BPT - UBS rates the stock as Neutral
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December quarter production was in line with UBS estimates. Sales revenue was better-than-expected, driven by a higher realised oil price.
Production from Lattice assets in the quarter was -18% below the broker's estimates, largely because Otway output was affected by lower seasonal demand and scheduled maintenance.
FY18 production guidance is increased by 2%, driven by an improved outlook in the Cooper Basin. UBS maintains a Neutral rating and $1.25 target.
Target price is $1.25.Current Price is $1.32. Difference: ($0.07) - (brackets indicate current price is over target). If BPT meets the UBS target it will return approximately -6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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