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State Gas Ltd.
(Sydney:GAS)
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Rating:42Neutral
Price Target:
AU$0.01
â–¼(-35.00% Downside)
Action:Reiterated
Date:07/18/26
The score is primarily held back by weak financial performance (ongoing losses and negative operating/free cash flow), which outweighs the benefit of low leverage. Technicals are also unfavorable with a broader downtrend (below key moving averages and negative MACD), while valuation provides limited support due to a negative P/E and no dividend yield data.
Positive Factors
Low leverage / stronger balance sheet
A low debt-to-equity ratio provides financial resilience across commodity cycles. It preserves capacity to fund exploration or development, reduces near-term refinancing risk, and gives management strategic flexibility to pursue JV farm-outs or staged capex without immediate pressure to deleverage.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flow erode liquidity and force reliance on external financing for exploration and development. Over months, cash burn constrains project timelines, increases dilution risk from equity raises, and limits the company’s ability to self-fund value-accretive opportunities.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / stronger balance sheet
A low debt-to-equity ratio provides financial resilience across commodity cycles. It preserves capacity to fund exploration or development, reduces near-term refinancing risk, and gives management strategic flexibility to pursue JV farm-outs or staged capex without immediate pressure to deleverage.
Read all positive factors
State Gas Ltd. (GAS) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$8.12M
Dividend YieldN/A
Average Volume (3M)821.79K
Price to Earnings (P/E)―
Beta (1Y)1.27
Revenue Growth-100.00%
EPS Growth55.30%
CountryAU
EmployeesN/A
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding507,228,700
10 Day Avg. Volume700,042
30 Day Avg. Volume821,792
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)0.18
Price to Sales (P/S)68.44
P/FCF Ratio-0.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
State Gas Ltd. Business Overview & Revenue Model
Company Description
State Gas Limited is an Australian firm dedicated to the exploration and subsequent development of natural gas reserves. Its principal endeavors include the Reid's Dome gas project, which encompasses production lease 231, and the Rolleston-West pr...
How the Company Makes Money
null...
State Gas Ltd. Financial Statement Overview
Summary
Income Statement
25
Negative
Balance Sheet
40
Negative
Cash Flow
30
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 887.00 | 111.96K | 17.41K | 0.00 | 0.00 | 0.00 |
| Gross Profit | 547.54K | 111.96K | -313.00K | -293.00K | -209.00K | -3.56K |
| EBITDA | -2.84M | -2.85M | -3.21M | -895.48K | 1.55M | -2.94M |
| Net Income | -2.33M | -3.28M | -3.63M | -1.19M | 1.34M | -2.95M |
Balance Sheet | ||||||
| Total Assets | 50.88M | 51.21M | 48.32M | 40.91M | 33.88M | 29.54M |
| Cash, Cash Equivalents and Short-Term Investments | 481.68K | 2.16M | 31.75K | 453.35K | 3.23M | 3.16M |
| Total Debt | 4.71M | 1.79M | 2.14M | 200.00K | 0.00 | 0.00 |
| Total Liabilities | 9.22M | 8.55M | 8.01M | 4.31M | 2.58M | 4.36M |
| Stockholders Equity | 41.66M | 42.66M | 40.32M | 36.61M | 31.30M | 25.18M |
Cash Flow | ||||||
| Free Cash Flow | -2.15M | -8.77M | -10.84M | -10.59M | -7.41M | -11.79M |
| Operating Cash Flow | -1.96M | -2.55M | -2.13M | -1.33M | -1.20M | -1.10M |
| Investing Cash Flow | -671.00K | -189.00K | -7.41M | -8.31M | -6.24M | -11.03M |
| Financing Cash Flow | 3.06M | 4.87M | 9.11M | 6.87M | 7.50M | 14.42M |
State Gas Ltd. Technical Analysis
Negative
0.02
Price Trends
0.02
Negative
0.02
Negative
0.03
Negative
Market Momentum
>-0.01
Negative
43.73
Neutral
>-0.01
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:GAS, the sentiment is Negative. The current price of 0.02 is above the 20-day moving average (MA) of 0.01, above the 50-day MA of 0.02, and below the 200-day MA of 0.03, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 43.73 is Neutral, neither overbought nor oversold. The STOCH value of >-0.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:GAS.
State Gas Ltd. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
47 Neutral | AU$76.76M | -116.92 | -1.80% | ― | ― | 50.00% | |
47 Neutral | AU$53.77M | -12.07 | -5.81% | ― | ― | 34.09% | |
45 Neutral | AU$10.54M | -40.00 | -1.81% | ― | ― | 12.50% | |
43 Neutral | AU$7.57M | -0.88 | 109.14% | ― | ― | ― | |
42 Neutral | AU$8.12M | -2.33 | -5.53% | ― | -100.00% | 55.30% | |
41 Neutral | AU$5.88M | -1.03 | -83.10% | ― | -89.47% | -306.67% |
* Energy Sector Average
AU:GAS
State Gas Ltd.
0.01
>-0.01
-39.13%
AU:LIO
Lion Energy Limited
0.01
<0.01
20.00%
AU:NGY
NuEnergy Gas Limited
0.04
<0.01
15.15%
AU:KKO
Kinetiko Energy Ltd.
0.04
-0.04
-50.00%
AU:BLU
Blue Energy Limited
0.01
0.00
0.00%
AU:H3E
Whitebark Energy Ltd
0.01
0.00
0.00%
State Gas Ltd. Corporate Events
State Gas Director Boosts Equity Stake Through Note Conversion
Jul 14, 2026
State Gas Limited has disclosed a change in director Philip St Baker’s indirect interests, following the conversion of convertible notes into ordinary shares. Through his roles in St Baker Sunset Holdings Pty Ltd and the PP St Baker Family T...
State Gas director boosts indirect equity stake via note conversion
Jul 14, 2026
State Gas Ltd has disclosed a change in director Gregory Baynton’s indirect interests following the conversion of convertible notes into ordinary shares. The holdings are spread across several related entities, including Allegro Capital Nomi...
State Gas Seeks ASX Quotation for 35.5 Million New Shares
Jul 13, 2026
State Gas Ltd. has applied to the ASX for quotation of 35,515,197 new ordinary fully paid shares under its ticker GAS. The securities, issued on 13 July 2026, expand the company’s quoted share capital and may influence its market liquidity a...
State Gas to Receive $4.1m R&D Tax Funding After ATO Review
Jul 13, 2026
State Gas has secured approval from the Australian Taxation Office for its research and development tax concession claim related to the design and development of its High Density Natural Gas pilot plant. The conclusion of the review will release $...
State Gas Seeks ASX Quotation for 9.6 Million New Shares
Jun 30, 2026
State Gas Ltd. has applied to the Australian Securities Exchange for quotation of 9,564,405 new fully paid ordinary shares, to be issued on July 1, 2026. The additional securities increase the company’s quoted share capital, potentially enha...
State Gas Director Boosts Equity Stake Through Note Conversion
Jun 30, 2026
State Gas Limited has disclosed a change in director Jon Stretch’s relevant interests in the company’s securities, following standard ASX requirements for director shareholding notifications. Stretch’s interests are held indirect...
State Gas Director Converts Convertible Notes, Boosts Indirect Equity Stake
Jun 30, 2026
State Gas Limited has disclosed changes in the indirect shareholdings of director Anthony Bellas, reflecting adjustments in his interests held through AG Bellas Super Pty Ltd and Loch Explorations Pty Ltd. The notice details updated positions in o...
State Gas seeks ASX quotation for 1.83m new ordinary shares
Jun 24, 2026
State Gas Limited has applied to the ASX for quotation of 1,833,125 additional ordinary fully paid shares, issued on 25 June 2026 following the exercise or conversion of existing options or other convertible securities. The expanded share base sli...
State Gas Seeks ASX Quotation for 3.6 Million New Shares
Jun 23, 2026
State Gas Ltd has applied to the Australian Securities Exchange for quotation of 3,551,867 additional ordinary fully paid shares, effective 24 June 2026. The new securities issuance modestly expands the company’s share base, potentially supp...
State Gas Seeks Quotation for 3.48 Million New Shares on ASX
Jun 22, 2026
State Gas Ltd has applied for quotation of 3,481,162 new ordinary fully paid shares on the ASX, with an issue date of 23 June 2026. The additional securities, arising from the exercise or conversion of existing instruments, will expand the company...
State Gas to List 3.48 Million New Shares on ASX
Jun 22, 2026
State Gas Ltd has applied for quotation on the ASX of 3,481,162 new fully paid ordinary shares, with the securities to be issued on June 23, 2026. The additional shares, arising from the exercise or conversion of existing options or other converti...
State Gas Seeks ASX Quotation for 5.46 Million New Shares
May 22, 2026
State Gas Ltd has applied for quotation on the ASX of 5,456,686 new fully paid ordinary shares, issued on 22 May 2026. The additional securities arise from the exercise or conversion of existing options or other convertible securities, modestly ex...
State Gas Seeks ASX Quotation for Over 11.5 Million New Shares
May 8, 2026
State Gas Limited has applied for quotation on the ASX of 11,581,274 new ordinary fully paid shares, to be issued on 8 May 2026. The additional securities expand the company’s listed capital base, potentially enhancing liquidity in its stock...
State Gas Seeks ASX Quotation for Over 1.1 Million New Shares
May 6, 2026
State Gas Limited has applied for quotation on the ASX of 1,142,343 new fully paid ordinary shares, with an issue date of 7 May 2026. The additional securities arise from the exercise or conversion of existing options or other convertible instrume...
State Gas Seeks ASX Quotation for Over 1.1m New Shares
May 5, 2026
State Gas Limited has applied to the ASX for quotation of 1,138,202 new ordinary fully paid shares, following the exercise or conversion of existing options or other convertible securities. The additional securities, to be quoted from 6 May 2026, ...
State Gas Seeks ASX Quotation for Over 1.1 Million New Shares
May 4, 2026
State Gas Limited has applied for quotation on the ASX of 1,123,115 new ordinary fully paid shares, effective 5 May 2026. The additional securities arise from the exercise or conversion of existing options or other convertible instruments, modestl...
State Gas Seeks ASX Quotation for Additional 2.25 Million Shares
Apr 30, 2026
State Gas Limited has applied to the ASX for quotation of 2,250,698 new ordinary fully paid shares, expanding its listed securities on issue. The new shares arise from the exercise or conversion of existing options or other convertible securities,...
State Gas Targets Central Queensland Gas and Liquids as Energy Security Concerns Intensify
Apr 30, 2026
State Gas reported that the March 2026 quarter was marked by severe disruption in global energy markets, which it believes will drive stronger demand for locally sourced oil and gas as Australia confronts vulnerabilities in its fuel supply and ref...
State Gas Seeks ASX Quotation for 2.2 Million New Shares
Apr 23, 2026
State Gas Limited has applied for quotation on the ASX of 2,210,400 new ordinary fully paid shares, to be issued on 24 April 2026. The additional securities expand the company’s listed capital base, potentially enhancing liquidity in its sto...
State Gas Seeks ASX Quotation for Additional Ordinary Shares
Apr 21, 2026
State Gas Ltd has applied to have 1,069,248 new ordinary fully paid shares quoted on the ASX, following the exercise or conversion of existing options or other convertible securities. The additional quotation modestly enlarges the company’s ...
State Gas Seeks ASX Quotation for Over 1 Million New Shares
Apr 20, 2026
State Gas Ltd has applied for quotation on the ASX of 1,071,617 new fully paid ordinary shares, to be issued on 21 April 2026. The additional securities, arising from the exercise of options or conversion of other instruments, will modestly increa...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.