Three ASX utility stocks that racked up major gains this week

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Summary

  • The ASX200 registered fresh highs in the current week, surpassing the 7,000 points mark with major indices making substantial gains.
  • Various indices gained substantially over the week, driven by a boost in share prices from respective sectors.
  • APA Group, Carnegie Clean Energy Limited and TPC Consolidated Limited are some of the ASX-listed utility stocks that have witnessed an uptick in their share price.

It took around 14 months for ASX200 to hit the 7,000-point mark since February 2020. After the long Easter Weekend, the benchmark index S&P/ASX 200 traded higher to hit 7,071.50 points during the trade on Thursday, eventually closing at 7,058.60 points.

Friday’s session also remained upbeat for ASX as several indices registered gains for the day. However, the S&P/ASX 200 Utilities index remained nearly flat and lost only 0.6% on a day when the benchmark index increased 4.90 points and settled at 7063.50 points.

Here, we shall look at some of the ASX-listed stocks from the utilities sector that have made considerable gains in the last five days of trading.

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APA Group (ASX:APA)

Leading Australian energy infrastructure company APA Group (ASX:APA) engages in delivering smart, reliable and safe solutions by utilising its deep industry experience and unified infrastructure. The Company owns and manages around AU$22 billion worth of a portfolio of energy assets.

APA connects sources of supply and markets throughout mainland Australia by its 15,000 km of natural gas pipelines while operating and maintaining networks that link 1.4 million Australian homes and businesses to take advantage of natural gas.

Other than these, APA is the owner and operator of the Ethane Pipeline that supplies ethane to an ethylene plant in Botany, Sydney, from the Cooper Basin production facility at Moomba, South Australia.

The APA stock closed at AU$9.990 on 09 April 2021 with a market capitalisation of AU$11.76 billion.   

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Carnegie Clean Energy Limited (ASX:CCE)

Carnegie Clean Energy Limited (ASX:CCE) is the proprietor and developer of the breakthrough technology CETO, which takes energy from ocean waves and transforms it into electricity.

The wave energy technology pioneer has a track record of making world-leading developments in ocean energy and employs modern innovations in artificial intelligence and electric machines to produce electricity in the most economical manner possible.

Lately, the Company has become debt-free for the first time in several years after the exchange of the residual AU$1.075 million in Convertible Notes. Moreover, the Company had also exercised AU$702,500 worth of unlisted options accumulation to CCE’s cash reserves and producing further finance to deliver on its current technology path.

CCE believes that it is in a good position with no debt and around AU$3.5 million in cash reserves (as reported on 24 March 2021).

The CCE stock settled at AU$0.005 on 16 April 2021.

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TPC Consolidated Limited (ASX:TPC)

Founded in 1996, TPC Consolidated Limited (ASX:TPC) was a key player in the Australian communications market with core business activities revolving around mobile customer acquisition and the expansion of the MRTM platform.

Interestingly, TPC operates in the electricity and gas business through its wholly owned subsidiary, CovaU Pty Limited and rolled out its services in April 2014.

Lately, the Company has inked an initial power purchase agreement (PPA) with White Rock Solar Farm Pty Ltd through CovaU Pty Limited, reflecting TPC’s commitment and role in endorsing renewable energy projects across Australia. Moreover, TPC believes that the agreement is a crucial move in creating CovaU Energy as one of the fastest expanding energy retailers across Australia.

In the last five days, the price of TPC stock has increased by 27.2% to close at AU$3.41 on 16 April 2021.


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