Australian-based oil and gas exploration and production company Karoon Energy Ltd (KAR) slipped -3.5% yesterday testing its 12-month low in the process. In Q1 Karoon (KAR) announced a $US22-35m tax hit on the back of Brazil’s new tax, we continue to believe KAR is a risk not worth taking here. While we believe energy prices are “looking for a low” we see better risk-reward in other stocks in the sector.
- We aren’t interested in KAR preferring Woodside Energy (WDS) in the sector.
MM is neutral to bearish toward KAR around $1.95
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