Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is up 3% to $1.53. Investors have been buying this energy producer's shares following an update on the Waitsia Stage 2 project. According to the release, an agreement has been reached with Webuild for it to complete delivery of the Waitsia Stage 2 project, subject to finalisation of the Clough administration.

Newcrest Mining Ltd (ASX: NCM)

The Newcrest share price is up over 11% to $25.00. This has been driven by news that the gold miner has received a takeover approach from Newmont. The US mining giant has tabled a conditional and non-binding indicative proposal to acquire Newcrest for 0.380 Newmont shares for each Newcrest share. This equates to an offer of $27.40 per share, which is a 22% premium to the Newcrest share price at Friday's close. The Newcrest board is considering the offer.

Patriot Battery Metals Inc (ASX: PMT)

The Patriot Battery Metals share price is up 13% to $1.88. This morning, this lithium explorer announced promising drilling results from the wholly owned Corvette Property in the James Bay Region of Quebec. Patriot reported that the first eight drill holes have intersected various widths of spodumene pegmatite, which has extended the strike length of the CV5 Pegmatite body by an additional 400m along strike eastwardly.

Warrego Energy Ltd (ASX: WGO)

The Warrego Energy share price is up 3% to 36 cents. This morning, Hancock Energy confirmed that it has increase its takeover offer for the energy explorer from 28 cents per share to 36 cents per share. This compares to its original offer of 23 cents per share.

The post Why Beach, Newcrest, Patriot Battery Metals, and Warrego Energy shares are rising appeared first on The Motley Fool Australia.

While the energising segment is on the move, there are a handful of energy companies that are receiving heightened attention on Tuesday. Juiced-up trading volume can be found in several names following the release of their quarterly reports.

Here's a quick summary of the results.

Drilling down into these ASX energy shares

Warrego Energy Ltd (ASX: WGO)

The $478 million oil and gas explorer released its quarterly cash flow and activities report today for the three months ending 31 December 2022. In response, investors have pushed shares in the ASX energy company up 1.3% to 39.5 cents apiece.

According to the cash flow report, Warrego pulled in $1.26 million in cash receipts from customers during the quarter. However, the company experienced a net operating cash outflow of $4.49 million after expenses.

Notably, Warrego's made further progress on its host of projects during the quarter while fielding an ongoing takeover war from Hancock Energy and Strike Energy.

Cooper Energy Ltd (ASX: COE)

Next up is Cooper Energy, a $513 million ASX energy share that is on the way down on Tuesday. The market appears to be unimpressed by the company's figures for the second quarter.

According to its release, Cooper Energy achieved record year-to-date production and revenue. Production increased by 16% to 1.82 million barrels of oil equivalent (MMboe). However, production and revenue fell 16% and 17% respectively in Q2 compared to the prior corresponding period.

Shares in the company are currently 1.54% below yesterday's closing price, swapping hands at 19.2 cents apiece.

Karoon Energy Ltd (ASX: KAR)

Back to ASX energy shares that are in the green. Karoon Energy has settled 0.22% higher at $2.325 a share in late afternoon trading as the market digests its latest update. Earlier today, it hit a high of $2.38 a share, or 2.6% higher.

The two major positives to take from Karoon's quarterly are its 62% increase in production — reaching 2.08 MMboe — and its 34% lift in oil sales. The elevated sales helped the ASX energy share secure US$159.2 million in oil sales revenue.

Melbana Energy Ltd (ASX: MAY)

Last but not least is the best performing of the bunch, Melbana Energy. Shares in the small-cap energy company shot 15.6% higher at one stage today, hitting 8.9 cents a share. Melbana shares are currently trading at 8.1 cents each, up 5.2%.

This ASX energy share actually released its quarterly report after the market close yesterday. Although, the report largely covered the status of its Zapato-1st exploration well and its plans for well appraisals.

Today, Melbana revealed independent assessments estimate volumes of 1.9 billion barrels of oil in place at Amistad structure in Block 9. The company will now move to evaluate the quality and performance of this formation.

The post 4 ASX energy shares heating up on quarterly reports today appeared first on The Motley Fool Australia.

Four ASX shares that have not been able to follow the market higher today are listed below. Here's why they are sinking:

HUB24 Ltd (ASX: HUB)

The HUB24 share price is down 6.5% to $24.95. In response to this investment platform provider's "weaker than expected" quarterly update on Tuesday, analysts at Citi have retained their neutral rating but cut their price target to $29.00. HUB24's funds under administration was 2% lower than Citi's estimates.

Lovisa Holdings Ltd (ASX: LOV)

The Lovisa share price is down 2% to $25.29. This morning, analysts at Morgan Stanley downgraded the retailer's shares to an equal-weight rating with a $25.00 price target. The broker has concerns that demand could be easing.

Redbubble Ltd (ASX: RBL)

The Redbubble share price is down 12% to 50 cents. This ecommerce company's shares have been sold off following the release of another disappointing update. Redbubble revealed that trading conditions have been "increasingly challenging" during the first half. This has led to the company reporting an $18 million operating loss for the half, down from an operating profit of $10.5 million a year earlier.

Warrego Energy Ltd (ASX: WGO)

The Warrego Energy share price is down 2.5% to 37 cents. This is despite there being no material news out of the company today. However, investors appear to have been betting on a bidding war inflating the takeover price for the energy explorer. They may now be concerned that the war is over and the takeover offer price won't rise beyond current levels.

The post Why HUB24, Lovisa, Redbubble, and Warrego shares are sinking today appeared first on The Motley Fool Australia.

Since the opening bell on 3 January, the All Ordinaries Index (ASX: XAO) is up a healthy 1.7%.

Joining in the rally today, two ASX shares have just hit new 52-week highs.

Gold regaining its shine

The gold price edged up again overnight to US$1,859. That's the highest price the yellow metal has fetched since early June last year. And it's up almost 11% since 4 November.

That's helped most gold miners post some healthy gains. And, as you can see in the chart below, Northern Star Resources Ltd (ASX: NST) is no exception.

The ASX gold share has soared 67% since 26 September.

Investors have been hitting the buy button amid the rising gold price and the positive outlook the miner provided in an exploration update on 15 November.

"Our exploration team has made a strong start to FY23, advancing some exciting early-stage prospects across our global tier-1 portfolio as well as expanding beyond known areas of mineralisation," managing director Stuart Tonkin said.

The Northern Star share price is up 1.8% in afternoon trading today to $11.64 per share. That's a new 52-week high for the ASX share and its highest level since November 2020.

Which brings us too…

ASX share hits new 52-week high on continuing takeover interest

The second stock marching to a new 52-week high today is Warrego Energy Ltd (ASX: WGO).

The ASX share has been the subject of a takeover battle involving Gina Rinehart's Hancock Energy Strike Energy Ltd (ASX: STX) and former suitor Beach Energy Ltd (ASX: BPT).

Today, Rinehart increased her offer for Warrego Energy by almost 29% to 36 cents per share.

That offer has sent the Warrego share price leaping 8.7% to 37.5 cents, interestingly higher than the latest takeover bid.

With today's big boost, the ASX share is trading at new 52-week highs and up a whopping 168% since 3 November.

Happy New Year!

The post These two ASX shares are celebrating 2023 by hitting new 52-week highs appeared first on The Motley Fool Australia.

Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:

Alkane Resources Limited (ASX: ALK)

The Alkane Resources share price is up 12% to 64.5 cents. This morning, the gold miner upgraded its FY 2023 guidance for the Tomingley Gold Operation. Alkane now expects production of 62,000 ounces to 70,000 ounces. This is up from its previous guidance range of 55,000 to 60,000 ounces. In addition, it has revised its cost guidance lower for the year.

Appen Ltd (ASX: APX)

The Appen share price is up a further 3% to $2.67. This artificial intelligence data services company's shares have been given a boost from a broker note out of Jefferies this week. Its analysts believe Appen will deliver revenue of US$393 million in FY 2022, which is at the top end of its guidance range.

Warrego Energy Ltd (ASX: WGO)

The Warrego Energy share price is up 9% to 37.5 cents. This follows news that Gina Rinehart's Hancock Energy has increased its takeover offer for the energy explorer. Hancock has lifted its offer by 28.6% to 36 cents per share. With its shares trading higher than this, investors appear to be betting that a competing offer will be made.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 8% to 60 cents. This is despite there being no news out of the buy now pay later (BNPL) provider today. Though, it is worth noting that a number of BNPL shares are rising today following a strong night of trade for Wall Street listed Affirm. Investors may believe the industry was oversold in 2022.

The post Why Alkane, Appen, Warrego Energy, and Zip shares are racing higher today appeared first on The Motley Fool Australia.

Rinehart has today slapped a 36-cent per share bid on the table. That's a 28.6% increase on the billionaire's previous 28-cent offer.

The newly hiked bid follows a 32-cent all-scrip offer from Strike Energy Ltd (ASX: STX) last month, as well as the withdrawal of former suitor Beach Energy Ltd (ASX: BPT) from the takeover race.

Interestingly, however, the market appears to be hopeful the company could go for more than all currently tabled offers.

It has bid the Warrego share price 9.28% higher to trade at 37.7 cents right now.

Furthermore, the stock hit a 52-week high of 38.5 cents earlier today ­– marking an 11.6% surge.

Let's take a closer look at what's going on with the ASX energy developer today.

What's driving the Warrego Energy share price today?

The Warrego share price is soaring higher than all takeover bids put to the company on Thursday. its gains come amid a sixth bid from Rinehart's Hancock energy.

The latest bid is conditional on the acceptance of 40% of Warrego shareholders. Hancock already has its hands on 25.9% of the ASX company's stock.

The offer is set to close on 31 January with Hancock lined up to fork out up to $447 million.

And Warrego's shares aren't alone in the green. The share price of Strike Energy is also rocketing, gaining 11.94% to trade at 37.5 cents right now.

Though, in a strange twist of events, Strike's gains could also have something to do with an editing mistake found in a release from Mineral Resources Limited (ASX: MIN).

The AS&P/ASX 200 Index (ASX: XJO) giant announced an off-market takeover bid for Norwest Energy NL (ASX: NWE) yesterday. In its release, however, Strike's ABN was included in place of Norwest's, perhaps suggesting it might also be a target.

Mineral Resources is also suspected of being behind a trade wherein 15% of Warrego's stock swapped hands for 35 cents apiece yesterday, Australian Financial Review reports.

Meanwhile, Hancock believes the Strike share price is being supported by the takeover battle. It's encouraging Warrego investors not to accept the competing bid lest the value of Strike's stock falls.

The post Warrego Energy share price rockets 9% as Rinehart doubles down on takeover appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are charging higher:

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up almost 4% to $1.10. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has upgraded Core Lithium's shares to an outperform rating with a $1.30 price target. It made the move partly on valuation grounds after the lithium developer's shares crashed over 40% since mid-November.

MMA Offshore Ltd (ASX: MRM)

The MMA Offshore share price is up almost 16% to 92.5 cents. Investors have been buying this marine service provider's shares following the release of a trading update. MMA revealed that it expects to deliver first half EBITDA in the range of $30 million to $32 million. This will be up approximately 70% on the second half of FY 2022.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price is up 5% to $11.22. Northern Star and other gold miners are rising today after the gold price pushed higher on Friday night. This has led to the S&P/ASX All Ordinaries Gold index rising 2.3% this afternoon.

Warrego Energy Ltd (ASX: WGO)

The Warrego Energy share price is up 10% to 33 cents. This morning, Strike Energy Ltd (ASX: STX) revealed that it plans to make a takeover offer for the energy explorer. It is offering 1 share for every Warrego share it does not already own. Based on Strike's last close price, this equated to an offer of 33.5 cents per share. All eyes will be on Gina Rinehart's Hancock Energy business to see if it increases its 28 cents per share offer.

The post Why Core Lithium, MMA, Northern Star, and Warrego Energy are charging higher appeared first on The Motley Fool Australia.

With that level of rise, past performance is definitely not a reliable indicator of future performance.

However, we have also seen in the past that some winners have kept on winning. Over the past decade, CSL Limited (ASX: CSL), Altium Limited (ASX: ALU) and Pro Medicus Limited (ASX: PME). But, that level of long-term growth is rare, requiring consistent strong growth over many years.

Let's have a look at some of the strongest performers and consider whether they could keep rising.

Terracom Ltd (ASX: TER)

One of the strongest performers on the ASX over the past year has been Terracom Ltd (ASX: TER). It has risen by more than 340%.

Terracom is a coal miner with a presence in both Australia and South Africa. It says that it's a low-cost producer focusing on delivering "exceptional outcomes".

The ASX share recently recommenced paying dividends, and its intention is to pay quarterly dividends. At the moment it's paying a quarterly dividend of 10 cents per share, which is an annualised grossed-up dividend yield of 67%. Its policy is to pay between 60% to 90% of net profit after tax (NPAT) on a quarterly basis.

It has benefited enormously from the higher coal price and the board is now considering a share buyback. The company is also considering future projects and acquisitions which the company comes across.

However, will the coal price keep rising? I'm not sure about that, but it seems that a lot of dividend income is headed investors' way.

MMA Offshore Ltd (ASX: MRM)

This ASX share describes itself as a primary contractor to oil and gas operators, providing autonomous underwater vehicle solutions to collect seafloor and sub-seafloor data to assist in the engineering design of subsea infrastructure.

Over the last year, the MMA Offshore share price has gone up by around 115%.

The company is working on capitalising on "momentum" in both traditional and new energy markets while working to maximise operating leverage through increased utilisation and rates. It continues to seek growth opportunities for acquisitions.

Its outlook for the ASX share is "positive", with significant activity forecast for oil and gas, as well as offshore wind, over the next five years. Vessel and subsea services markets are "continuing to improve".

The MMA Offshore share price is still down 30% from the pre-COVID level. But, I'm not sure if it can double again from here in a short amount of time. But, over time, it may be able to achieve more for shareholders.

Warrego Energy Ltd (ASX: WGO)

Warrego Energy describes itself as a UK and Australian-based petroleum exploration, development and production company with assets in Australia and Spain.

The Warrego Energy share price has soared this year, rising by around 145% over the last 12 months.

The ASX share is benefiting from a bidding war for the business.

It was recently announced that the Warrego board has unanimously recommended Gina Rinehart's Hancock offer of 28 cents of cash per Warrego share.

I think it's highly unlikely that the Warrego Energy share price will double again from here. Beach Energy Ltd (ASX: BPT) has already announced that it's not going to match Hancock's offer. Time will tell if there are any other bidders.

The post These 3 ASX shares have doubled, can they do it again? appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Bigtincan Holdings Ltd (ASX: BTH)

The Bigtincan share price is down 18% to 59 cents. This follows the company's strange decision to raise capital while it is the subject of a takeover approach. Bigtincan has raised $30 million from institutional investors at 60 cents per new share. SQN, which is aiming to acquire Bigtincan for 80 cents per share, described the decision as "value-destructive" for shareholders. Investors appear concerned it could now withdraw its offer.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is down 2.5% to $1.15. Investors have been selling this lithium developer's shares this week after it was the subject of a bearish note out of Goldman Sachs. The broker initiated coverage on Core Lithium with a sell rating and $1.00 price target. Goldman is expecting lithium prices to tumble materially from the second half of next year.

Pinnacle Investment Management Group Ltd (ASX: PNI)

The Pinnacle share price is down 4.5% to $8.38. This morning, this investment management company released an update on its performance fees. According to the release, for the 12 months ended 31 December, Pinnacle expects its net share of performance fees from affiliates to be potentially less than $1 million. This compares with $6.4 million for the corresponding period.

Warrego Energy Ltd (ASX: WGO)

The Warrego Energy share price is down 2.5% to 29.75 cents. Investors have been selling this energy explorer's shares after Beach Energy Ltd (ASX: BPT) withdrew from the race to acquire the company. This leaves Hancock Energy in pole position to complete the deal.

The post Why Bigtincan, Core Lithium, Pinnacle, and Warrego shares are dropping today appeared first on The Motley Fool Australia.

Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is up 2.5% to $1.69. Investors appear pleased that Beach has decided to withdraw from the race to acquire Warrego Energy Ltd (ASX: WGO). Beach will instead expand its current active exploration drilling program in the Perth Basin. It believes the bidding war demonstrates that the area is one of the most exciting gas plays in Australia.

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is up 4% to $6.56. Investors have been buying this mineral exploration company's shares this week following the release of promising drilling results from the Julimar Complex in Western Australia. Drilling at the greenfield Hooley Prospect, ~5km north of the current Gonneville Resource, has intersected a significant PGE-nickel-copper-cobalt-gold mineralisation.

Nitro Software Ltd (ASX: NTO)

The Nitro Software share price is up 2.5% to $2.11. This morning the company revealed that Potentia has increased its takeover offer by 10% to $2.00 cash per share. However, this is still lower than where Nitro's shares trade today. This could be a sign that investors expect a further bid to be made.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is up almost 3% to $117.59. This follows another rise in the benchmark iron ore price overnight to beyond US$110 a tonne. Not even news that Morgans has downgraded this mining giant's shares to a hold rating has been able to stop its ascent. Morgans said: "Despite stable fundamentals, reduced value upside leaves us neutral on the large iron ore miners."

The post Why Beach, Chalice Mining, Nitro, and Rio Tinto shares are rising today appeared first on The Motley Fool Australia.

Shares in the ASX energy stock are down 3.3% in morning trade to 29.5 cents per share.

The Warrego Energy share price has leapt 30% over the past two weeks amid a bidding war as Beach Energy Ltd (ASX: BPT) and Gina Rinehart's Hancock Energy have sought to gain controlling ownership of Warrego's gas assets.

Earlier this week Strike Energy Ltd (ASX: STX) tossed its hat into the ring as well, reporting it was increasing its shareholding in Warrego to 19.9%.

Here are the latest developments.

What's happening with the takeover battle?

The Warrego Energy share price is in the red after Beach reported it does not intend to match the revised Hancock takeover offer. Hancock had earlier lifted its offer from 23 cents per share to 28 cents per share.

The Warrego board noted that in the absence of a superior proposal it's withdrawn its prior recommendation favouring the revised Beach scheme proposal. The board now "unanimously recommends that Warrego shareholders accept the Hancock takeover offer".

At 28 cents per share, that's 5% below the current Warrego Energy share price.

Addressing Strike Energy's 19.9% ownership, the board said:

This increase in Strike's percentage ownership of Warrego does not impact the availability of the revised Hancock takeover offer, which … is not subject to any minimum acceptance condition.

Commenting on the decision, Beach CEO, Morné Engelbrecht said:

The multiple party bidding process for Warrego has reinforced our view of the value of our dominant acreage position in the Perth Basin and encourages us to expand our current active exploration drilling program in one of the most exciting gas plays in Australia.

Warrego Energy share price snapshot

The Warrego Energy share price, shown in the chart below, has soared 143% in 2022. That compares very favourably to the 7% year to date loss posted by the All Ordinaries Index (ASX: XAO).

The post Warrego Energy share price slides as Hancock takeover offer trumps Beach appeared first on The Motley Fool Australia.

Four ASX shares that aren't letting that hold them back today are listed below. Here's why they are charging higher:

Coronado Global Resources Inc (ASX: CRN)

The Coronado share price is up 4.5% to $2.09. Investors continue to buy coal miners due to the high prices that the black gold is commanding right now. In addition, it is worth noting that earlier this week, Macquarie slapped an outperform rating and $3.10 price target on its shares. This implies potential upside of almost 50%.

GQG Partners Inc (ASX: GQG)

The GQG share price is up over 1% to $1.45. This morning this fund manager released its monthly funds under management update. GQG had a strong month and saw its funds under management rise 8.2% to US$90.7 billion from US$83.8 billion. However, it's unclear how much of this increase was driven by financial markets having a stellar month.

Patriot Battery Metals Inc (ASX: PMT)

The Patriot Battery Metals share price is up 95% from its listing price to $1.17. This North America-based lithium developer listed on the Australian share market today following an IPO. Patriot's flagship asset is the 100% owned Corvette Property, located near the Trans-Taiga Road and powerline infrastructural corridor in the James Bay Region of Québec.

Strike Energy Ltd (ASX: STX)

The Strike Energy share price is up 7% to 36.5 cents. This morning this energy company announced that it has increased its stake in Warrego Energy Ltd (ASX: WGO) to 19.9%. Beach Energy Ltd (ASX: BPT) and Gina Rinehart's Hancock Energy are currently in a bidding war for the energy explorer.

The post Why Coronado, GQG, Patriot Battery Metals, and Strike shares are pushing higher appeared first on The Motley Fool Australia.

Strike Energy shares closed at 34 cents yesterday and are currently trading for 36 cents apiece.

Investors are bidding up the ASX energy share following an update on its increased ownership of Warrego Energy Ltd (ASX: WGO) and the West Erregulla gas field, located in Western Australia.

Here's what the company reported.

What's happening with Warrego Energy?

The Strike Energy share price is soaring, and the Warrego Energy share price is up 3.2% after Strike said it is increasing its shareholding in Warrego to approximately 19.9%.

This was accomplished via share purchase agreements with a number of Warrego stockholders via the swap of Strike shares for Warrego shares at a 1:1 share exchange ratio.

Once the share swaps are settled, Strike will be the largest shareholder in Warrego, with around 19.9% voting rights.

The Strike share price could also be getting some tailwinds as this will see the company increase its ownership of the West Erregulla gas field to some 60%.

Warrego has been the subject of an ongoing takeover battle that's helped drive the Warrego share price up 103% over the past month.

Atop Strike Energy, two other powerhouses – Beach Energy Ltd (ASX: BPT) and Gina Rinehart's Hancock Energy – have been seeking to gain controlling ownership of Warrego's gas assets.

Perhaps with this in mind, Strike's board stressed it had not yet "formed any intention with regards to any future transaction that may involve Warrego". The company said it is considering all available strategic options.

Commenting on the Warrego buy up driving the Strike Energy share price higher today, CEO Stuart Nicholls said:

Strike has a strong track record of identifying and securing valuable and strategic energy assets at various stages of maturity. The expansion of our ownership of Warrego shares and the resulting look through to an increased economic interest in the West Erregulla gas field is a further demonstration of this.

Strike Energy share price snapshot

The Strike Energy share price is up an impressive 122% over the past 12 months, with Warrego shares having leapt 171% higher. For some context, the All Ordinaries Index (ASX: XAO) is down 2% over that same period.

The post Strike Energy share price soars following Warrego buy up appeared first on The Motley Fool Australia.

Four ASX shares that are climbing more than most today are listed below. Here's why they are pushing higher:

Imugene Limited (ASX: IMU)

The Imugene share price up 1.5% to 18.75 cents. This follows the release of two updates this morning. One revealed that the first patient has been dosed with the novel cancer-killing virus Vaxinia as part of the intravenous cohort 2 trial.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is up 4% to $116.20. Investors have been buying Rio Tinto and other ASX iron ore miners after the price of the steel making ingredient charged higher. The spot iron ore price is now nearing US$110 a tonne. This is up from approximately US$80 a tonne at the start of November. The potential reopening of China appears to be behind this rise.

Santos Ltd (ASX: STO)

The Santos share price is up 3% to $7.35. This appears to have been driven by a rise in oil prices during Asian trade. Prices have climbed after OPEC announced that it will push ahead with its plans to cut production by 2 million barrels per day in 2023. China easing COVID restrictions also appears to be supporting prices.

Warrego Energy Ltd (ASX: WGO)

The Warrego Energy share price is up 12% to 31.7 cents. This follows news that Hancock Energy has increased its takeover bid from $0.23 per Warrego share to $0.28 per Warrego share. All other terms of its offer remain unchanged. Beach Energy Ltd (ASX: BPT) has been given five business days to match the revised Hancock Energy takeover offer.

The post Why Imugene, Rio Tinto, Santos, and Warrego shares are pushing higher appeared first on The Motley Fool Australia.

In morning trade, the energy explorer's shares are up just short of 12% to 31.5 cents.

This means the Warrego Energy share price is now up 100% since this time last month.

Why is the Warrego Energy share price zooming higher again?

Investors have been scrambling to buy shares again after a bidding war broke out between Beach Energy Ltd (ASX: BPT) and Gina Rinehart's Hancock Energy.

According to the release, Hancock Energy has increased its takeover bid from $0.23 per Warrego share to $0.28 per Warrego share. All other terms of its offer remain unchanged.

The release also reveals that the Warrego board has assessed the revised Hancock takeover offer and has determined that it is a superior proposal compared to the revised scheme proposal from Beach Energy.

Beach Energy's revised offer was for an upfront cash consideration of $0.25 per share, plus the potential for additional scheme consideration if Warrego's Spanish assets are sold within 12 months of implementation of the scheme.

What's next?

Warrego Energy has now issued a notice to Beach Energy under the matching rights regime in the Beach Scheme Implementation Deed. This gives Beach five business days to match the revised Hancock Energy takeover offer.

Until Beach Energy has had an opportunity to match the revised Hancock offer, the Warrego Energy directors maintain their existing recommendation in favour of the Beach scheme proposal.

However, that will very likely change if Beach Energy doesn't improve its offer, given how the company now regards the Hancock Energy as "superior".

And let's not forget that Strike Energy Ltd (ASX: STX) is a dark horse in this race. It tabled a merger proposal last month for 0.775 new Strike shares for each Warrego share held. Based on the current Strike Energy share price, this represents an offer price of 25.575 per share.

Why is Warrego Energy in demand?

All three companies appear to have their eyes on the company's onshore assets in Western Australia's prolific Perth Basin.

The company holds a 50% interest in EP469, including the West Erregulla gas project, and 100% of STP-EPA-0127, covering a massive 8,700 km2 (or 2.2 million acres).

The post Warrego Energy share price leaps 12% as takeover battle continues appeared first on The Motley Fool Australia.

The S&P/ASX 200 Energy Index (ASX: XEJ) has soared this year, up around 36% in 2022 so far.

This compares to an almost 4% drop in the S&P/ASX 200 Index (ASX: XJO), which has occurred due to rising inflation and interest rates, as well as fears of a United States recession.

Here we look at the top three ASX 200 energy shares in November based on share price gains over the month.

No surprise to see coal miner Whitehaven at the top of the list. It's had an unbelievable year with the share price up more than 250% so far, largely due to skyrocketing commodity prices.

The following data is from S&P Global Market Intelligence, canvassing ASX 200 energy shares with a minimum market capitalisation of $100 million.

Whitehaven Coal Ltd (ASX: WHC)

The top-performing ASX 200 energy share from the close on November 1 to the close on November 30 was Whitehaven, with a 9.73% share price gain.

This was largely due to thermal coal prices remaining near all-time highs over the month. Plus, it remains a favourite ASX share pick among brokers, with plenty of positive commentaries keeping investors excited.

The only price-sensitive news during November was a downgrade in FY23 production guidance due to bad weather caused by La Nina. As my Fool colleague Matthew reported, flooding has disrupted operations at some mines.

The Whitehaven share price closed 1.52% lower on Friday at $9.74.

Beach Energy Ltd (ASX: BPT)

Oil and gas producer Beach Energy was November's next best-performing ASX 200 energy share with a gain of 8.87% in value.

The company is currently embroiled in a takeover battle for Warrego Energy Ltd (ASX: WGO). Beach and Warrego announced a deal on 14 November, whereby Beach would acquire all Warrego shares for 20 cents apiece. This trumped a scheme of arrangement proposal from Strike Energy Ltd (ASX: STX) a few days before.

The saga is continuing. Warrego received a counter offer from Gina Rinehart's Hancock Energy Pty Ltd yesterday at 23 cents per share. Beach Energy bettered their offer at 25 cents on Friday. Warrego is considering its options.

Also supporting the Beach Energy share price in November was the commencement of production cuts by the Organization of Petroleum Exporting Countries (OPEC), as announced in October.

At Friday's close, the Beach Energy share price was down 2.44% to $1.80.

Karoon Energy Ltd (ASX: KAR)

The third best-performing ASX 200 energy share in November was Karoon Energy, up 5.94%.

The oil and gas producer had a nice start to the month with Morgans giving a presentation on the company.

The Karoon Energy share price was volatile in November, moving rapidly between $2.20 and almost $2.40 several times over the four weeks. The company delivered an update on its Patola project on 21 November and held its annual general meeting (AGM) on 24 November.

The Karoon Energy share price closed on Friday at $2.32, down 2.52%.

The post 3 best-performing ASX 200 energy shares in November appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back today are listed below. Here's why they are charging higher:

Bigtincan Holdings Ltd (ASX: BTH)

The Bigtincan share price is up 12% to 76.5 cents. Investors have been buying this sales enablement automation platform provider's shares after it received a takeover approach. Bigtincan has received an unsolicited, indicative, conditional and non-binding proposal from SQN Investors to acquire it for $0.80 cash per share. This represents a 17.6% premium to the where the tech share ended yesterday's session.

Bubs Australia Ltd (ASX: BUB)

The Bubs share price is up 3% to 32 cents. This is despite the infant formula company's shares copping a downgrade from Citi this morning. The broker has downgraded Bubs' shares to a hold rating and slashed their price target by over 50% to 32 cents. Citi suspects that the company's US sales are softer than expected.

St Barbara Ltd (ASX: SBM)

The St Barbara share price is up almost 11% to 69.2 cents. This follows a strong rise by the gold price last night. Investors appear to be betting that interest rates won't rise as much as feared, which would be good news for gold. St Barbara isn't the only gold miner rising today. The S&P/ASX All Ordinaries Gold index is up 2.3% this afternoon.

Warrego Energy Ltd (ASX: WGO)

The Warrego Energy share price is up almost 10% to 28.5 cents. Investors have been buying this energy explorer's shares this week after a bidding war broke out for it. Beach Energy Ltd (ASX: BPT) has outbid Hancock Energy's 23 cents per share offer with a bid of 25 cents per share plus any net proceeds received from the sale of Warrego's Spanish assets.

The post Why Bigtincan, Bubs, St Barbara, and Warrego shares are charging higher appeared first on The Motley Fool Australia.

Meanwhile, the broader market is in the red today. The All Ordinaries Index (ASX: XAO) is down 0.6% at the time of writing while the S&P/ASX 200 Index (ASX: XJO) has slumped 0.66%.

So, without further ado, let's take a look at the ASX shares soaring on merger and acquisition activity on Friday.

3 ASX shares taking off on takeover attention

First off the bat, the Bigtincan Holdings Ltd (ASX: BTH) share price is soaring 12.5% to 76.5 cents right now after the company announced it's received a takeover bid.

SQN Investors has offered 80 cents per share to snap up the AI-powered sales enablement automation platform provider. So far, the company hasn't accepted the proposal. It also noted SQN Investors isn't the only suitor to have shown its acquisition interest recently.

Joining Bigtincan in the takeover frenzy is Mayfield Childcare Ltd (ASX: MFD). The ASX education share is surging 25.9% to $1.215 on the back of its own takeover offer.

Its largest shareholder Genius Education Holdings has put forward a $1.28 per share bid.

Like Bigtincan, Mayfield Childcare will consider Genius Education's bid against other, albeit lower and more conditional, proposals to maximise shareholder value. In the meantime, however, it has granted its major shareholder exclusive due diligence.

Finally, today brought more news of the ongoing battle for control of Warrego Energy Ltd (ASX: WGO). Shares in the ASX gas explorer are to lifting 9.6% to trade at 28.5 cents right now.

Today, ASX 200 oil giant Beach Energy Ltd (ASX: BPT) upped its previous 20-cent per share bid for the company to 25 cents per share, plus any proceeds from the sale of Warrego's Spanish assets.

Its improved offer comes after it was outbid by Gina Rinehart's Hancock Prospecting. Hancock offered Warrego investors 23 cents per share earlier this week.

No doubt, all eyes will be on the ASX takeover targets and their share prices in the coming weeks to see how the three acquisition offers progress.

The post 3 ASX shares soaring on takeover bids today appeared first on The Motley Fool Australia.

Today, shares in the natural gas explorer are holding near their 52-week high as Warrego releases its response to the latest offer to come its way.

At present, the Warrego Energy share price is sitting at 25.5 cents apiece — representing a monumental increase of 82% when compared to a month ago. Meanwhile, the bigger end of the energy town is floundering in an otherwise green day of trade.

So, what offers do Warrego shareholders have to pick from now?

Energy giants go to war for Warrego

This morning Warrego Energy released an announcement addressing the latest takeover offer flung its way.

The 23 cents per share bid from Gina Rinehart's Hancock Prospecting is the third entrant into the race. According to the release, the offer is being considered by the Warrego board and an update will be made in "due course".

Only yesterday, reports of Hancock Prospecting achieving its second-largest profit result in its history were doing the rounds. The mining and agriculture behemoth was said to have recorded a staggering $5.8 billion net profit. However, this result is approximately 20% below its previous year, being dragged down by weaker iron ore prices.

If Hancock Prospecting were valued on the same price-to-earnings (P/E) ratio as fellow iron ore miner Fortescue Metals Group Limited (ASX: FMG), the private company would be worth a gargantuan $38 billion.

Notably, the bid from Hancock beats out the next best proposal by 3 cents a share. The former highest bidder was fellow ASX energy name, Beach Energy Ltd (ASX: BPT). Prior to Beach, Strike Energy Ltd (ASX: STX) kicked off the action with a proposal that valued the Warrego Energy share price at 18.6 cents.

According to Credit Suisse analyst Saul Kavonic there's a possibility that shareholders could see former frontrunners take another stab at winning Warrego. Furthermore, Kavonic pointed out the likelihood of even more would-be acquirers that have yet to throw in an offer.

Where has the Warrego Energy share price come from?

Like most ASX energy shares, this year has been exceptionally kind to the Warrego Energy share price. Shares in the company have now exploded by 112% since the start of 2022 after the recent rally.

Heightened interest could be gravitating toward natural gas explorers and producers amid the burgeoning energy demand.

According to Mckinsey, gas will be the strongest-growing fossil fuel between 2020 and 2035. Enticing the value proposition, the global consulting firm forecasts gas to be the only fossil fuel to grow past 2030.

Based on the current Warrego Energy share price, the company now holds a market capitalisation of $311 million.

The post Warrego Energy share price rockets 80% in a month amid clash of the takeover titans appeared first on The Motley Fool Australia.

Today's gains come as the company released its quarterly results in the morning.

Let's comb over what the company announced in a bit finer detail.

Warrego Energy activity report

Warrego provided an update on progress at its West Erregulla Field and Northern Perth Basin projects.

At West Eregulla, the company detailed "exciting flow results from WE-4" which achieved a sustained gas flow rate of 35 million standard cubic feet per day (MMscfd) of gas.

The total duration for the well was 57 days, and the WE-4 was cased for future production.

"Drilling performance in both WE-4 and WE-5 improved substantially on a time and cost basis compared to WE-2 and WE-3" the company stated in the report.

Warrego also explained that the Australian Gas and Infrastructure Group (AGIG) had completed the supplementary FEED study for the gas processing facility at West Erregulla.

AGIG and other stakeholders are "close to finalising construction and gas processing agreements for Phase 1" of the gas project at this site.

The company also provided an update on the Northern Perth Basin exploration.

Warrego also received "farm-in inquiries for EPA-0127" and will confidentially provide the data room access to interested parties.

Other key takeouts

Warrego also secured funding commitments for its pre-development activities at EP469 during the quarter.

In addition, it raised an additional $50 million via an equity round at 22 cents per new share.

The raise occurred via a "two-tranche placement" to investment fund Long Lead Items. The first tranche of $32.4 million was issued on 2 July.

However, the remaining $17.6 million still requires shareholder approval at a meeting on 10 August.

The financing is to be used at West Eregulla and the "re-entry and completion of the WE-3 well".

One particular line that stood out in the report, is that the company is in "advanced discussions to form a banking club".

The so called "club" consists of three domestic banks and will serve to provide project financing of up to $75 million for a 50% stake in Phase 1 of the West Eregulla project.

Investors seem in favour of Warrego's progress. Warrego shares are now exchanging hands at 26 cents, a gain of 4% since the market open.

Warrego Energy share price snapshot

The Warrego Energy share price has gained 10% year to date, extending the previous 12 month's return of 65%.

Although Warrego shares have lagged the broad index this year, they have beaten the S&P / ASX 200 Index (ASX: XJO)'s return of ~20% over the last year.

Warrego Energy has a market capitalisation of $291 million at the time of writing.

The post The Warrego Energy (ASX:WGO) share price rises after quarterly report appeared first on The Motley Fool Australia.