FNZC cuts target price but maintains dividend hopes for Z Energy after downgrade

Tue, 23 Jan 2018

By Sophie Boot Jan. 24 (BusinessDesk) - First NZ Capital says it's plausible Z Energy's downgraded guidance is due to one-off factors and maintained its dividend expectations for the stock, but has trimmed its target price for the stock. Yesterday, Z cut its annual guidance by about $20 million following a weaker-than-expected performance in the December quarter, due to a shutdown of the New Zealand Refining fuel pipeline to Auckland and the rising price of crude oil. The company said replacement cost operating earnings before interest,...

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