The S&P/ASX 200 Index (ASX: XJO) was on form again last week. The benchmark index stormed 1.6% higher over the five days to close at a record high of 7,295 points.
While a good number of shares climbed higher with the market, some climbed more than most. Here’s why these were the best performers on the ASX 200 last week:
Origin Energy Ltd (ASX: ORG)
The Origin share price was the best performer on the ASX 200 last week with a 15.7% gain. This appears to have been driven partly by broker notes out of Macquarie and Ord Minnett. Both brokers are becoming more positive on electricity prices and highlight strong oil prices. The latter broker has retained its buy rating and increased its price target to $5.75. Whereas Macquarie held firm with its outperform rating and lifted its price target to $4.88.
The Worley share price wasn’t far behind with a 15.6% jump last week. This was driven by a positive reaction from brokers to its investor day event. Two brokers that were pleased with its update were Citi and Goldman Sachs. Citi retained its buy rating and lifted its price target to $12.60 and Goldman retained its conviction buy rating and $15.60 price target on the engineering company’s shares. Goldman believes Worley is well positioned to capitalise on ramping sustainability spend.
Inghams Group Ltd (ASX: ING)
The Inghams share price was on form and climbed 12.3% last week. This appears to have been driven by a broker note out of Credit Suisse. Last week the broker retained its outperform rating on this poultry producer’s shares and lifted its price target to $4.10. Credit Suisse was pleased with the company’s trading update a week earlier and believes its valuation is undemanding.
Santos Ltd (ASX: STO)
The Santos share price was a strong performer, climbing 12.2% over the five days. This follows a positive week for oil prices. Traders bid oil prices to two-year highs after OPEC and its allies reconfirmed plans to increase production gradually. The oil cartel also spoke positively about demand and is expecting it to increase.