The ARB Corporation Limited (ASX: ARB) share price is pushing upwards on Thursday, slightly rebounding from its 9% losses last month. This comes despite the 4×4 accessories company not releasing any market-sensitive news today.

At the time of writing, ARB shares are up 2.08% to $47.02 apiece.

ARB shares go ex-dividend

While the company hasn’t provided the ASX with any fresh news, investors are buying up ARB shares regardless of the stock going ex-dividend.

Investors need to buy shares before the ex-dividend date to be paid the dividend. Historically, when a company reaches its ex-dividend day, its shares tend to fall in proportion to the dividend paid out.

However, a possible catalyst for the rising ARB share price could be that the S&P/ASX 200 Index (ASX: XJO) is steaming ahead. As such, the benchmark index is up 0.60% to 7,250 points, rubbing out yesterday’s 0.58% decline.

What does this mean for ARB shareholders?

For those who are eligible for the ARB’s final dividend, shareholders will receive a payment of 39 cents per share on 22 October. The dividend is also fully franked which means shareholders can expect to receive tax credits from this.

Investors who elect for the dividend reinvestment plan (DRP) will see a 2% discount applied to the volume-weighted average price. This is for the 5 trading days subsequent to, and inclusive of, the ex-dividend date period.

The last election date for shareholders to opt-in to the DRP is 13 October.

ARB share price summary

It has been a strong year for the ARB share price, which is trekking around 50% higher for both 2021 and in the last 12 months. The company’s shares are around 13% lower than their all-time high of $54.46 reached in late August.

Based on today’s price, ARB commands a market capitalisation of roughly $3.85 billion, and has approximately 81.5 million shares outstanding.

The post ARB Corporation (ASX:ARB) share price rises as stock goes ex-dividend appeared first on The Motley Fool Australia.

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• These ASX shares are surging on the back of key Aussie lifestyle trends
• Top brokers name 3 ASX shares to buy today

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 recommended ARB Corporation Limited. 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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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Baby Bunting Group Ltd (ASX: BBN)

According to a note out of Citi, its analysts have retained their buy rating and lifted their price target on this baby products retailer’s shares to $6.11. This follows the release of a trading update at its annual general meeting this week. The broker was pleased with Baby Bunting’s update and particularly the progress it is making with its exclusive and private label sales. These are nearing target levels well ahead of expectations. Citi was also pleasantly surprised with its gross margin. The Baby Bunting share price is trading at $5.49 this afternoon.

Magellan Financial Group Ltd (ASX: MFG)

A note out of Macquarie reveals that its analysts have upgraded this fund manager’s shares to an outperform rating but cut the price target on them to $38.00. Macquarie made the move on valuation grounds following a significant de-rating. And while the broker believes that fund flows are likely to remain under pressure for the rest of FY 2022, it feels its shares are too cheap to ignore now. Especially given the potential for a dividend yield of ~7% this financial year. The Magellan share price is fetching $32.06 on Thursday.

Sonic Healthcare Limited (ASX: SHL)

Analysts at Morgan Stanley have retained their overweight rating and $45.50 price target on this healthcare company’s shares. According to the note, the broker has been looking at the performance of European peer Synlab. It notes that Synlab has increased its guidance to reflect higher COVID-19 testing demand. Given the similarities, the broker suspects that Sonic could be benefitting as well. It feels this creates upside risk to revenue and earnings forecasts. The Sonic share price is trading at $40.23 today.

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

More reading

• Why A2 Milk, CBA, Flight Centre, & Magellan’s shares are sinking
• Why Afterpay, Austal, Baby Bunting, & Nick Scali shares are storming higher
• The Magellan (ASX:MFG) share price is in focus on $1.5 billion FUM outflow
• Why this broker just upgraded the Baby Bunting (ASX:BBN) share price to buy
• Baby Bunting (ASX:BBN) share price drops following trading update

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 Baby Bunting and Sonic Healthcare Limited. 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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It is a volatile day on the market for the Deep Yellow Limited (ASX: DYL) share price on Thursday.

At the time of writing, shares in the uranium exploration company are down 2.19% to 90 cents. However, the company’s shares touched 86.5 cents earlier in the session, representing a fall of 5.5%.

While the share price is moving lower, traded volume is above average. Heading into lunchtime, more than 2 million Deep Yellow shares have exchanged hands. For comparison, over the past 4 weeks, an average day saw a trading volume of around 3.7 million shares.

A closer look at the Deep Yellow share price

Deep Yellow investors are applying selling pressure today, as the Namibian-focused uranium explorer continues a 20-day long rout. Over this timeframe, the Deep Yellow share price has retreated 35%. This is in tandem with a deepening fallout in the price per pound of the alternative energy resource.

Impacting the perceived value in uranium miners, the energy-dense resource has tumbled around 18% to US$40.45. Although, it is important to give this context. While the recent trend has been downward, the price per pound of uranium is still up 36% from a year ago.

Meanwhile, Deep Yellow is not alone in its poor performance today. Other uranium explorers/miners that are also struggling include Peninsula Energy Ltd (ASX: PEN), 92 Energy Ltd (ASX: 92E), and Bannerman Energy Ltd (ASX: BMN).

Likewise, the Deep Yellow share price remains in the figurative stratosphere compared to this time last year. Over this duration, shareholders have seen the value of their holdings increase nearly threefold.

Recent activity

Interestingly, investor sentiment was not improved following Tuesday’s update revealing a major ore reserve milestone. According to the release, the company completed its resource drilling across the Tumas Project.

From this data, Deep Yellow discerned its ore reserve estimates should be increased by 121%. As a result, the company now believes its project contains 68.4 million pounds of probable ore reserves.

However, the Deep Yellow share price has been unsuccessful in regaining traction since the announcement.

The post What’s going on with the Deep Yellow (ASX:DYL) share price today? appeared first on The Motley Fool Australia.

More reading

• Deep Yellow (ASX:DYL) share price slides 4% despite major ore reserve milestone
• How did ASX uranium shares perform in September?
• A sea of red for ASX uranium shares. Is the run over?
• Are ASX uranium shares fully valued?
• Why the Deep Yellow (ASX:DYL) share price is tanking 18% today

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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S&P/ASX 200 Index (ASX: XJO) energy shares retreated on Thursday as oil prices fell sharply overnight.

Western Texas Intermediate tumbled US$2.8 or 3.5% overnight from intraday highs of US$79.76 to US$76.91 a barrel. The global benchmark, Brent crude, briefly hit 3-year highs of US$83.45 a barrel before closing the session 3.15% lower at US$80.82.

ASX 200 energy shares and oil prices retreat

The S&P/ASX Energy (INDEXASX: XEJ) index is down 1.02% on Thursday, despite every other sector sitting in positive territory.

The Woodside Petroleum Limited (ASX: WPL) share price is down 0.36% to $24.94.

The Oil Search Ltd (ASX: OSH) share price is down 1.32% to $4.49.

Santos Ltd (ASX: STO) is the biggest loser today down 1.75% to $7.30.

While Beach Energy Ltd (ASX: BPT) is also down 1.61% to $1.40.

Despite a small pullback today, the ASX energy index is up 2.06% in the last five days and up 16.7% in the last month.

What’s next for oil?

Market participants are bullish on the near-term outlook for oil amid rising demand and tightening supply, according to S&P Global.

Oil prices jumped this week after the Organisation of the Petroleum Exporting Countries and allies, known as OPEC+ reaffirmed its existing plan to increase output by 400,000 barrels a day every month until at least April 2022.

Market participants were expecting an increase given supply-tight conditions and an ongoing energy crisis in Europe and China.

Another tailwind for oil was raised by analysts at Australia and New Zealand Banking Group Ltd (ASX: ANZ). Its report said that the recent jump in LNG and coal prices could encourage industrial and power generation sectors to switch to oil instead.

S&P Global said that the market will look at the United States Energy Information Administration (EIA) report due for release on 6 October for “further pricing cues”.

The post ASX 200 energy shares pullback as oil prices take a breather appeared first on The Motley Fool Australia.

More reading

• Why has the Beach Energy (ASX:BPT) share price rallied 33% in a month?
• Top broker sees 16% upside for the Woodside (ASX:WPL) share price
• 5 things to watch on the ASX 200 on Thursday
• Here are the 3 most heavily traded ASX 200 shares this Wednesday
• Top broker names 2 of the best ASX shares to buy in October

Motley Fool contributor Kerry Sun 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 Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price will be one to watch later this month.

On 28 October, the banking giant is scheduled to release its full year results for FY 2021.

Ahead of the release, I thought I would look to see what the market is expecting the bank.

What should you expect from ANZ in FY 2021?

According to a note out of Bell Potter, its analysts are expecting ANZ to report a big rebound in its profits in FY 2021.

The broker is forecasting statutory profit of $5.78 billion and a cash profit of $5.82 billion for the 12 months. This represents an increase of 61.6% and 55%, respectively, over the prior corresponding period.

From this, Bell Potter is expecting a fully franked final dividend of 70 cents per share. This will bring its full year dividend to $1.40 per share, which is more than double the COVID-impacted dividend of FY 2020.

Bell Potter commented: “Overall changes include lower net interest income (2% lower, mainly due to lower volumes and despite a 1bp increase in NIM in 2H21 from good NIM management) and lower other banking income (18% lower mainly from institutional banking although there was a gain of around 12% in 2H21) offset by lower operating expenses (the bank continues to manage costs relatively well, down from $4.78bn in 2H20 to $4.48bn in 1H21 and a forecast of $4.23bn in 2H21) plus a benefit in credit impairment charge in the first half of $0.49bn and back to an expense of $74m in 2H21 (as the industry further normalises).”

Is the ANZ share price good value?

Bell Potter sees a lot of value in the ANZ share price at the current level. Its analysts have a buy rating and $31.00 price target on its shares.

Based on the latest ANZ share price of $27.76, this implies potential upside of almost 12% over the next 12 months.

And that doesn’t include dividends. Bell Potter expects ANZ to lift its dividend to $1.45 per share in FY 2022. This represents an attractive 5.2% dividend yield, bringing the total potential return to approximately 17%.

The post What to expect from the ANZ (ASX:ANZ) FY 2021 result this month appeared first on The Motley Fool Australia.

More reading

• What happened for the ANZ share price in the FY22 first quarter?
• ASX 200 bank shares fall flat amid flurry of new regulations
• Why the ANZ (ASX:ANZ) share price has lagged the ASX 200
• 5 things to watch on the ASX 200 on Monday
• How does the Westpac (ASX:WBC) dividend compare to the banking sector?

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 Bruce Jackson.

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The Australasian Gold Ltd (ASX: A8G) share price has taken off over its last 2 sessions on the ASX.

At the time of writing, the Australasian Gold share price is 45 cents. That’s 5.88% higher than it was at its previous close and 13.9% higher than it was at Tuesday’s close.

Australasian Gold’s stock price surge was spurred by news the CSIRO will assist in the company’s lithium exploration program. The program is attempting to strike lithium at the company’s Mt Peake Pegmatite Field.

Let’s take a closer look at the latest news from the gold miner turned lithium explorer.

CSIRO on board for lithium exploration

The Australasian Gold share price has surged around 14% over 2 days on the back of a new partnership.

The company has paired up with the CSIRO through the science agency’s Kick-Start Program.

Under the program, the CSIRO will fund 50% of the lithium exploration undertaken at the Mt Peake Pegmatite Field. The project has an initial budget of $100,000.

The exploration program will use the CSIRO’s cutting-edge exploration techniques. That means Australasian Gold will have access to the institution’s optical, thermal, and geophysical remote sensing data analysis. It will also be able to use the CSIRO’s interpretation workflows and instrumental equipment.

Australasian Gold hopes the agency’s help will mean it finds the project’s most prospective areas quicker than it otherwise would.

The CSIRO will also benefit from the exploration program. It will use feedback from Australasian Gold to further fine-tune its exploration research.

CSIRO will begin aiding the company’s exploration program straight away.

Commentary from management

Australasian Gold’s managing director Dr Qingtao Zeng commented on the news that’s been moving the company’s share price over the last 2 days, saying:

CSIRO are true innovators with cutting-edge equipment and knowledge learned from previous lithium exploration research. We are very excited to put these techniques to the test at our Mt Peake Li pegmatite project and in return we will be assisting with the ongoing refinement of the CSIRO’s spectral sensing techniques used for future lithium exploration.

Australasian Gold share price snapshot

The Australasian Gold share price’s recent gains have added to its already strong performance.

The company’s stock’s value has increased by 164% since it debuted on the ASX in May 2021.

The post Why has the Australasian Gold (ASX:A8G) share price gained 14% in 2 days? appeared first on The Motley Fool Australia.

More reading

• Australasian Gold (ASX:A8G) share price explodes 65% on project updates
• Australasian Gold (ASX:A8G) share price explodes 80% higher before being halted, then resumed

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.

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Could the Fortescue Metals Group Limited (ASX: FMG) share price fall as low as $12.50 by Christmas 2021?

A few months ago Fortescue shares reached a height of $26.30. But since then, it has fallen more than 45% to $14.

Could the Fortescue share price fall even further?

Morgan Stanley, one of the leading brokers operating in Australia, rates Fortescue shares as a sell.

It has a price target on the business of $12.50.

That suggests that the broker believes the miner could fall by another 10% from where it is now.

However, the price target represents where the broker believes the business will be trading at in 12 months from now, not necessarily around Christmas 2021.

Currently, Morgan Stanley thinks that the iron ore market situation doesn’t favour low-trade iron ore, which describes Fortescue, not the other large S&P/ASX 200 Index (ASX: XJO) iron ore miners of Rio Tinto Limited (ASX: RIO) and BHP Group Ltd (ASX: BHP).

Fortescue generates its profit from iron ore, so the rise and fall of iron ore can impact the profit and investor thoughts on the Fortescue share price.

What has the miner been up to recently?

FY21 was a big year for Fortescue. It generated net profit after tax (NPAT) of US$10.3 billion, increasing 117% from FY20. It made net operating cashflow of US$12.6 billion, with free cashflow of US$9 billion.

The Fortescue CEO Elizabeth Gaines outlined the two growth focuses of the business:

Through the Iron Bridge Magnetite project and Fortescue Future Industries, we are investing in the growth of our iron ore operations, as well as pursuing ambitious global opportunities in renewable energy and green industries.

Iron Bridge is located 145km south of Port Hedland and incorporates the “world class” North Star and Glacier Valley Magnetite ore bodies. The total cost of this project is expected to be US$3.3 billion to US$3.5 billion, which will deliver 22mt per annum of high grade 67% Fe magnetite concentrate product.

The Fortescue Future Industries (FFI) division is looking to take a global leadership position in the renewable energy and green products industry by harnessing the world’s renewable energy resources to produce green electricity, green hydrogen, green ammonia and other green industrial products.

FFI is aiming to make renewable green hydrogen as the most globally traded seaborne energy commodity in the world. This division is a key enabler of Fortescue’s decarbonisation strategy, with plans for green boats, trains and trucks.

Fortescue recently announced a target to achieve net zero Scope 3 emissions by 2040, with green hydrogen being the key enabler of that.

The Fortescue share price could be impacted by a lower iron ore price

Some brokers believe that the iron ore price could fall even further. UBS reckons the iron ore could fall to US$70 per tonne to US$80 per tonne.

UBS also rates Fortescue as a sell, though the price target is $15.

The post Could the Fortescue (ASX:FMG) share price slide to $12.50 by Christmas? appeared first on The Motley Fool Australia.

More reading

• Leading brokers name 3 ASX shares to sell today
• Broker warns Fortescue (ASX:FMG) share price could sink a further 20%
• Fortescue (ASX:FMG) share price at 16 month lows. What’s next for iron ore?
• Fortescue (ASX:FMG) share price slides to fresh year-to-date low
• Why did the Fortescue (ASX:FMG) share price have such a lousy month in September?

Motley Fool contributor Tristan Harrison owns shares of Fortescue Metals Group Limited. 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 Beach Energy Ltd (ASX: BPT) share price is sliding today, down 1.3% in late morning trade to $1.41 per share.

But even with today’s retrace, Beach Energy shares remain up 33% over the past month. A month that saw the S&P/ASX 200 Index (ASX: XJO) fall more than 4%.

So, what’s been boosting the Beach Energy share price?

Energy demand is outstripping supply

As they teach in economics 101, when demand growth for an asset outpaces new supply growth, you can expect prices to rise.

And this is precisely what we’ve been witnessing with crude oil, natural gas, and coal prices around the globe.

New crude supplies have been hindered by the COVID pandemic, hurricanes in the oil rich Gulf of Mexico, and limited new exploration over the past year and a half.

The supply crunch comes just as the world begins to reopen. This is driving increased demand for ground and sea transport, along with gradual increases in aviation fuel consumption and industrial energy demand.

The result?

International benchmark, Brent crude prices have stormed higher, from US$72.22 per barrel on 6 September to reach US$81.08 per barrel today. That’s more than a 12% price rise.

As you often see with resource producers, their shares tend to gain (or lose) significantly more than any price changes in the commodities they dig and pump from the ground. Hence a 12% rise in crude oil prices has helped to spur the Beach Energy share price to a 33% gain.

Now crude prices did slip from yesterday’s multi-year highs, when Brent was fetching US$82.56 per barrel. That fall is likely driven by Russia offering to help supply Europe with much needed gas, and the United States mulling releasing some oil from the nation’s strategic reserves.

That fall could help explain why the Beach Energy share price is sliding today.

What’s next for the Beach Energy share price?

A range of factors come into play to determine any company’s share price.

The Beach Energy share price is no different, with investors examining the quality of management and project reserve estimates, among many others.

But the price of oil and gas certainly will have an impact on the future share price.

And if the Bank of America’s analysts have it right, crude oil could be set to top US$100 per barrel for the first time in 13 years.

As Bloomberg reports, “Natural gas prices have already surged to almost double that level in oil equivalent terms, and BofA says a spike in demand for diesel could push crude into similar territory.”

The analysts said that with gas prices at such heady levels, crude could get a boost from gas-to-oil switching, along with increased demand for aviation fuel as borders reopen. And all this just as northern winter hits, which sees a spike in demand for heating fuel.

“If all these factors come together, oil prices could spike and lead to a second round of inflationary pressures around the world,” the analysts said. Adding, “A multiyear run up in crude oil prices is now in the cards.”

If Bank of America has this one right, that will provide a healthy tailwind for the Beach Energy share price.

The post Why has the Beach Energy (ASX:BPT) share price rallied 33% in a month? appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares this Wednesday
• 5 things to watch on the ASX 200 on Wednesday
• ASX 200 (ASX:XJO) midday update: Afterpay & Zip sink, energy shares rise
• These were the 5 best performing ASX 200 resources in September
• September’s best performing ASX 200 energy shares unmasked

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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It’s fairly safe to say that global cybersecurity has never been more important. As the internet entrenches itself deeper and deeper into our daily lives, the need to protect valuable information and data is more important than ever.

Consumers expect governments and businesses to keep their personal information confidential and safe. This means employing the use of cybersecurity.

As my Fool colleague Tristan pointed out just this morning, the global cybersecurity market was worth $137.63 billion in 2017 but is expected to grow to $248.26 billion by 2023.

Luckily, if an investor wants to invest in this important industry, there is an easy way to do so on the ASX boards.

HACK or be hacked

The BetaShares Global Cybersecurity ETF (ASX: HACK) is an exchange-traded fund (ETF) that hones in on the global cybersecurity industry.

According to BetaShares, this ETF offers a “simple and cost-effective way to gain exposure to the world’s leading cybersecurity companies in a single ASX trade – a sector with strong growth prospects”.

So, what exactly are you investing in if you own or are thinking of buying units of this ASX ETF?

Well, here is a look at HACK’s current top 10 holdings and weightings, as of 6 October:

1. Palo Alto Networks Inc (NYSE: PANW) with a portfolio weighting of 6.6%
2. Accenture plc (NYSE: ACN) with a weighting of 6%
3. Cisco Systems Inc (NASDAQ: CSCO) with a weighting of 5.7%
4. Crowdstrike Holdings Inc (NASDAQ: CRWD) with a weighting of 5.5%
5. Okta Inc (NASDAQ: OKTA) with a weighting of 5.5%
6. Cloudflare Inc (NYSE: NET) with a weighting of 3.5%
7. Tenable Holdings Inc (NASDAQ: TENB) with a weighting of 3.3%
8. VMware, Inc (NYSE: VMW) with a weighting of 3.2%
9. Leidos Holdings Inc (NYSE: LDOS) with a weighting of 3.1%
10. Booz Allen Hamilton Holding Corporation (NYSE: BAH) with a weighting of 3.1%

As you may have gathered from this list, HACK is an ETF heavily weighted towards the United States of America. In fact, according to BetaShares’ latest report, 90.7% of HACK’s holdings are US companies. A further 3.4% come from Israel, while 2.7% hail from Britain and 1.5% from Japan.

How has the BetaShares Global Cybersecurity ETF performed recently?

Looking at an ETF’s holdings is all well and good, but how has HACK performed in recent years? Well, this ETF has returned an impressive 32.2% over the past year alone.

It has also managed to hit a 20.43% per annum average return over the past 3 years, and 21.63% over the past 5 years. Since this ETF’s inception in August 2016, HACK has averaged an annual performance of 21.79%.

The BetaShares Global Cybersecurity ETF currently has $657.84 million in funds under management and charges a management fee of 0.67% per annum.

The post Own BetaShares Global Cybersecurity ETF (ASX:HACK)? Here’s what you’re invested in appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen owns shares of Cloudflare, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended BETA CYBER ETF UNITS, Cloudflare, Inc., and CrowdStrike Holdings, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended VMware. The Motley Fool Australia owns shares of and has recommended BETA CYBER ETF UNITS. 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 Province Resources Ltd (ASX: PRL) are gaining steam today after the company announced a key update on a planned hydrogen study.

The Province Resources share price is currently trading at 15.2 cents after earlier hitting an intraday high of 15.5 cents, up 7%. Here’s what we know.

Province Resources to start hydrogen study

The company advised that energy transition company Global Energy Ventures Ltd (ASX: GEV) is set to start an export feasibility study on Province’s HyEnergy Zero Carbon Hydrogen project.

Three consultant companies have been appointed, including engineering company WSP as project lead, Environmental Resources Management (ERM) for environmental management, and port developer Oropesa for offshore terminal design.

Province Resources said the HyEnergy export study objective was to “demonstrate the technical feasibility and commercial advantages of Global Energy’s compressed hydrogen shipping solution”.

It will analyse the requirement of a fleet of the Global Ventures’ compressed hydrogen ships, including a 430-tonne pilot sale ship, and a 2,000-tonne commercial-scale ship under the company’s fleet.

It will also focus on how best to integrate Province’s proposed green hydrogen production facility with an onshore compression facility.

This will be built out with an offshore mooring and loading system, alongside the operation of a fleet of “compressed hydrogen ships for marine transport to nominated markets in Asia Pacific”.

Both of these moves are in an attempt to construct a viable export solution, using Province’s green hydrogen, and Global Energy’s compressed hydrogen ships.

Global Energy anticipates the study to be completed by midway next year, according to the release.

Backgound on the project

The announcement builds on previous work at the HyEnergy project, where Province received a Section 91 licence to commence on-ground project studies at the site around a month ago.

There was little change in pricing levels for Province Resources’ share price afterwards, as it finished the 7 days afterwards flat at 16.5 cents.

However, it appears to be a different story today, as investors continue buying the company’s shares and push its market capitalisation to $163 million.

Province Resources share price snapshot

The Province Resources share price has soared into the green this year to date, gaining almost 1,100% since 1 January.

Over the 12 months, it has climbed 1,360%, but still trades well off its 52-week high of 21 cents back in April this year.

Nonetheless, these results have far outpaced the S&P/ASX 200 index (ASX: XJO)’s return of about 25% this past year.

The post Province Resources (ASX:PRL) share price jumps 7% on hydrogen update appeared first on The Motley Fool Australia.

More reading

• Up 1,450% in 2021, why Province Resources (ASX:PRL) share price is up again today
• A closer look at how ASX hydrogen shares are faring in 2021?

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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