Centrica PLC (LON: CNA) shares fell 3.14% after the company cancelled its investor day for 16 November 2021 to focus on its residential and business clients.
The gas company said that it was currently focused on serving its clients, given the recent surge in energy prices within the UK and the massive fuel shortages witnessed in the country.
The firm clarified that entertaining investors was not a significant priority but reassured them that its performance so far was in line with analysts expectations.
Centrica noted that 12 independent gas producers had been forced to close their businesses because of the skyrocketing energy prices. The company also said that it was its responsibility to take on the customers of the liquidated firms due to its position as a leading gas supplier.
The gas company noted that over 1.72 million were being forced to change their gas suppliers due to the bankruptcies in the sector, with British Gas onboarding over 450,000 new customers and expected to add another 200,000 customers shortly.
Centrica noted that British Gas was incurring some costs associated with onboarding and supplying its new clients. Still, the firm had managed to keep its performance within its initial guidance following the July earnings results.
From a technical standpoint, Centrica shares are trading at highs last seen in March 2020 and are facing resistance at the 65p level. Given that the shares have rallied higher since mid-September, we could be due for a pullback or consolidation.
Meanwhile, investors looking to buy Centrica shares may be best served, waiting for a substantial pullback or consolidation phase before jumping in.
*This is not investment advice.
Centrica share price.
Centrica shares fell 3.14% to trade at 59.15p, falling from Tuesday’s closing price of 61.07p.
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