Production and sales volumes metrics contained within Beach Energy’s 2Q report were a 4% beat versus Macquarie’s forecasts.
Nonetheless, even after raising its long-term oil price forecast, the broker maintains its Neutral rating and $1.40 target price, due to an offset of increased decommissioning provisions.
The analyst cautions any share price outperformance will likely be capped by the possibility of a Seven Group ((SVW)) sell down of its holding.
Sector: Energy.
Target price is $1.40.Current Price is $1.31. Difference: $0.09 – (brackets indicate current price is over target). If BPT meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
