ForBarr downgrades Genesis on gas uncertainty

Analysts at Forsyth Barr are concerned about gas supply. (Image: Getty)

Tue, 23 Jul 2024

An increasingly uncertain gas outlook has led Forsyth Barr to downgrade its rating on Genesis Energy.“Higher gas costs and gas generation portfolio restrictions have resulted in a lower and more uncertain earnings forecast from FY26 onward,” Andrew Harvey-Green said in a note.Despite Genesis now operating its third thermal-powered Rankine unit at Huntly, it did not appear to be in the position to take advantage of the situation as much as previously thought.The company had an attractive dividend yield but also faced the greatest cha...

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