Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi James and Team Broker Moves for Beach Energy since they reported range from a price target of $1.55 to $3.08. I know BPT is your least preferred Energy stock but what's your view in terms of price in the medium term? • Beach Energy Cut to Underperform at Macquarie; PT A$1.55 • Beach Energy Cut to Neutral at Citi; PT A$1.85 • Beach Energy Rated New Buy at Barclay Pearce Capital; PT A$3.08 regards Debbie
Hi Debbie,
It’s certainly a divisive stock. We have an internal energy analyst who does not hold BPT in high regard however we also utilise UBS research who are very positive on the stock. While I’m not a geologist, the variance in views shows that their assets have more complexity around them, plus there is some concern around how the current management team are tackling these issues. In short, we prefer Woodside (WDS) and Santos (STO) and have more confidence in those stocks.
From a technical perspective, we see great support around $1.50 and resistance above $2 with a strong chance of both levels being tested over the next 6-12 months – it’s not for us but we would be looking to invest accordingly which ties in with our plans towards WDS i.e. buy ~$29. NB: I tend to disregard Barclay Pearce Research.
Take a free trial.
No payment details required.
A link to create a new password will be sent to the email address you have registered to your account.
Hi, this is only available to members. Join today and access the latest views on the latest developments from a professional money manager.
Our Smart Phone App will give you access to much of our content and notifications. Download for free today.
