The Rio Tinto Limited (ASX: RIO) share price has slid further today. Disappointingly, this takes the mining giant’s performance since the beginning of the year to negative 23%.

Despite growing its revenue and earnings at a substantial rate in the last financial year, the market is punishing this resource company. But, what has led to this downfall in investor sentiment? Especially when the performance metrics have been humming along.

A rocky year for the Rio Tinto share price

If we had been analysing the mining company’s share price performance back in early August, it would be a completely different story. At that point in time, shares were going for between $130 to $135 on the ASX, which was approximately a 15% increase from the beginning of the year.

Prior to August, there was a sense of euphoria in the markets towards iron ore producers. The price of the steel-making commodity was reaching new heights as China’s demand seemed insatiable. Yet, it all abruptly came to a screeching halt as China imposed shutdowns to curb emissions and reduce energy consumption.

Following this move, the price of iron ore quickly imploded, tumbling from roughly US$220 per tonne to US$115 in less than 2 months. Unsurprisingly, this shook investors of iron ore producing companies such as Rio Tinto, BHP Group Ltd (ASX: BHP), and Fortescue Metals Group Limited (ASX: FMG).

The reason why the market’s attitude towards the mining giants swiftly changed is largely due to how the commodity’s price impacts the company’s revenue and earnings. While the cost part of the process stays relatively the same, the reduction in sale price means less realised income for every tonne produced.

What about now?

Unfortunately, the outlook isn’t much better in the near term for iron ore prices. According to Reuters, iron ore futures slumped to nearly a 1-year low of US$93.75 a tonne. This stems from continued steel production controls.

Affected by heating season and winter Olympics (controls), molten iron output is hard to increase and could stay weak in the short-to-medium term.

SinoSteel Futures

In turn, the Rio Tinto share price and other mining companies are weakening further today.

The post Here’s why the Rio Tinto (ASX:RIO) share price is down 23% so far in 2021 appeared first on The Motley Fool Australia.

More reading

• Here’s why the Rio Tinto (ASX:RIO) share price is down 29% in the last 3 months
• Why did the Rio Tinto (ASX:RIO) share price climb today?
• Rio Tinto (ASX:RIO) share price threatens fresh year-to-date low
• ASX 200 (ASX:XJO) midday update: BHP and Rio Tinto fall, Qantas higher
• 5 things to watch on the ASX 200 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.

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Today, the S&P/ASX 200 Index (ASX: XJO) was unable to back up yesterday’s gain with another positive session. At the end of the trading day, the benchmark index finished 0.63% lower at 7,324.3 points.

The red session could largely be blamed on steep losses in financials and miners on Tuesday. Notably, significant falls in iron ore producers were witnessed as the commodity’s futures point to more weakness.

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Here are the ten stocks that rose to the occasion:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Goodman Group (ASX: GMG) was the biggest gainer today. Shares in the integrated property group gained 5.80%. This strong showing followed the group’s first-quarter update with came along with an upgraded earnings guidance. Find out more about Goodman Group here.

The next biggest gaining ASX share today was Novonix Ltd (ASX: NVX). The battery materials and technology company share price rallied 4.43% despite no new announcements. Uncover the latest Novonix details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Goodman Group (ASX: GMG)	$23.54	5.80%
Novonix Ltd (ASX: NVX)	$8.02	4.43%
Dicker Data Ltd (ASX: DDR)	$15.68	3.50%
Megaport Ltd (ASX: MP1)	$19.32	3.48%
Charter Hall Group (ASX: CHC)	$18.62	3.44%
IDP Education Ltd (ASX: IEL)	$39.23	3.24%
APA Group (ASX: APA)	$8.68	3.21%
Lendlease Group (ASX: LLC)	$10.75	2.87%
Pexa Group Ltd (ASX: PXA)	$15.74	2.61%
Pro Medicus Ltd (ASX: PME)	$56.23	2.48%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

More reading

• How did the Woodside Petroleum (ASX:WPL) share price perform in October?
• Real estate shares are leading the ASX 200 on Tuesday
• Why Goodman, Praemium, Step One, and Telix shares are charging higher
• ASX 200 (ASX:XJO) midday update: Netwealth’s merger proposal, IAG sinks
• It’s been a great 2021 so far for the CBA (ASX:CBA) share price

Motley Fool contributor Mitchell Lawler owns shares of Pro Medicus Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Dicker Data Limited, Idp Education Pty Ltd, MEGAPORT FPO, and Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended APA Group, Dicker Data Limited, and Pro Medicus Ltd. The Motley Fool Australia has recommended MEGAPORT FPO. 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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Bitcoin (CRYPTO: BTC) is back in the green today, up 1.6% over the past 24 hours to US$61,092 (AU$81,456).

Despite the bounce, Bitcoin remains down 3% over the past week and down 9% from its 20 October all-time high of US$66,930, according to data from CoinMarketCap.

That’s the recent price action.

But the US$65 billion question – or some 1.1 million Bitcoin – crypto enthusiasts are hoping may arise out of a case now before US courts is: who really invented the world’s first, and still largest, cryptocurrency?

Will the real Satoshi Nakamoto please stand up

You’ve probably heard of Satoshi Nakamoto. That’s the pseudonym of the person, or group of people, who wrote the original whitepaper on Bitcoin back in 2008 and launched the token in 2009.

Amazingly, 13 years on and the world still doesn’t have confirmation on who Nakamoto really is.

Not that some people haven’t made the claim.

Among them, Aussie computer boffin, Craig Wright.

Wright came out a few years ago saying he is the brains behind Bitcoin’s creation.

While some support his assertion, there are certainly plenty of doubters.

Crypto investor Aaron Brown, who writes for Bloomberg Opinion, said that Wright is indeed “an important early innovator in cryptocurrency, and is also rich from cryptocurrency… Beyond that, his claims to be the main or only author of the original Bitcoin whitepaper have little support.”

Wright has maintained his assertion of being the real Satoshi Nakamoto.

Now, a federal court trial underway in Miami, in the US state of Florida, may help shed some light on Wright’s claims.

What’s the Bitcoin court case about?

The court case was initiated 3 years ago but delayed by the onset of the pandemic.

Now, as Bloomberg reports, Craig Wright will “defend himself against claims that he swindled the estate of a deceased Florida man of its share of some $65 billion of the peer-to-peer currency and intellectual property related to blockchain technology worth billions of dollars more”.

The trial intended to determine whether there was a legal business partnership between Wright and Dave Kleiman, who died in 2013.

Kleinman’s brother is pressing the Kleiman estate complaint against Wright, saying Dave and Craig worked together on the early stages of Bitcoin’s development. The estate claims it should receive half the 1.1 million Bitcoin which are thought to be in the virtual hands of Nakamoto.

Whether Wright will reveal more evidence backing his claim to be the real Satoshi Nakamoto during the hearings remains to be seen.

The post Did an Aussie invent Bitcoin? The $86 billion question facing a US court appeared first on The Motley Fool Australia.

More reading

• Here’s why cryptocurrencies could take over the world: expert
• ASX’s first cryptocurrency ETF is listing Thursday
• Shiba Inu crashes 28% as Dogecoin soars. What’s next for the dog coins?
• Bitcoin mania down under: Is the new crypto miners ETF (DIGA) listed on the ASX?
• Will an Ethereum ETF follow in Bitcoin’s footsteps?

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin. 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.

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The HT&E Ltd (ASX: HT1) share price finished flat at $1.85 today — the same price as it closed on Monday.

However, it spent much of Tuesday in the red until an update from the media and entertainment company this afternoon saw a late rally.

Here are the details.

What was announced?

HT&E advised it disposed of its entire equity stake and shareholding in out-of-home advertising company oOh!Media Limited (ASX: OML) today.

The company disposed of the shares for $1.78 each, thereby obtaining gross proceeds of $49 million.

HT&E had originally acquired its 4.2% stake in oOh!Media in April 2020, as an “equity investment in a sector and assets it is very familiar with”.

The disposal of the shares realised a gain of $31 million on its original investment of approximately $15 million to $18 million at the time. However, it has done little to fire up the HT&E share price.

The $49 million is a welcome accretion to HT&E’s balance sheet after it recently resolved an ongoing tax dispute with the Australian Taxation Office (ATO).

Here the ATO was chasing answers and payment on a total of $195 million in reference to one of HT&E’s New Zealand branches. The company reached the resolution on a sum of $71 million – far lower than most expected – being in the best interests of shareholders.

The better-than-expected result saw the HT&E share price soar by more than 30% on the day. It also had leading brokers smiling, as the majority of analysts had baked in a far greater penalty toward the company.

Leading broker Jefferies reckoned the company would foot a $90 million bill from the dispute and was subsequently surprised at the outcome.

It consequently raised its price target on the HT&E share price by around 9% to $2.50 per share, implying an upside potential of 38% at the time of writing.

Today, the HT&E share price was struggling around $1.80 at the time of announcement — down around 2.7% on the day — before bouncing back to its closing price of $1.85.

HT&E share price snapshot

The HT&E share price is currently exactly where it started the year, at $1.85. However, shares in the media company have rallied 17% in the last month and around 20% this past week.

In the last 12 months, HT&E shares have climbed more than 27%, a smidge ahead of the S&P/AX 200 index (ASX: XJO)’s return of 23% in that time.

The post What happened to the HT&E (ASX:HT1) share price on Tuesday? appeared first on The Motley Fool Australia.

More reading

• Why Jefferies sees 35% upside in the HT&E (ASX:HT1) share price
• Why HT&E, JB Hi-Fi, Reece, and ResMed shares are charging higher
• Here’s why HT&E (ASX:HT1) share price is rocketing 31% today
• Why did the oOh!Media (ASX:OML) share price just hit a 52-week high?
• Which shares are set to finish the week as the top movers on the ASX 300?

The author Zach Bristow has no positions 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 oOh!Media Ltd. 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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October was a volatile month for the S&P/ASX 200 Index (ASX: XJO). Despite a few peaks and troughs, the ASX 200 ended up recording an anaemic loss of 0.1% for the month that was. But let’s take a closer look at one ASX 200 share which had a far more interesting time of it. That would be the Woodside Petroleum Ltd (ASX: WPL) share price.

Woodside is a major player in the ASX 200 Index and is also the largest pure-play oil company on the share market. So how did it do over October? Well, Woodside shares started the month at $23.88 a share. Last Friday, Woodside closed at a price of $23.35. That means that, on paper, Woodside shares recorded a loss of 2.22% for the month.

But that doesn’t really tell us all that happened with this company over the month. Even though the two prices bookended Woodside’s October, the company got as low as $23.26 a share and as high as $25.46 during the period. That’s a difference of around 10%.

Oil prices and a rising dollar hit Woodside shares

Of course, both this volatility and Woodside’s rather poor performance for the month can be blamed on one thing: the crude oil price. Energy companies like Woodside ride or die on the price of crude oil. Since Woodside’s costs are relatively fixed, changes in the oil price can make all the difference to this company’s profitability.

According to Markets Insider, crude oil had a relatively strong month over October. West Texas Intermediate (WTI) crude rose from around US$75 a barrel at the start of the month to more than US$83 by the end. It even spiked as high as US$85 a barrel towards the end of the month before settling down again.

So why didn’t Woodside’s share price react accordingly to the price of oil rising?

Well, it’s possible that a rising Australian dollar helped blunt this tailwind. While oil rose over the month, so did the Aussie dollar against the US dollar. At the start of October, one Aussie dollar was buying around 72 US cents. This had risen to roughly 75 US cents by the end of the month, a rise worth around 4%.

A higher Aussie dollar means it’s theoretically more expensive for Woodside to turn the US dollars it receives for its oil into Australian dollars, handicapping the boost it would be getting from the higher oil prices.

At the current Woodside share price of $23.38 at market close on Tuesday, this ASX 200 energy share has a market capitalisation of $22.7 billion, with a dividend yield of 2.41%.

The post How did the Woodside Petroleum (ASX:WPL) share price perform in October? appeared first on The Motley Fool Australia.

More reading

• Real estate shares are leading the ASX 200 on Tuesday
• ASX 200 (ASX:XJO) midday update: Netwealth’s merger proposal, IAG sinks
• It’s been a great 2021 so far for the CBA (ASX:CBA) share price
• Why is the Brickworks (ASX:BKW) share price falling today?
• 5 things to watch on the ASX 200 on Tuesday

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.

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The AML3D Ltd (ASX: AL3) share price is rocketing during afternoon trade. This comes after the advanced 3D parts manufacturer announced that it has entered the aerospace market.

At the time of writing, AML3D shares are swapping hands for 18 cents, up 20% for the day.

AML3D ventures into space technology

In today’s statement, AML3D advised that it has entered into a supply agreement with a leading North American aerospace company.

The deal will see AML3D produce specialised 3D printed high strength alloy parts for a bespoke prototype.

Little details were offered due to the highly sensitive nature of the contract. As such, the name of the aerospace company was withheld as well as the type of product and associated revenue.

AML3D noted that it was selected because of the high-strength and robust properties of its Wire Additive Manufacturing (WAM) process.

The company’s WAM technology uses 3D metal printers to weld metal wire to create near net shapes. This is considered a more sustainable way of manufacturing as compared to machining from billet, reducing material waste by 80%.

In addition, utilising WAM technology significantly reduces the cost of manufacturing as well as the time to build. This allows clients to customise parts for their specific needs.

A number of relationships are being forged with aerospace companies both in Australia and overseas to capture significant growth opportunities.

AML3D managing director Andrew Sales commented:

To have secured a key purchase order for prototype with a globally recognised space exploration company is further validation of our technological capability at AML3D.

…I am confident that the momentum generated from this new aerospace purchase order will deliver a strong pipeline of opportunities in global space exploration part production both here in Australia and internationally, as we continue to demonstrate our capabilities to companies within this particular sector. AML3D has the desire and expertise to play a significant role in this burgeoning industry.

Market opportunity for 3D printing

The addressable market for 3D printing is growing at a fast rate. Particularly given COVID-19 disrupted international supply chains, the industry is now seeking to minimise risk by adopting 3D printing technology. This allows companies to manufacture complex 3D metal parts in-house without relying on global logistics.

As such the total addressable market for 3D printing is estimated to be around US$10 billion. In the next 5 years (2026), the 3D printing market is forecasted to increase to US$63 billion.

AML3D share price snapshot

Regardless of today’s strong rise, AML3D shares are down almost 50% since the beginning of the year. When looking at the past 12 months, its shares have fared no better, down by more than 54%.

The company’s share price reached a 52-week high of 50 cents last September. This came on the back of its contract with Austal Limited (ASX: ASB) to co-develop components for maritime defence applications. However, since then its shares have continued on a downhill trajectory.

The post AML3D (ASX:AL3) share price leaps 20% on exciting development appeared first on The Motley Fool Australia.

More reading

• 2 exciting small cap ASX shares to watch
• Westpac (ASX:WBC)’s had a shocker: This is when to buy
• Here are the 3 most heavily traded ASX 200 shares so far on Tuesday
• Why is the Beach Energy (ASX:BPT) share price down 6%?
• Why the Sydney Airport share price has beaten the ASX 200 in the last 4 months

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.

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At the small end of the market, there are a number of shares that have the potential to grow strongly in the future.

Two that could be worth watching very closely are listed below. Here’s what you need to know about these small cap ASX shares:

Booktopia Group Ltd (ASX: BKG)

Booktopia could be a small cap ASX share to watch. It is a rapidly growing online book retailer which shipped 8.2 million units to 1.8 million active customers in FY 2021. This was an increase of 26% and 19%, respectively, year on year.

The shift to online shopping and its new automated distribution centre were drivers of this growth. This ultimately underpinned a 35% lift in revenue to $223.9 million and a 125% jump in underlying EBITDA to $13.6 million.

Analysts at Morgans are very positive on the company’s outlook. They believe the company is well-placed to win market share and continue its growth. The broker currently has an add rating and $3.72 price target on Booktopia’s shares.

Infomedia Limited (ASX: IFM)

Another small cap ASX share to look at is Infomedia. It is a leading global provider of software-as-a-service solutions to the parts and service sector of the automotive industry.

Despite battling tough trading conditions in FY 2021, Infomedia still delivered a solid 3% increase in revenue to $97.4 million and an 8% lift in net profit after tax to $20 million.

Pleasingly, trading conditions are improving and management expects a much stronger performance in FY 2022. Its revenue guidance is $117 million to $123 million. The mid-point of this guidance range implies revenue growth of 23% year on year.

And while its CEO has just resigned to join Nuix Ltd (ASX: NXL), the company stressed that it remains on course to achieve the above guidance. In light of this, the share price weakness that has followed this announcement could be a buying opportunity for investors.

One broker that appears to see that as the case is Bell Potter. It currently has a buy rating and $2.00 price target on its shares.

The post 2 exciting small cap ASX shares to watch appeared first on The Motley Fool Australia.

More reading

• 2 ASX shares having a shocker that could be bargain buys right now
• Why Audinate, Home Co Daily Needs, Infomedia, and Temple & Webster are falling
• Infomedia (ASX:IFM) share price sinks 14% on shock resignation
• 2 small cap ASX shares with a lot of potential
• 2 exciting small cap ASX shares analysts rate highly

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. owns shares of and has recommended Infomedia. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Booktopia Group Limited and Nuix Pty Ltd. The Motley Fool Australia has recommended Infomedia. 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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Westpac Banking Corp (ASX: WBC) shares this week have suffered one of the most spectacular falls seen for an ASX large cap in “peacetime”.

On Tuesday afternoon, the bank stock had plunged 3%, bringing the total loss in just one-and-a-half days to 10.4%.

Ouch.

Investors were trampling over each other to flee the building after Westpac’s results on Monday disappointed the market.

Macquarie, Goldman Sachs, Bell Potter and Morgan Stanley analysts all cut their target stock prices after the announcement.

But the company remains one of Australia’s big four banks, with a market capitalisation of $84.7 billion.

At current share prices, it’s giving out a dividend yield of 3.86% which will head up even more after this month’s 60 cent payout.

So, is it now getting to a point where the share price might offer a bargain pickup?

Be patient if you want to pick up Westpac shares

Market Matters portfolio manager James Gerrish reckons it’s not quite time to pounce on Westpac shares yet.

“The positives of a $3.5 billion buyback and 60c fully franked dividend couldn’t mask the issues under the hood,” he said in a subscriber newsletter.

“Higher costs and weaker margins are an unhealthy combination but there is a turnaround underway, it simply comes down to whether or not we believe it’s making sufficient progress.”

Gerrish’s team is keeping a close eye to see if Westpac shares can sink to $23.

“We have been targeting the $23 as an optimum area to buy WBC and that still looks reasonable,” said Gerrish.

“Another 3% to 3.5% lower and we see value plus an enticing dividend of around 5%.”

If you’re interested, you may not have to wait long. 

The share price has continued to fall even after Gerrish made those comments on Tuesday morning. Westpac shares started the day at $23.78 but already sat at $23.06 in the afternoon.

The bank will begin its share buyback on 17 November, while it will go ex-dividend on Monday for payment on 21 December.

This week’s bloodbath was as much a case of unfulfilled lofty expectations as it was poor performance.

Multiple analysts had rated Westpac as a “buy” last month, expecting attractive numbers, dividend and buyback.

The post Westpac (ASX:WBC)’s had a shocker: This is when to buy appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares so far on Tuesday
• Why Ingenia, IAG, Vulcan, and Westpac shares are dropping
• ASX 200 (ASX:XJO) midday update: Netwealth’s merger proposal, IAG sinks
• Why this top broker downgraded Westpac (ASX:WBC) shares
• 5 things to watch on the ASX 200 on Tuesday

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The S&P/ASX 200 Index (ASX: XJO) is having a pretty disappointing day of trading so far this Tuesday. At the time of writing, the ASX 200 is down by 0.33% at 7,346 points. But let’s dig a little deeper and see which ASX 200 shares are topping the trading volume charts today so far, according to investing.com.

3 most active ASX 200 shares by volume

Fortescue Metals Group Limited (ASX: FMG)

ASX 200 iron ore miner Fortescue is our first share topping the volume charts so far this Tuesday. At the time of writing, this miner has seen a sizeable 15.14 million of its shares change owners today.

This appears to be a result of the nasty share price slide Fortescue shares are experiencing today. Currently, this iron ore giant is down 2.65% at $13.95 a share, which is probably causing so many Fortescue shares to be traded on the markets today. Fortescue is now down more than 40% in just 3 months.

Westpac Banking Corp (ASX: WBC)

ASX 200 banking giant Westpac is our next cab off the rank. Westpac has, so far today, seen a lofty 15.6 million of its shares bought and sold.

Like Fortescue, this appears to be the result of a large share price loss this bank has endured so far today. At the time of writing, Westpac shares are down by 2.52% at $23.18 each. My Fool colleague James posted this morning that this could be a reaction to some tough love from broker Goldman Sachs.

Whitehaven Coal Ltd (ASX: WHC)

Our third and final ASX 200 share to check out today is coal miner Whitehaven. Whitehaven has seen a whopping 21.82 million of its shares swap hands thus far this Tuesday. There is no major news or announcements out of Whitehaven today.

However, that hasn’t stopped yet another major sell-off of this company. At the present time, Whitehaven is down a painful 7.4% to $2.42 a share. It’s this slide that is likely responsible for such a high volume of shares trading today. This company’s losses over just the past month are now approaching 30%.

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

More reading

• Why Ingenia, IAG, Vulcan, and Westpac shares are dropping
• ASX 200 (ASX:XJO) midday update: Netwealth’s merger proposal, IAG sinks
• This broker thinks the Fortescue (ASX:FMG) share price is dirt cheap
• Why this top broker downgraded Westpac (ASX:WBC) shares
• 5 things to watch on the ASX 200 on Tuesday

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.

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Shares in oil and gas explorer Beach Energy Ltd (ASX: BPT) are inching lower today and are currently trading 6% down at $1.31 apiece.

Beach Energy shares have spent most of the day in the red after the company announced the departure of its chief executive.

Here are the details.

What was announced?

Beach advised today that its managing director and CEO Matt Kay tendered his resignation to the company’s board.

Kay is leaving Beach to pursue other professional opportunities, given Beach’s ‘current strong position’ as per the release.

In his place, the company has appointed the current chief financial officer (CFO) Morné Engelbrecht to CEO as the search for a replacement gets underway.

In the six years of tenure as CEO of the company, Kay oversaw the acquisition of Lattice Energy and the commencement of development programs in the Victorian Otway and Perth Basins.

Kay’s final oversight was the sanctioning of the Moomba Carbon Capture and Storage project announced by the company yesterday.

Speaking on the announcement, Beach Energy chair Glenn Davis paid homage to Kay on the grounds of leadership and delivering on the company’s growth ambitions.

Davis said the departing CEO was instrumental in “helping transform Beach into the multi-billion basin upstream oil and gas company it is today”.

Davis also said that interim CEO Engelbrecht was “well positioned to take over as acting CEO as Beach completes its gas growth program”, with over 20 years experience across various jurisdictions.

What did the departing CEO say?

Speaking on the announcement, departing CEO Matt Kay said:

I was brought on board to help Beach grow from a single basin operator and diversify the business. This was
capped off by the sanctioning of the Moomba Carbon Capture and Storage project this week.

Kay continued:

I want to thank the entire Beach team for their efforts over the past six years. The company’s future is extremely
bright and I wish Morné and the team all the best.

Beach Energy share price snapshot

The Beach Energy share price has been swimming in a sea of red this year to date, having posted a loss of 26% since January 1.

Despite this, it has climbed 16% in the past 12 months, but not enough to outpace the benchmark S&P/ASX 200 index (ASX: XJO)’s gain of around 25% in the same time.

The post Why is the Beach Energy (ASX:BPT) share price down 6%? appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Tuesday
• Why ASX 200 energy shares are tanking on Thursday
• 5 things to watch on the ASX 200 on Wednesday
• Could the Beach Energy (ASX:BPT) share price hit $1.70 by Christmas?
• 5 things to watch on the ASX 200 on Tuesday

The author Zach Bristow has no positions 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.

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