Shares to Sell – Caltex Australia (CTX)
Caltex Australia (CTX) is Australia’s leading fuel supplier, convenience retailer and is an integrated oil refining and marketing company.
CTX has forecast 1H10 operating profit guidance of $140 million – $150 million, down significantly from last year’s $298 million profit.
CTX based its forecast on a falling AUD that resulted in a loss on US dollar-based crude purchases.
The guidance, which was also shy of UBS estimates of a $176 million profit, saw CTX shares plunge almost 7% today.