Morningstar cuts earnings forecast for Z Energy but maintains hold rating

Thu, 19 Jul 2018

By Margreet Dietz July 20 (BusinessDesk) - Morningstar Research lowered its fiscal 2019 earnings per share forecast but kept its hold rating on Z Energy after the country’s biggest fuel retailer downgraded its profit outlook amid a longer-than-anticipated shutdown of a local oil refinery and as high oil prices hurt demand. On Wednesday Wellington-based Z said it is now forecasting operating earnings of $420 million-to-$455 million for the year through March 2019, down from previous guidance of $450 million-to-$485 million in earnings bef...

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