8sdN

If you’re looking for some new growth shares to buy, then it could be worth considering the three ASX shares listed below.

Here’s what you need to know about these highly rated growth shares:

Allkem Ltd (ASX: AKE)

The first ASX growth share to consider is Allkem. It is a top five global lithium miner with a collection of world class operations including Olaroz, Mt Cattlin, and the Sal de Vida brine project. Unlike the many lithium explorers and developers on the ASX, Allkem is already benefiting from the sky high lithium prices being underpinned by the decarbonisation trend and the rapid adoption of electric vehicles.

In fact, this month the company revealed that it expects to receive US$35,000 per tonne FOB for its lithium carbonate in the June quarter. This is up from US$27,236 per tonne during the March quarter and is more than triple the US$11,095 per tonne commanded during the first half.

Bell Potter is bullish on Allkem. It currently has a buy rating and $15.50 price target on its shares.

Lovisa Holdings Limited (ASX: LOV)

Another ASX growth share to look at is Lovisa. It is a fast-fashion jewellery retailer with a growing global store network. It is the company’s global expansion plans that are getting investors and analysts excited.

For example, Morgans has suggested that the company could “prove to be one of the biggest success stories in Australian retail.” It sees a huge opportunity for Lovisa to expand internationally and appears confident that it has the management team to execute on this.

Morgans currently has an add rating and $24.00 price target on its shares.

Megaport Ltd (ASX: MP1)

A final growth share to look at is Megaport. It is the leading provider of elastic interconnection services in the data centres globally. Using software defined networking (SDN), Megaport’s global platform allows users to rapidly connect their network to other services across the Megaport Network.

The team at Goldman Sachs is very bullish on Megaport. It estimates that Megaport has exposure to $129 billion per annum spent on fixed enterprise networking across its current geographies. This is being underpinned by structural tailwinds such as the adoption of public cloud and the transition towards Networking as a Service.

Goldman Sachs has a buy rating and $19.90 price target on its shares.

The post 3 highly rated ASX growth shares analysts are tipping as buys appeared first on The Motley Fool Australia.

More reading

• Here’s why Allkem shares are getting multiple broker upgrades
• 2 ASX shares with impressive global growth plans: experts
• Top brokers name 3 ASX shares to buy next week
• Here’s why the lithium price is in the spotlight today
• Why not all ASX lithium shares are winners from surging commodity prices

Motley Fool contributor James Mickleboro owns Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended MEGAPORT FPO. The Motley Fool Australia has recommended Lovisa Holdings Ltd and MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/ydLf3Xn

The S&P/ASX 200 Index (ASX: XJO) is having a pretty miserly day of trading so far this Tuesday. At the time of writing, the ASX 200 is down by 0.52% at just under 7,450 points. But today has been a little worse for some ASX 200 shares. In fact, we’ve seen several hit new 52-week lows today. Let’s check out the damage.

The first ASX 200 share hitting a new 52-week low today is A2 Milk Company Ltd (ASX: A2M). It’s been a long and painful fall from grace for this embattled dairy share. It was only back in July 2020 that we saw A2 Milk hit around $20 a share.

But, sadly, today has seen A2 shares go as low as $4.57 each. That’s a steep fall of close to 80% from those 2020 highs. You’d have to go back to 2017 for a time that A2 consistently traded at these kinds of prices. As my Fool colleague James covered today, A2’s more recent falls come after some brokers downgraded their sentiments on the company.

2 more ASX 200 shares hitting new 52-week lows today

Another ASX 200 share hitting new 52-week lows today is Aristocrat Leisure Limited (ASX: ALL). Aristocrat is a market leader in the manufacturing of gaming machines (namely poker machines). But it seems to be out of favour with investors right now, who have sent the company to a new 52-week low of $32.60 today.

That puts Aristocrat down more than 27% in 2022 so far. But unlike A2 Milk, a few brokers are seeing value in these lows. One is Citi, which recently slapped the ASX 200 pokie maker with a 12-month share price target of $44.

Let’s now look at Platinum Asset Management Ltd (ASX: PTM). Platinum is a fund manager that has also been going through the wars of late. Platinum’s last all-time high came in 2015 and was over $9 a share. But ever since, this company has drifted lower and lower. Today, it hit a new 52-week low of $1.83 a share. Unfortunately for investors, that also represents its lowest point since at least 2007.

So it hasn’t been a great day for these ASX 200 shares. Any investors involved with any of these companies will no doubt be hoping that it only gets better from here. But we shall have to wait and see.

The post 3 ASX 200 shares sliding to 52-week lows on Tuesday appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• How is AFIC different from an ASX 200 ETF?
• Why A2 Milk, G8 Education, Nearmap, and Zip shares are dropping
• ASX 200 midday update: Pendal rejects takeover offer, Mineral Resources rises on broker upgrade
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Sebastian Bowen owns A2 Milk. 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 A2 Milk. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/TbwR5oS

The Woodside Petroleum Limited (ASX: WPL) share price is slipping today.

Shares in the S&P/ASX 200 Index (ASX: XJO) energy giant are down 0.6% to $31.88.

The Woodside share price hit 2-year highs of $34.41 on 7 March, when Brent crude oil was trading at US$128 per barrel.

That same barrel of Brent, up 1.8% overnight, is currently fetching US$100.

Oil prices are being pulled higher by embargos on Russian energy exports while being pushed lower by fears China’s COVID-zero policy could see lockdowns like the one in Shanghai – a city of 26 million people – draw out and potentially spread, impacting global energy demand. (Details here.)

But today’s downgrade for Woodside isn’t directly related to current oil prices or short-term forecasts.

Instead, it’s tied in with an independent expert’s review of Woodside’s merger with BHP Petroleum.

Why UBS cut its price target

As The Australian reports, UBS reduced its target for the Woodside share price from $34.60 to $32.90, a 5% reduction, while maintaining a neutral rating on the stock.

That came after an independent expert valued the merged Woodside/BHP Petroleum entity at $26.25 to $29.81 per share. This came in 8% to 19% lower than UBS’ own estimates.

UBS’ new price target on Woodside shares is reportedly higher as the broker ascribes more value to the company’s Senegalese Sangomar oil project as well as its Jupiter and Thebe gas fields set to be developed in Western Australia.

Macquarie, which has a $29.50 target on the Woodside share price and maintains its neutral rating, also sounded off on the independent expert’s report.

Macquarie said the lower valuation was based on assumptions of lower production and higher costs.

According to Macquarie:

[The] expert’s report paints an unfavourable picture of several key Woodside assets pre-BHP Petroleum – reinforcing merits of the transaction. Valuations on key assets Scarborough, Senegal oil, and North West Shelf were all below ours.

Woodside share price snapshot

The Woodside share price has been a big beneficiary of rocketing energy costs.

Year-to-date, Woodside shares have gained 40.5% compared to a 2% loss posted by the ASX 200 so far in 2022.

The post Why did the Woodside share price just get hit with a 5% downgrade? appeared first on The Motley Fool Australia.

More reading

• These are the 2 best ASX dividend shares to buy right now: fund manager
• Why is the Macquarie share price underperforming today?
• What’s with the Woodside share price on Monday?
• Top ASX dividend shares to buy in April 2022
• How retirees can maximise returns from ASX dividend shares: fund manager

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 Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/ls3WGqR

Unfortunately, the S&P/ASX 200 Index (ASX: XJO) has dipped into the red during this Tuesday’s trading session so far. At the time of writing, the ASX 200 is down by a deflating 0.61% at just under 7,440 points.  

But let’s not wallow in our grief. Instead, we’ll take a look at the shares that are sitting at the top of the ASX 200’s volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Tuesday

Pilbara Minerals Ltd (ASX: PLS)

Lithium stock Pilbara Minerals is our first ASX 200 share to check out today. So far this Tuesday, a hefty 20.17 million Pilbara shares have been traded on the share market. This has probably been sparked by the operational update the company put out this morning.

As the Fool covered earlier, this update showed the company had met production guidance at its Pilgangoora project over the March quarter. Despite this, investors have sent the Pilbara share price down a nasty 5.52% so far today at $2.91 a share. These events have likely elicited the high trading volumes we are seeing.

Paladin Energy Ltd (ASX: PDN)

ASX 200 uranium share Paladin is next up this Tuesday. So far today, a sizeable 20.65 million Paladin shares have changed hands as it currently stands. Unlike Pilbara, there has been no major news or announcements out of Paladin today.

However, the company is also suffering a significant share price fall so far today. Paladin shares are now trading at 83 cents each, down by 4.6%. This selloff is probably responsible for the high trading volumes currently on display.

AVZ Minerals Ltd (ASX :AVZ)

Yet another ASX 200 resources share in lithium hopeful AVZ rounds out our list today. So far, a whopping 29.39 million AVZ shares have changed owners during trading so far on Tuesday. There’s been no major news out from this company today either.

So again, we should probably assume that the elevated volumes we are seeing are the result of the performance of the AVZ share price itself. Right now, AVZ shares are down a notable 2.84% at $1.025 each.

The post Here are the 3 most heavily traded ASX 200 shares on Tuesday appeared first on The Motley Fool Australia.

More reading

• What’s dragging the Pilbara Minerals share price 5% lower today?
• How is AFIC different from an ASX 200 ETF?
• How did ASX uranium shares perform last quarter?
• ASX 200 midday update: Pendal rejects takeover offer, Mineral Resources rises on broker upgrade
• All that glitters isn’t gold: Here are the worst performing ASX mining shares of the quarter

Motley Fool contributor Sebastian Bowen 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.

from The Motley Fool Australia https://ift.tt/XtPKDb6

Tuesday is proving to be a rocky day for many ASX shares, with both the All Ordinaries Index (ASX: XAO) and the S&P/ASX 200 Index (ASX: XJO) in the red.

Right now, the All Ordinaries Index is down 0.66%, but these mining shares are bucking the trend to trade at their highest point in at least a year.

So, which All Ordinaries miners are outperforming the market on Tuesday? Let’s take a look.

3 ASX All Ordinaries mining shares hitting new highs

Capricorn Metals Ltd (ASX: CMM)

The Capricorn Metals share price has continued on its multi-day surge to reach $4.36 at its intraday high.

That’s a new all-time high for the All Ordinaries mining share and 170% higher than its 52-week low.

The last time the market heard news from Capricon Metals was on Friday. Then, the gold producer released encouraging early assay results from its Mt Gibson Project.

Additionally, the price of gold is moving higher, likely bolstering interest in ASX gold stocks.

According to data from CNBC, gold futures are currently up 0.7% to US$1962.30 an ounce.

Red 5 Limited (ASX: RED)

The Red 5 share price is also in the green on Tuesday, rising 4% to trade at 42 cents. That’s the highest the All Ordinaries mining share has traded at in nearly nine years.

While there’s been no price-sensitive news from the gold producer since February, the company announced the restart of underground mining at its King of the Hills project last week.

The project is still on budget and its production is on track to kick off this quarter.

Additionally, the rising price of gold has likely helped boost the stock today.

SSR Mining Inc (ASX: SSR)

The final ASX All Ordinaries mining share hitting new 52-week highs today is SSR Mining. It reached $30.90 in intraday trade – the highest it’s been since shortly after it listed in 2020.

There’s nothing obvious to explain the gold producer’s stocks gain today.

Though, it might also be being helped along by the rising price of gold.

The post 3 ASX All Ordinaries mining shares smashing 52-week highs today appeared first on The Motley Fool Australia.

More reading

• Here’s why the Capricorn Metals share price is shooting 7% higher today
• Top brokers name 3 ASX shares to buy next week

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 Bruce Jackson.

from The Motley Fool Australia https://ift.tt/dri10bn

The Origin Energy Ltd (ASX: ORG) share price is struggling to find its footing today. Shares in the Australian electricity and gas retailer are slipping into the red along with the utilities sector on Tuesday.

In afternoon trade, we can see that the utilities sector is one of the worst-performing, down 0.76%. However, there are other sectors worse off, including tech shares and energy.

Meanwhile, the Origin Energy share price is receiving more than its fair share of the sell-off. At the time of writing, shares are down 1% from their previous close.

Russian oligarch won’t land Origin in hot water

In a positive determination for Origin Energy, the energy retailer has not been found of any sanction breaches with Russia.

According to Reuters, the Australian Sanctions Office shared the verdict this morning after concerns were raised around Origin’s involvement with Russian Viktor Vekselberg. The billionaire was pinned up on Australia’s sanction board last month as Russia continues to press forward with its attack on Ukraine.

For context, the affiliation between Origin and Vekselberg comes about via a joint venture (JV), by the name of Falcon Oil and Gas, that the pair are involved in together. Last month the Australasian Centre for Corporate Responsibility (ACCR) called for the JV to be suspended.

However, today the ASO noted that Vekselberg is currently not making any financial benefit from the asset. This is as a result of no gas being produced, and therefore no revenue being realised.

In response to the decision, Origin Energy’s chief Andrew Thornton noted:

While no gas is currently being produced and no revenue is being generated, Origin will continue to exercise diligence in this matter, and seek further advice should joint venture structures change or should the project progress beyond exploration.

Where does the Origin share price go from here?

Having laid immediate concerns regarding Russian sanctions to rest, where might the Origin Energy share price be heading next? Well, recently analysts have been fairly split on estimates for the Australian energy giant.

Following a 20% run since the beginning of the year, some brokers are cautious that any near-term growth might already be priced in. This is a perspective shared by analysts at Bloomberg, holding a price target of $6.43 on the company.

Nonetheless, the Origin Energy share price has been a winner for shareholders over the past year. Over the past 12 months, Origin has returned 45% once dividends are taken into account.

The post Why is the Origin Energy share price having such a dire day? appeared first on The Motley Fool Australia.

More reading

• The Origin share price is now overvalued, consensus says yes. What do you think?
• High voltage! Origin (ASX:ORG) share price up 3% to new 52-week high
• These were the 5 best performing ASX hydrogen shares of the March quarter
• The Origin (ASX:ORG) share price has surged 15% since the start of March. Could this be why?
• Origin Energy (ASX:ORG) share price hits post-COVID high on Friday

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.

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