Origin Energy (ASX:ORG) share price weakens on earnings downgrade

Company News

by Katrina Bullock

Shares in Origin Energy (ASX:ORG) dropped this morning on the back of an earnings write down.

Origin has revised its full year EBITDA guidance.

It now expects earnings to be in the range of $1 to $1.14 billion - a steep drop from the $1.15 to $1.3 billion range previously communicated to the market.

Origin blames the downgrade on the impact of the pandemic on energy demand, milder summer conditions due to the La Niña weather pattern and the rising cost of gas.

Shares in Origin Energy (ASX:ORG) are trading 7.66 per cent lower at $4.58.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.