The Insurance Australia Group Ltd (ASX: IAG) share price is dropping lower on the day of its annual general meeting.

At the time of writing, the insurance giant’s shares are down 0.5% to $4.88.

Why is the Insurance Australia share price dropping lower?

Investors have been selling the company’s shares this morning following the release of a first quarter update ahead of its annual general meeting.

That update reveals that for the three months ending 30 September, Insurance Australia has recorded low single digit gross written premium growth. This is despite the company incurring an adverse foreign currency translation effect from New Zealand.

Insurance Australia’s retiring Managing Director and CEO, Peter Harmer, also advised that its insurance profit for the quarter was reflective of the seasonally low incidence of natural peril events in the current period. No actual figures were provided.

In addition, underlying profitability has been similar to the second half of the previous financial year and the company continues to retain a strong capital position. The latter is well above its targeted benchmarks.

Mr Harmer also provided an update on how the pandemic is impacting the company’s business.

He explained: “Within our underlying insurance margin, COVID-19-related effects have been broadly neutral in aggregate during this period, with some benefit from lower motor claims frequency offset by incremental expense and provisioning impacts.”

Outlook.

The soon-to-retire chief executive is optimistic on the company’s outlook.

He commented: “Despite the uncertainty confronting us, including that from COVID-19, we face the future with the confidence that we have a resilient business which is in strong financial shape, and which is well‐ equipped to rise to the challenges presented by this current environment.”

This future will be led by incoming CEO, Nick Hawkins, who commences in the role on 2 November. The company’s Chair, Ms Elizabeth Bryan, believes Insurance Australia is in safe hands.

She commented: “I’m very pleased that we have been able to appoint a new CEO from within the ranks of our current management team. At a time of significant external disruption, we see tremendous value in the stability and continuity that comes from making an internal appointment.”

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• ASX 200 down 0.2%: Northern Star & Saracen announce mega merger, IAG settles class action
• Why IAG, Mayne Pharma, Mesoblast, & Temple & Webster shares are tumbling lower

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Beach Energy Ltd (ASX: BPT) share price is pushing higher on Friday following the release of its quarterly update.

At the time of writing, the energy company’s shares are up 2% to $1.35.

How did Beach perform during the first quarter?

The three months ended 30 September were reasonably positive for Beach Energy.

The company’s production came in at 6.8 MMboe for the quarter, which was down 1% on the prior quarter. Management advised that higher output from Victorian Otway Basin and Cooper Basin JV was offset by lower Western Flank and BassGas volumes.

Despite this slight decline in production, Beach still delivered a 13% increase in quarterly sales revenue to $361 million compared to the prior quarter. This was driven by a 38% increase in the realised oil price, which was offset slightly by a 5% decline in the realised gas/ethane price.

At the end of the quarter, Beach had $9 million of net cash and access to $459 million in liquidity.

Beach’s Managing Director and CEO, Matt Kay, was pleased with the company’s start to the new financial year.

He commented: “In a period when the world has been anything but normal, I’m very pleased to see a great level of stability from our diverse portfolio of production assets.”

“It was a quarter in which production met expectations, demonstrating that our team can continue to operate effectively during what has been a period of high disruption – particularly in Victoria. Sales revenues were up 13%, and Beach continues to operate in a net cash position, ensuring we remain in a robust position heading into the second quarter,” Mr Kay said.

Outlook.

Beach has maintained its guidance for FY 2021. It continues to forecast production of 26 MMboe to 28.5 MMboe with a field operating cost per barrel of $8.20 to $8.75.

This is expected to lead to underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of $900 million to $1,000 million for the year. Capital expenditure guidance remains unchanged at $650 million to $750 million.

More reading

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• 5 things to watch on the ASX 200 on Monday
• 5 things to watch on the ASX 200 on Friday
• 5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Tesla (NASDAQ: TSLA) posted its latest quarterly figures after market close on Wednesday, and the shares are trading up in response.

For the company’s third quarter of fiscal 2020, revenue rose by 39% on a year-over-year basis to $8.77 billion. On the bottom line, non-GAAP (adjusted) net profit doubled and then some, to $874 million ($0.76 per share) from the year-ago result of $342 million.

Both figures came in well above analyst estimates. On average, prognosticators were modeling a far lower per-share adjusted net profit of $0.56, and they believed Tesla would only book $8.26 billion in revenue.

The company’s results were helped to no small degree by growth in vehicle deliveries that was well in the double digits. The company shipped 15,275 units of its premium Model S sedan and Model X SUV; that number was 44% higher year over year. Even better, deliveries of the comparatively inexpensive Model 3 sedan and Model Y SUV increased 55% to 124,318.

During the quarter, production in both categories also rose — dramatically, in the case of Model S/X. In Q3 the company manufactured 16,992 of these models, 169% higher than in the same period of 2019. As for Model 3/Y, that increase was 69% (to 128,044).

While the company’s battery segment remains small in relation to vehicles, it is also growing. In terms of megawatt hours of storage deployed, that business grew by 81% to 759 MWh in Q3.

In late afternoon trading on Thursday, Tesla stock was up by 1.6%, eclipsing the gains of the broader equities market.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

More reading

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The BlueScope Steel Limited (ASX: BSL) share price will be on watch today after the steel producer released an update on its expectations for the first half of FY 2021.

How is BlueScope performing in FY 2021?

Today’s update reveals that BlueScope has started FY 2021 in a very positive fashion following a tough end to the previous financial year.

According to the release, the company expects its underlying earnings before interest and tax (EBIT) to be approximately $340 million in the first half. This represents a 30% increase on the second half of FY 2020 and a 12.4% lift on the prior corresponding period.

The company’s Managing Director and CEO, Mark Vassella, commented: “Despite the global disruption caused by COVID-19, we’ve had a solid performance from all of our operating segments for the three months to 30 September. This is a clear demonstration of the effectiveness of BlueScope’s strategy and the resilience of our asset portfolio.”

What is driving BlueScope’s growth?

Management notes that benchmark steel spreads have improved and demand in most markets is robust.

This is being underpinned by the current strength in alterations and additions activity, demand for detached housing, rapid growth in e-commerce and logistics, and the recovery of the US automotive industry.

Management also advised that its major investment project at North Star is on track, group cash flow remains robust, and its balance sheet is in excellent condition.

Though, it has warned that there remains a lot of uncertainty in the current environment.

It notes that potential second and third COVID-19 waves could disrupt demand, supply chains, and operations, and weigh on its performance in the future. In addition to this, it warned that broader macroeconomic weakness would have the potential to dampen demand for its products.

But as things stand, management appears confident that its first half profits will be up notably over the second half of FY 2020.

More reading

• 1 ASX 200 share to buy before an effective COVID vaccine announcement
• Telstra (ASX:TLS) share price hits a multi-year low: Is it a bargain buy?
• Marley Spoon (ASX:MMM) share price in a trading halt after explosive Q3 growth
• 2 must-buy ASX dividend shares for income investors to snap up
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The whole world is waiting on an effective COVID vaccine. But if and when a proven vaccine arrives, the Flight Centre Travel Group Ltd (ASX: FLT) share price likely won’t be the bargain it is today.

Like most travel related shares – such as Webjet Limited (ASX: WEB) and Sydney Airport Holdings Pty Ltd (ASX: SYD) – Flight Centre’s share price was particularly hard hit from the fallout of the coronavirus.

From 21 February through to 19 March shares tumbled 75%. Flight Centre’s share price is up 52% since that low, but remains down 66% year-to-date.

By comparison the S&P/ASX 200 Index (ASX: XJO) is down 8% in 2020.

What does Flight Centre Travel Group do?

Flight Centre is one of the world’s largest travel agency groups. Its company-owned operations span more than 23 countries and its corporate travel management network covers more than 90 countries.

The company has a broad range of brands across its corporate, leisure and destination segments. These include Student Flights, Travel Money Oz, Corporate Traveller and Topdeck.

Flight Centre shares first began trading on the ASX in 1995.

Why buy shares in Flight Centre before a vaccine is proven?

As Benjamin Franklin famously quipped, “In this world, nothing is certain except death and taxes.”

So too, we can’t be certain that the world’s scientists will produce a highly effective vaccine to squash COVID-19 from our lives. But there are tremendous incentives for the leading pharmaceutical companies to do so. And they’re backed by unprecedented funding, cutting edge technology, and some of the best minds in the world.

So, while nothing is certain, I believe we’ll see a series of vaccines rolled out over the coming 12–24 months. The initial ones may only be 50% effective, as some clinical trials are already reporting. That’s a big step in the right direction, but not enough to reopen global travel. Or rejuvenate Flight Centre’s revenues and share price to early 2020 levels.

However, with time, the results will almost certainly improve. Remember, this global race for an effective vaccine only kicked off 7 months ago.

But the vast majority of investors don’t look ahead 2 or more years. They wait until good news is locked in and then invest, along with everyone else.

In this case the good news is a proven vaccine. And that news will likely trickle out over a period of months as it progresses through various trials. And with each new successful announcement leading ASX travel and leisure shares are likely to see renewed investor interest. Which is why, by the time such a vaccine is approved and in mass production, the biggest gains to be had from these shares will already be history.

As mentioned up top, Flight Centre’s share price is still down 66% from 2 January’s $39.52 per share. In my opinion, there’s no reason shares couldn’t be trading for $39.52 again once air travel returns to its pre-pandemic levels.

If they do, that would represent a 190% share price gain from yesterday’s closing price of $13.61. Should that eventuate, I imagine that’s worth waiting a few years for things to play out.

More reading

• 5 things to watch on the ASX 200 on Friday
• Webjet (ASX:WEB) share price on watch after FY 2021 trading update
• 5 things to watch on the ASX 200 on Thursday
• How has COVID-19 shaken up the Sydney Airport share price?
• 3 ASX shares I’d buy for summer 2021

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Telstra Corporation Ltd (ASX: TLS) share price was out of form again on Thursday and dropped lower again.

The telco giant’s shares fell 1.5% to a new multi-year low of $2.75.

This latest decline means that the Telstra share price is now down a disappointing 23% since the start of the year.

Is this a buying opportunity?

I think the weakness in the Telstra share price is a buying opportunity for investors.

Based on its guidance for FY 2021, the company’s shares are changing hands for 19x forward earnings.

I think this is good value, particularly in comparison to TPG Telecom Ltd (ASX: TPG) shares, which are trading at over 40x estimated FY 2021 earnings.

The dividend.

Another reason I would buy Telstra’s shares is its dividend.

Although there have been a lot of questions over the sustainability of its 16 cents per share fully franked dividend, the company’s board recently revealed that it would be willing to adjust its dividend policy to maintain this dividend.

It will do this if it believes $7.5 billion to $8.5 billion of operating earnings is achievable in an NBN world, its free cash flow remains supportive, and its financial position remains strong.

Essentially, the Telstra board doesn’t want to maintain it this year if will only have to cut it the year after.

The good news is that I believe these conditions will be met thanks to its T22 strategy and the easing NBN headwind.

If this proves to be the case, Telstra’s shares will provide investors with a 5.8% fully franked dividend yield in FY 2021. I think this is very attractive in the current environment.

Goldman Sachs’ buy rating.

I’m not the only one that sees the Telstra share price weakness as a buying opportunity.

Earlier this month, analysts at Goldman Sachs retained their buy rating and $3.60 price target on the company’s shares.

This price target implies potential upside of 31% excluding dividends and almost 37% including them.

More reading

• 2 of the best ASX 50 shares you could buy right now
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• Is the Telstra (ASX:TLS) share price undervalued?
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Marley Spoon AG (ASX: MMM) share price won’t be going anywhere on Friday after the subscription-based meal kit provider requested a trading halt following the release of its third quarter update.

What happened in the third quarter?

Marley Spoon’s positive form continued in the third quarter, with very strong growth being delivered across all geographic regions.

Management notes that it experienced continued strong demand for its meal-kits from new and existing customers, leading to positive growth momentum and favourable customer acquisition costs,

According to the release, for the three months ended 30 September, Marley Spoon achieved revenue of 69.3 million euros, up 109% on the prior corresponding period.

The company’s US operations were strongest, delivering revenue of 34.2 million euros, up 163% in constant currency terms. This was driven by strong growth in Martha & Marley Spoon and Dinnerly brands. It achieved third quarter earnings before interest, tax, depreciation and amortisation (EBITDA) of 0.7 million euros.

Growth was also very strong in Australia, with revenue rising 84% to 25.3 million euros. Operating EBITDA was 3.4 million euros for the quarter.

Finally, in Europe, the company recorded an 83% increase in revenue to 9.8 million euros. Though, unlike the US and Australia, these operations are not yet profitable and posted an EBITDA loss of 0.6 million euros.

Marley Spoon ended the quarter with 362,000 active customers, up 86% year on year. However, this is just a 3% increase quarter on quarter. Also, on average it generated 4.3 orders per customer in the quarter. While this was up from 3.9 orders per customer in the prior corresponding period, it was down from 4.4 in the second quarter.

Looking ahead, Marley Spoon has narrowed its FY 2020 revenue guidance range. It now expects growth of between 90% to 100% year on year, compared to 80% to 100% previously.

Why are Marley Spoon shares in a trading halt?

Marley Spoon requested a trading halt whilst it undertakes a A$56 million fully underwritten placement.

The company is raising the funds at $3.22 per share, which represents a 7.7% discount to its last close price.

Management commented: “Given the continued traction in online meal kit adoption and strong recent business performance, Marley Spoon considers it appropriate to improve its balance sheet and access additional growth capital. With additional balance sheet flexibility, Marley Spoon will be well positioned to accelerate its global growth strategy and capitalise on the opportunities available in its core markets.”

More reading

• Up 900% this year, can the Marley Spoon (ASX:MMM) share price continue to climb?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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If you’re wanting to add some dividend shares to your portfolio this month, then the two listed below could be great options.

I feel both companies are well-placed to continue growing their dividends over the coming years despite the tough economic environment.

Here’s why I think they are among the best on offer for income investors right now:

BWP Trust (ASX: BWP)

BWP is the largest owner of Bunnings Warehouse sites in Australia, with a portfolio of 68 stores. In addition to this, seven of its properties have adjacent retail showrooms that are leased to other retailers. At the end of FY 2020, the company had an occupancy rate of 98% and a weighted average lease expiry (WALE) of 4 years. From this, it was generating annual rental income of $151.4 million.

Given the quality of the Bunnings business and the home improvement giant’s positive outlook, I believe it is well-placed to continue growing its distribution over the 2020s. Based on this and the current BWP share price, I estimate that it offers investors a forward 4.4% yield. It is also worth noting that Bunnings is owned by Wesfarmers Ltd (ASX: WES), which is also a major BWP shareholder with a ~23.6% stake.

Coles Group Ltd (ASX: COL)

Another ASX dividend share I would buy is Coles. I believe it is one of the best options for income investors due to its positive long term growth outlook and its defensive earnings. The latter was a key reason why Coles delivered strong growth in FY 2020 despite the pandemic. It reported a 6.9% increase in sales to $37.4 billion and a 7.1% lift in net profit after tax to $951 million in FY 2020.

I expect more of the same in FY 2021 and over the remainder of the decade. This could make the supermarket operator a great buy and hold option. Based on the current Coles share price, I estimate that it offers a fully franked 3.6% dividend yield in FY 2021.

More reading

• Here’s where I would spend $10,000 on ASX shares today
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• Reject Shop (ASX:TRS) share price tumbles but it’s property stocks that should be worried
• Here’s how much Coles (ASX:COL) and Woolworths (ASX:WOW) are benefiting from COVID-19
• Buy Coles (ASX:COL) and this dividend share before the next RBA meeting

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET and Wesfarmers Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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On Thursday the S&P/ASX 200 Index (ASX: XJO) followed the lead of U.S. markets and dropped lower. The benchmark index fell 0.3% to 6,173.8 points.

Will the market be able to bounce back from this on Friday? Here are five things to watch:

ASX 200 expected to edge higher.

The Australian share market looks set to end the week in a positive fashion. According to the latest SPI futures, the ASX 200 is poised to open the day 4 points higher this morning. In late trade on Wall Street, the Dow Jones is up 0.45%, the S&P 500 has risen 0.4%, and the Nasdaq is up slightly.

Webjet update.

The Webjet Limited (ASX: WEB) share price will be on watch this morning following a trading update after the market close. The online travel agent revealed that bookings were still down materially, with the key WebBeds business currently reporting total transaction value (TTV) of 12% of 2019’s levels. WebBeds needs to reach 45% of 2019’s levels to be breakeven. One positive, though, is that Webjet’s cash burn is lower than forecast.

Oil prices rebound.

Energy shares such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) could be on the rise today after oil prices rebounded despite a build-up in U.S. gasoline inventories.  According to Bloomberg, the WTI crude oil price is up 1.5% to US$40.65 a barrel and the Brent crude oil price is up 1.8% to US$42.47 a barrel.

More annual general meetings.

Another group of companies are holding their (virtual) annual general meetings on Friday and could provide investors with trading updates. Among the companies scheduled to hold meetings are insurance giant Insurance Australia Group Ltd (ASX: IAG) and airline operator Qantas Airways Limited (ASX: QAN).

Gold price sinks lower

It could be a tough day of trade for gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) on Friday after the gold price sank lower. According to CNBC, the spot gold price is down 1.2% to US$1,905.80 an ounce. This follows stronger than expected U.S. jobs data.

More reading

• Webjet (ASX:WEB) share price on watch after FY 2021 trading update
• Coca-Cola Amatil (ASX:CCL) share price jumps on M&A speculation
• ASX 200 recovered throughout today, but finished 0.3% lower
• Why Ardent Leisure’s (ASX:ALG) share price is up 46% from 28 September
• Why Domino’s, Oil Search, Resolute, & Zip shares are dropping lower

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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On Thursday the S&P/ASX 200 Index (ASX: XJO) followed the lead of U.S. markets and dropped lower. The benchmark index fell 0.3% to 6,173.8 points.

Will the market be able to bounce back from this on Friday? Here are five things to watch:

ASX 200 expected to edge higher.

The Australian share market looks set to end the week in a positive fashion. According to the latest SPI futures, the ASX 200 is poised to open the day 4 points higher this morning. In late trade on Wall Street, the Dow Jones is up 0.45%, the S&P 500 has risen 0.4%, and the Nasdaq is up slightly.

Webjet update.

The Webjet Limited (ASX: WEB) share price will be on watch this morning following a trading update after the market close. The online travel agent revealed that bookings were still down materially, with the key WebBeds business currently reporting total transaction value (TTV) of 12% of 2019’s levels. WebBeds needs to reach 45% of 2019’s levels to be breakeven. One positive, though, is that Webjet’s cash burn is lower than forecast.

Oil prices rebound.

Energy shares such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) could be on the rise today after oil prices rebounded despite a build-up in U.S. gasoline inventories.  According to Bloomberg, the WTI crude oil price is up 1.5% to US$40.65 a barrel and the Brent crude oil price is up 1.8% to US$42.47 a barrel.

More annual general meetings.

Another group of companies are holding their (virtual) annual general meetings on Friday and could provide investors with trading updates. Among the companies scheduled to hold meetings are insurance giant Insurance Australia Group Ltd (ASX: IAG) and airline operator Qantas Airways Limited (ASX: QAN).

Gold price sinks lower

It could be a tough day of trade for gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) on Friday after the gold price sank lower. According to CNBC, the spot gold price is down 1.2% to US$1,905.80 an ounce. This follows stronger than expected U.S. jobs data.

More reading

• Webjet (ASX:WEB) share price on watch after FY 2021 trading update
• Coca-Cola Amatil (ASX:CCL) share price jumps on M&A speculation
• ASX 200 recovered throughout today, but finished 0.3% lower
• Why Ardent Leisure’s (ASX:ALG) share price is up 46% from 28 September
• Why Domino’s, Oil Search, Resolute, & Zip shares are dropping lower

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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