In today’s daily we have covered stock research on Beach Energy. To view 3 Media Stocks with 6%+ Dividends click here

S&P 500 was down by 17.68 points or 0.94% to 1870.85 on Thursday. U.S. stocks fell on Thursday, giving the Dow and the S&P 500 their worst declines in more than a month, as small-cap shares extended their retreat and Wal-Mart results disappointed. Thursday marked the second day of losses the three major U.S. stock indexes

The Dow Jones industrial average fell 167.16 points or 1.01 percent, to end at 16,446.81. The S&P 500 lost 17.68 points or 0.94 percent, to 1,870.85. The Nasdaq Composite dropped 31.33 points or 0.76 percent, to 4,069.29. Economic data was mixed, though U.S. industrial output fell at its fastest rate in more than 1-1/2 years in April as factory production slumped, tempering hopes for a big jump in economic growth after a winter slowdown. Initial claims for U.S. jobless benefits hit a seven-year low last week, while consumer prices recorded their biggest increase in 10 months in April, pointing to a firming economy.


S&P 500 Daily Chart   (Source – Thomson Reuters)
 
S&P ASX 200 was up by 14.3 points or 0.26% on Thursday and closed at 5510.8 points. Graincorp reported a 44% drop in underlying profit to $61.2 million. Westfield group and Westfield retail trust have reported that retail sales are up 4.3% in March Quarter compared with a year ago and 3.6% up in NZ. Macquarie Group has sold down its stake in Charter Hall after being approached by an institutional investor. The stock gained 0.9% to close at $4.27.
Ellerston Capital has increased its stake in Graincorp to 7.6% after selling down 18 months back for Archer Daniels Midland bid. ANZ Bank has shut down its equity derivatives business locally, in the next six months they plan to shut down the business globally.



S&P ASX 200 Daily Chart (Source – Thomson Reuters)

The top gainers on ASX 200 were:- 



Stock of the Day – Beach Energy (BPT)
 
Beach energy Limited is a company capitalized at over $2.2bn and was listed on the Australian Stock Exchange in March 1962. The company has interests in more than 300 exploration and production tenements in Australia, USA, Egypt, Tanzania, New Zealand and Romania. The outlook for the remainder of the FY14 is about delivering the projected production growth and continuation of the extensive unconventional drilling and evaluation programme.

Production for the 1^st Quarter 2014 was 2325kboe of which oil represented 55.2% driven by the continuing exceptional field performance of Bauer in PEL91 offsetting some weakness in other parts of the portfolio. Sales volume were down 15% quarter on quarter to 2339Mboe on seasonally softer gas requirements and lower third party purchases.


Source - BPT

A good but down revenue result of $231.3mn on lower sales volumes and a softening commodity price, however the company averaged a realized oil price of $124.80/b through the period. Oil production at Bauer pipeline continues to exceed the facilities capacity. The company has indicated that with a number of new wells recently added it expects to hold at or close to current levels through to end calendar 2014.



BPT Daily Chart  (Source - Thomson Reuters)
 
29 wells drilled for an 89% success rate (25 appraisal and development; 4 exploration). With a successful result at Chiton – 3 (4Q’13) and Stunsail – 1. The Bales-1 well as a follow up along trend to Stunsail – 1 was unsuccessful, failing to find oil at the primary level and good reservoir at the secondary level. At the end of 1^st Quarter 14 the company had $428mn in cash and an undrawn debt facility of $300mn. We believe the stock is slightly overvalued at its current price and would review the stock at a later date.

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