Beach Energy (ASX:BPT) reported a solid quarter with 10% higher production than the previous quarter due to higher Victorian gas output, Jarden Research said in an Oct. 18 note.
The oil and gas producer's September quarter production of 5.2 million barrels of oil equivalent was 4% ahead of Visible Alpha Consensus and in line with Jarden estimate, while sales revenue of $427 million beat consensus but was 3% below Jarden estimate.
However, the Waitsia gas project in Western Australia remains challenging as it faces productivity issues. Mechanical completion of the plant and fuel gas introduction by the end of the fiscal first quarter was delayed due to "project productivity onsite being below required levels," Jarden said.
The investment firm reaffirmed its neutral rating on Beach Energy while raising its price target to AU$1.35 from AU$1.34.
Price (AUD): $1.30, Change: $+0.017, Percent Change: +1.32%
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