Beach Energy (OTCMKTS:BCHEY) Shares Cross Below Fifty Day Moving Average - Here's Why

Key Points

• Beach Energy's stock price fell below its 50-day moving average of $17.34, trading at $17.18 with low trading volume.
• UBS Group downgraded Beach Energy's shares from a "strong-buy" to a "hold" rating, contributing to an overall average rating of "Reduce".
• The company announced an increase in its dividend to $0.7105, to be paid on October 15th, reflecting a significant dividend yield of 591.0%.

Beach Energy Ltd. (OTCMKTS:BCHEY - Get Free Report)'s stock price crossed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $17.34 and traded as low as $17.18. Beach Energy shares last traded at $17.18, with a volume of 8 shares changing hands.

Analysts Set New Price Targets

Separately, UBS Group downgraded Beach Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Beach Energy currently has an average rating of "Reduce".

Beach Energy Stock Down 4.5%

The company has a quick ratio of 0.61, a current ratio of 0.70 and a debt-to-equity ratio of 0.01. The firm has a fifty day simple moving average of $17.32 and a 200 day simple moving average of $16.55.

Beach Energy Increases Dividend

The business also recently announced a dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 1st will be issued a $0.7105 dividend. This represents a dividend yield of 591.0%. The ex-dividend date of this dividend is Friday, August 29th. This is a boost from Beach Energy's previous dividend of $0.38.

About Beach Energy

Beach Energy Limited operates as an oil and gas exploration and production company. It engages in the operated and non-operated, onshore and offshore, and oil and gas production in five producing basins across Australia and New Zealand. The company also explores, develops, produces, and transports hydrocarbons; and sells gas and liquid hydrocarbons.