08/04/2024 16:50

Beach Energy (BPT) $1.61

BPT -15.04%: the gas company announced the 3rd delay and cost increase to stage 2 of their Waitsia joint venture that was due to come on in just a few months. Capex expectations have been increased by $150m, or ~30%, just 1Q out from when the market was pricing in first production.

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13/02/2024 09:28

Beach Energy Ltd (BPT) $1.71

BPT popped +3.3% yesterday to a 52-week high after announcing a 1H underlying profit of $172.7. The numbers were weaker for production, leading to the winding back of full-year guidance, but it had a good 6-months in terms of earnings. They also announced the freezing of projects in a turnaround bid – the news was welcomed with upgrades from Citi, Macquarie and RBC.  

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08/12/2023 09:17

Beach Energy Ltd (BPT) $1.46

BPT is the junior player compared to STO and WDS. We see no reason to consider BPT given the challenging nature of their assets. With BPT, capex risks are also an issue, although it does look set to increase its free cash flow (FCF) over the next year.

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27/07/2023 09:31

Beach Energy Ltd (BPT) $1.63

BPT rallied +6.9% yesterday making it the best-performing stock on the main board as it played catch up to the recently strong Energy Sector.

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11/07/2023 09:16

Beach Energy Ltd (BPT) $1.385

Beach Energy (BPT) has struggled both in 2023 and over recent years due to reserve and production issues, the markets sentiment towards BPT wasn’t helped last month by some weak well-testing results at their first test in the Perth Basin although the stock has bounced following the news, the shares are now trading on an Est. 8.45x earnings for FY23.

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08/06/2023 09:19

Beach Energy Ltd (BPT) $1.305

Beach Energy (BPT) has been a sector underperformer over recent years due to reserve and production issues and MM has seen no reason to look for performance reversion from the stock. Yesterday we saw BPT fall over -8% following some weak well testing results at their first test in the Perth Basin. There now seems to be insufficient resources to flow gas with Trigg 1 to be abandoned, the stock closed near fresh multi-month lows in the process and further downside rerating now seems likely especially when combined with the disappointment in when April Beach Energy (BPT) reported MQ23 sales revenue ~10% below consensus due to an 8% miss to production estimates. • We have no interest in BPT until further notice.

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08/12/2022 09:24

Beach Energy Ltd (BPT) $1.64

BPT tumbled -9.9% yesterday making it the worst performer on the ASX200, the blame is being put at the door of Clough who went into administration this week, the builder was contracted for both engineering and construction work at BPT’s Waitsia Stage 2 project hence major delays are now feared. Also, Gina Rinehart’s added to the company’s tough start to December by announcing a competing offer for Warrego Energy Ltd on Monday.

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21/10/2022 09:17

Beach Petroleum Ltd (BPT) $1.55

BPT has been the sector underperformer through 2021/2 due to reserve and production issues hence in line with earlier comments about stocks generally struggling to recover this year we see no reason to look for performance reversion from BPT.

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15/08/2022 17:33

Beach Energy (BPT) $1.645

BPT -11.08%: Fell hard today after reporting an underlying profit for the full year of $504.3mn, up ~40% for the year but well below consensus of $573mn. Expenses and other costs well above where we thought while FY23 guidance also underwhelmed due to a slightly lower production target and higher field operating costs. They now see FY23 production of 20 to 22.5 mmboe, capital expenditure $800 million to A$1.00 billion and unit operating cost per boe A$12 to A$1.

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28/09/2021 17:27

Beach Energy (BPT) $1.365

BPT +10.53%: the standout in a weak day today, Beach was helped by surging energy prices as well as a strong showing at their investor day. Beach talking to FY24 production of 28mboe, up from Fy21 25.6mboe. Importantly this target is fully funded and comes from current assets, excluding a number of projects in the pipeline. Gearing is set...

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