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The Rhythm Biosciences Ltd (ASX: RHY) share price is charging higher in afternoon trade, up 7% to $1.21 per share.

Below we take a look at what’s driving investor interest in the ASX medical diagnostics technology company.

What did Rhythm announce?

The Rhythm Biosciences share price is gaining after the company reported it had successfully completed its non-renounceable pro-rata rights issue to raise $4.3 million, before costs.

While Rhythm set out to raise $4.3 million, it said actual subscriptions – including “entitlements, additional shares applied for, and letter of commitments” – totalled $12.05 million.

With actual subscriptions some 280% more than Rhythm was seeking, it said its share registry will return funds to unsuccessful applicants “as soon as practicable”.

As interest ran stronger than anticipated, the company said it will now offer a small “heavily scaled back placement”. This will select sophisticated and other exempt investors who had provided commitment letters for the previous offer.

Up to 1.5 million shares will be issued at a price of 85 cents per share to raise $1.28 million before costs. Rhythm said participants will also be offered 2 varieties of attaching, unlisted options.

John Hancock, who cornerstoned the placement, said: “The innovative ColoSTAT product, developed from research by the CSIRO and Rhythm, has the potential to be a global game-changer in the early mass-market screening for colorectal cancer.”

Commenting on the offer, Rhythm’s CEO, Glenn Gilbert said:

I’m pleased that the offer was strongly supported by existing shareholders, alongside the board and myself, further demonstrating our alignment. Coupled with an R&D tax incentive refund, expected shortly, the company is well funded to execute on our development and commercialisation plans outlined in our FY22 strategic plan.

Rhythm Biosciences share price snapshot

The Rhythm Biosciences share price has gained an eye-popping 991% over the past 12 months. Over that same time, the All Ordinaries Index (ASX: XAO) is up 27%.

Over the past month, Rhythm’s shares are up 24%.

The post Why the Rhythm Biosciences (ASX:RHY) share price is flying higher today appeared first on The Motley Fool Australia.

More reading

• Woolworths (ASX:WOW) share price lower after selling stake in meal box company
• Why the IGO (ASX:IGO) share price is slipping today
• Strike Energy (ASX:STX) share price lifts on project update
• Why the Suncorp (ASX:SUN) share price is edging higher today
• Fortescue (ASX:FMG) share price craters to 10-month low as iron ore prices plunge

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 Woolworths Limited (ASX: WOW) share price is trading slightly lower in today’s session.

Shares in the supermarket giant have stalled after the company announced a change to its holdings.

Let’s take a look at what Woolworths announced.

Woolworths sells $54 million stake in Marley Spoon

Earlier today, Woolworths announced that the company has ceased being a substantial holder in Marley Spoon AG (ASX: MMM).

As reported by my Foolish colleague, the retail conglomerate has sold its stake in the food box delivery company.

Woolworths announced that it had sold 28,026,000 Chess Depository Interests (CDIs) in Marley Spoon via an underwritten block trade.

The trade, worth approximately $54 million, represented a 9.87% stake in Marley Spoon.

Woolworths sold its interest at $1.91 per CDI, equating to a 6% discount on Marley Spoon’s previous closing price.

In 2019 and 2021, Woolworths invested nearly $30 million in the food box delivery company via its subsidiary W23 Investments Pty Ltd.

More on Woolworths

Apart from the Marley Spoon announcement, the Woolworths share price has been in the spotlight recently.

In May, the supermarket giant made headlines following the demerger of its Endeavour business.

The demerger saw Endeavour Group Ltd (ASX: EDV) become a separately listed entity that owns retail and drinks businesses.

Late last month, shares in Woolworths received a boost after reporting strong full-year results for FY21.

Highlights from the company’s report included;

• Group sales rose 5.7% to $67,278 million
• eCommerce sales surged 58.1% to $5,602 million
• Group earnings before interest and tax (EBIT) increased 13.7% to $3,663 million
• Group net profit after tax up 22.9% to $1,972 million
• Final dividend of 55 cents per share

Most recently, Woolworths released its first annual sustainability report.

Since launching its Sustainability Plan 2025 in 2020, Woolworths announced its carbon emissions are 27% less than its 2015 baseline.

For FY21, the company also highlighted it has reduced its plastic usage by more than 2,500 tonnes.

Snapshot of the Woolworths share price

Shares in the company have had a stellar year thus far, hitting record highs in late August.

Since the start of the year, the Woolworths share price has surged more than 16%.

At the time of writing, shares in the supermarket giant are trading slightly lower for the year at around $40.42.

The post Woolworths (ASX:WOW) share price lower after selling stake in meal box company appeared first on The Motley Fool Australia.

More reading

• Why Appen, BlueScope, Fortescue, & Marley Spoon shares are dropping
• Marley Spoon (ASX:MMM) share price sinks 8% after Woolworths sells its stake
• Here’s why the Woolworths (ASX:WOW) share price is in focus today
• The Woolworths (ASX:WOW) share price has gained 17% in the last 6 months
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor Nikhil Gangaram 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 Marley Spoon AG. The Motley Fool Australia owns shares of and has recommended Marley Spoon AG. 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 IGO Ltd (ASX: IGO) share price has dipped into the red in afternoon trade on Tuesday.

Shares in the minerals mining company are now exchanging hands at $9.72 apiece, a slight 0.3% dip out of the money.

For context, the S&P/ASX 200 index (ASX: XJO) is also down 0.3% on the day.

Let’s investigate further.

What’s up with the IGO share price today?

The IGO share price has climbed over 10% since the company announced its Kwinana lithium hydroxide refinery produced its first chemical product on 23 August.

It might come as a surprise therefore why IGO shares are on the way down today in the absence of any market sensitive information.

However, one important consideration as to why the company’s share price has taken a dip today, is that IGO shares are going ‘ex-dividend’ today.

The ex-dividend date serves as an important date to remember as investors who buy a company’s shares after the stipulated time will not be eligible to receive the subsequent dividend payment into their bank accounts.

What’s more, is that in most cases, a company’s share price will drop by roughly the same amount as its upcoming dividend payment on the ex-dividend date.

This is because the ex-dividend date is the day on which a company’s shares theoretically begin to trade without the value of its dividend payment baked into the share price.

Logically, we can expect the IGO share price to dip by roughly the same amount as its dividend on this basis.

For instance, the company declared a final and FY21 total dividend of 10 cents per share in its FY21 earnings report.

Since the close on Monday, IGO shares have trended down, and have given up roughly 8 cents per share to the time of writing, in line with the total dividend the company declared.

Therefore, a dip in the IGO share price was to be expected, given the company went ex-dividend from today.

IGO share price snapshot

The IGO share price has gained 52% this year to date, extending the gain over the past 12 months to 120%. Despite these gains, IGO shares have slipped into the red over the last month.

Regardless, both of the longer term results have outpaced the broad index’s return of around 25% over the past year.

The post Why the IGO (ASX:IGO) share price is slipping today appeared first on The Motley Fool Australia.

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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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The Strike Energy Ltd (ASX: STX) share price is gaining today after the company released an update on its Mid-West Geothermal Power Project.

Strike stated the project’s potential geothermal power could make a big impact on Western Australia’s decarbonisation agenda, zero-carbon electricity supply, and its future hydrogen economy.

Strike is also considering ways to use the residual waste heat from the project’s working fluid. Some potential uses include reverse osmosis and purification of some of the project’s geothermal fluid or electrolysis for green hydrogen production.

Right now, the Strike Energy share price is 28 cents, 1.85% higher than its previous closing price.

Let’s take a closer look at today’s news from the explorer and developer of oil and gas resources.

Strike’s project update

The Strike Energy share price is in the green following news of its zero-carbon Mid-West Geothermal Power Project.

The company had previously placed 12 heat needles into the Perth Basin project to map surface thermal gradients. Today, the company announced the resulting data will begin to be processed before it’s used for the project’s reservoir model.

Following the needle survey, Strike can apply for a Geothermal Exploration Permit (GEP). The permit can cover up to half of the 3,500 square kilometre Geothermal Special Prospecting Authority area.

Strike will identify and select the areas it believes will generate the most power for its GEP. It expects to enter its application in the final quarter of this year.

Strike has also begun 3D seismic inversion modelling to map subsurface water-wet and permeable sandstones at its Kingia reservoir. The company says previous major gas discoveries have housed similar abnormalities.

Data from the modelling will be used to start an independent inferred resource and power assessment for the reservoir. Strike expects its inferred resource will be booked in the coming quarter. The inferred resource will then support an indicated resource in 2022.

Finally, potentially also boosting the Strike Energy share price, is news the company has announced it’s working with a range of potential collaborators to progress its project’s concept selection. The concept selection is taking in knowledge on drilling, surface power generation, regulatory approvals, network service providers, and electricity off-takers.

Strike Energy share price snapshot

Today’s gains included, the Strike Energy share price has fallen 5% year to date. However, it is 19% higher than it was this time last year.

The post Strike Energy (ASX:STX) share price lifts on project update appeared first on The Motley Fool Australia.

More reading

• Why the Strike Energy (ASX:STX) share price is down 6% today

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Suncorp Group Ltd (ASX: SUN) share price is slightly higher on Tuesday following an announcement from the banking and insurance giant.

At the time of writing, Suncorp shares are up 0.19% to $12.855. In comparison, the S&P/ASX 200 Index (ASX: XJO) is down 0.15% to 7,517 points.

What did Suncorp update the ASX with?

According to the release, Suncorp advised it has opened its capital notes 4 offer to syndicate brokers and institutional investors. The former is made up of retail or high net worth clients.

The company has allocated $375 million in firm commitments with a margin set at 2.9% per annum. However, the total amount to be raised will depend on the amount and value of applications received.

The issue price is set at $100 per capital note 4, with a minimum investment of $5,000.

Furthermore, the distribution rate — (bank bill rate + margin) x (tax rate) — will be calculated on a quarterly basis.

Unless exchanged earlier, the notes will convert into a variable number of Suncorp ordinary shares on 17 December 2030.

The capital notes 4 are being issued as part of Suncorp’s ongoing funding and capital management strategy. Proceeds are expected to be allocated towards general corporate and funding purposes.

The closing date for the capital 4 notes is on 20 September 2021. Settlement is due to take place on 22 September with the notes trading on 24 September.

About the Suncorp share price

Over the last 12 months, Suncorp shares have gained 40% reflecting a strong recovery since COVID-19.

The company’s share price is up more than 30% year-to-date. This is an impressive rebound from when Suncorp shares were trading for as little as $8 a share in November 2020.

Today, the share price is nearing its 52-week high of $13.26 achieved in mid-August.

In valuation terms, Suncorp commands a market capitalisation of roughly $16.5 billion, with 1.2 billion shares on issue.

The post Why the Suncorp (ASX:SUN) share price is edging higher today appeared first on The Motley Fool Australia.

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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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The Fortescue Metals Group Limited (ASX: FMG) share price continues to crater, down 3.34% to a 10-month low of $17.95 on Tuesday.

Iron ore prices plunge to year-to-date lows

Investors are offloading the BHP Group Ltd (ASX: BHP), Rio Tinto Limited (ASX: RIO) and Fortescue shares on Tuesday following another pullback in iron ore prices overnight.

According to Fastmarkets MB, iron ore prices fell 8.8% overnight to US$132.38/t as a result of increasing government oversight on industrial production.

“Seaborne iron ore prices fell on Monday September 6, due to Chinese authorities taking a stricter stance against steelmakers on steel production curbs and the start of sintering restrictions,” Fastmarkets reported.

In addition, China’s most-traded iron ore futures on the Dalian Commodity Exchange for January delivery tumbled more than 6% on Monday to lows of 723.5 yuan per tonne, the lowest level in more than a year.

Where does the Fortescue share price go from here?

The Fortescue share price is well into negative year-to-date territory, down 27.4% in 2021. It is up just 0.67% in the past 12-months.

Today’s 10-month low is broadly in line with iron ore spot prices coming back to December 2020 levels and futures prices hitting 12-month lows.

Iron ore prices will likely continue to dictate the Fortescue share price performance.

Unfortunately, recent economic data doesn’t paint a very bullish narrative.

According to Reuters, China’s factory activity contracted for the first time since April 2020 as COVID-19 restrictions, supply chain woes and higher raw material prices weighed on output.

From a supply side perspective, Mining.com reported that ratings agency, Fitch Solutions, forecasts a jump in global iron ore production in the coming years.

“Global iron ore production growth will accelerate in the coming years, bringing an end to the stagnation that has persisted since iron ore prices hit a decade-low average of US$55.0/tonne in 2015.”

Fitch forecasts “global mine output growth to average 3.6% over 2021-2025 compared to -2.3% over the previous five years. This would lift annual production by 571mn tonnes in 2025 compared to 2020 levels, roughly the equivalent of India and Brazil’s combined 2020 output.”

The post Fortescue (ASX:FMG) share price craters to 10-month low as iron ore prices plunge appeared first on The Motley Fool Australia.

More reading

• Why Appen, BlueScope, Fortescue, & Marley Spoon shares are dropping
• ASX 200 midday update: BHP & Fortescue fall, Flight Centre storms higher
• The Lynas Rare Earths (ASX:LYC) share price is soaring 4% on Tuesday
• Fortescue’s big fall, job ad numbers disappoint and rates in focus. Scott Phillips on Nine’s Late News
• Why BHP, Fortescue, & Rio Tinto shares could tumble today

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 S&P/ASX 200 Index (ASX: XJO) has kicked off this Tuesday on the wrong foot. The ASX 200 is currently down 0.14% at the time of writing to 7,518 points. But one ASX 200 blue chip share is faring far worse today.

That would be BHP Group Ltd (ASX: BHP). BHP shares are presently sitting at $41.78 a share, down 0.97% for the day so far.

But this is only the latest chapter in what has been a very tough few weeks for BHP shareholders. It was only a month or so ago that BHP shares were at their new all-time high of $54.55 a share.

On today’s pricing, the miner is now down more than 23% from those highs. It’s also down around 8% over the past trading week alone.

Now, much of these losses can be attributed to BHP going ex-dividend for its final dividend payment last Thursday. Back in earnings season, BHP announced the largest single dividend in its history – a final, fully franked, dividend of US$2 per share. Taking this out of the BHP share price is obviously going to cause a dent, which we duly saw last week.

But today’s slump has nothing to do with this.

So what’s behind the weakness on BHP shares this Tuesday?

Iron ore pricing slump whacks BHP share price

Well, it’s important to note that it’s not just BHP feeling the market blues today. Fellow iron digger Rio Tinto Limited (ASX: RIO) has also taken a hit. Rio shares are currently down 1.08% to $109.50. Spare a thought for shareholders of Fortescue Metals Group Limited (ASX: FMG) today too. Fortescue shares are down a far nastier 3.07% so far today to $18.00 a share.

So what’s going on with BHP and the others here? Well, a sector-wide sell off like this usually indicates some sector-wide problem. And, as my Fool colleague James outlined this morning, we certainly just saw one. The iron ore price  slumped a nasty 9.3% overnight.

It’s currently sitting at just US$134 a tonne, well below the prices of US$200-plus that we saw only a month or two ago. As we reported on earlier, this seems to be related to the decision from the Chinese Communist Party taking a “stricter stance against steelmakers on steel production curbs and the start of sintering restrictions”.

Now that prices are falling and miners like BHP have gone ex-dividend from their most recent record payouts, it seems many investors are hightailing it out of this corner of the market. This is probably why we are seeing significant selling pressure for BHP and other iron ore miners today on the ASX boards.

At the current BHP share price, the Big Australian has a market capitalisation of $124.47 billion, a price-to-earnings (P/E) ratio of 13.8 and a trailing dividend yield of 9.8%.

The post Why the BHP (ASX:BHP) share price is slumping 1% today appeared first on The Motley Fool Australia.

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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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has bounced back from its intraday lows but is still in the red. At the time of writing, the benchmark index is down 0.15% to 7,517 points.

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

Appen Ltd (ASX: APX)

The Appen share price has fallen almost 4.5% to $10.53. This decline appears to have been driven by profit taking after a strong gain in recent sessions. Prior to today, this artificial intelligence data services company’s shares were up almost 10% since the start of September.

BlueScope Steel Limited (ASX: BSL)

The BlueScope share price is down 1.5% to $23.46. The catalyst for this decline has been the steel producer’s shares trading ex-dividend this morning for its 44 cents per share final dividend. Eligible shareholders can now look forward to receiving this dividend in just over a month on 13 October.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price has dropped 3% to $18.00. This follows a sizeable decline in the iron ore price overnight. According to Metal Bulletin, the benchmark iron ore price fell 9.3% to US$131.50 a tonne. This was in response to Chinese authorities taking a stricter stance against steelmakers on steel production curbs and the start of sintering restrictions.

Marley Spoon AG (ASX: MMM)

The Marley Spoon share price is down 9% to $1.84. Investors have been selling the meal kit delivery company’s shares after Woolworths Group Ltd (ASX: WOW) revealed that it has sold its stake in the company. According to the release, the retail conglomerate has sold 28,026,000 Chess Depository Interests (CDIs) via an underwritten block trade. This represents a 9.87% stake in the company. Woolworths agreed to sell its interest for $1.91 per CDI, which equates to a discount of 5.9%.

The post Why Appen, BlueScope, Fortescue, & Marley Spoon shares are dropping appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: BHP & Fortescue fall, Flight Centre storms higher
• The Lynas Rare Earths (ASX:LYC) share price is soaring 4% on Tuesday
• Fortescue’s big fall, job ad numbers disappoint and rates in focus. Scott Phillips on Nine’s Late News
• Marley Spoon (ASX:MMM) share price sinks 8% after Woolworths sells its stake
• Why BHP, Fortescue, & Rio Tinto shares could tumble today

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 Appen Ltd and Marley Spoon AG. The Motley Fool Australia owns shares of and has recommended Appen Ltd and Marley Spoon AG. 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 Identitii Ltd (ASX: ID8) share price has been a major performer on the Australian broad indices over the last few weeks.

Whereas the S&P/ASX 200 Index (ASX: XJO) has slipped 0.6% into the red over the last month, Identitii shares have soared 182%.

Let’s investigate further.

Quick refresher on Identitii

Identitii is in the business of developing and licensing enterprise software for regulated companies. It derives the bulk of its revenue from the US but has a footprint in Australasia.

Its flagship product – the Overlay+ platform – helps to reduce regulatory risk without major upgrades to technology systems.

At the time of writing, Identitii has a market capitalisation of approximately $33.5 million.

What tailwinds are behind the Identitii share price?

The Idenditii share price has made its major move upwards from the end of August. Prior to this, it was actually trading down and had dropped 13% since the beginning of July.

However, Identitii shares have been on the move since the company made two major announcements.

Identitii share price: major uptick since the end of August

Source: The Motley Fool

First was an announcement that the company had been granted a patent on its intellectual property (IP) in the US.

The patent was actually granted in April 2021. However, the company only confirmed the news at the end of August. Identitii also filed “additional claims” regarding its IP in the US in August, as per the release.

Next was the company’s FY21 earnings release which came a day after the patent announcement.

In its report, the company recognised a 45% year on year increase in revenue to $1.4 million. Folding “grant revenue” into the equation, Identitii increased turnover to $2.7 million.

Operating costs for the year also came in 6% lower than FY20 at $8.6 million. As a result, the net loss for the year improved by 18% to $5.8 million.

The company also advised that it intends to launch its new Software as a Service (SaaS) platform in FY22. Idenditii has also signed additional licences for AUSTRAC reporting with payments service Novatti Group Ltd (ASX: NOV) that will take effect in FY22.

Finally, the company reported that investment banking giant Citibank signed a letter of intent with the company to potentially licence its Overlay+ platform for AUSTRAC reporting standards.

The Identitii share price has soared near its 52-week high since these announcements. From 20 August to date, Identitii shares have climbed 350%. That means the majority of the gains Identitii shareholders have enjoyed over the last month have arisen in the last 2-3 weeks.

Identitii share price snapshot

Identiti shares are now exchanging hands at 22 cents apiece, a 4.35% drop from the opening of trade on Tuesday. Earlier in the day, the share price reached 26.5 cents.

The Identitii share price has posted a year to date return of 37%. Despite this strength, Identitii shares have remained relatively flat over the past 12 months.

As such, the Identiti share price has lagged the broad index’s return of around 25% over the past year.

The post Why the Identitii (ASX:ID8) share price has surged 180% in a month appeared first on The Motley Fool Australia.

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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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The Whitehaven Coal Ltd (ASX: WHC) share price is up 3.5% at the time of writing. That puts the coal miner’s shares at 52-week highs.

In fact, you’d need to go back to 29 November 2019 to find the Whitehaven share price above the current $2.97.

Clearly, ASX investors aren’t concerned about the United Nation’s latest proposal to phase out all Australian coal production within 10 years.

What’s driving the run to 52-week highs?

The Whitehaven Coal share price has enjoyed a healthy tailwind over the past calendar year from rising coal prices.

Premium hard coking coal prices in China, the world’s biggest coal consumer, surged again this month, up US$9.18 per tonne to reach US$431.03 per tonne.

The ASX coal producer also received a big boost in May, when it won a legal battle against Environment Minister Susan Ley. Ley had been attempting to block approval for Whitehaven’s Vickery Extension Project, which will expand the company’s Vickery Coal Project.

That project has the potential to produce some 10 million tonnes of mostly coking coal per year. The high-quality coal produces lower levels of CO2 emissions than lower thermal varieties.

The Whitehaven Coal share price also kept charging higher following the release of some mixed results for FY21. Shares are up 27% since the company released those results on 26 August.

Despite revenue and profits falling year-on-year, investors picked up on the one-off asset impairment related $650 million of significant expenses dragging on the overall numbers.

Whitehaven’s CEO Paul Flynn also offered this positive outlook with the release of the company’s FY21 results:

Today, the outlook is better than we have seen for some time, with the strong price environment putting us on an accelerated timeline to de-leveraging the balance sheet and returning cash to shareholders.

Whitehaven Coal share price snapshot

Now at 52-week highs, Whitehaven shares are up 248% since this time last year. By comparison, the S&P/ASX 200 Index (ASX: XJO) is up 26% over 12 months.

Whitehaven Coal pays a 0.8% dividend yield, unfranked.

The post Whitehaven Coal (ASX:WHC) share price hits 52-week highs. Here’s why appeared first on The Motley Fool Australia.

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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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