2336 GMT - Beach Energy's stock had rallied more than 40% ahead of its 1H result only for the company to disappoint again. Morgans downgrades Beach to hold, from add, because it sees 2H being tougher and says management still has important questions to answer. "A largely in line 1H result, with a dividend miss, continued troubles at Waitsia, narrowed FY25 guidance that could trigger consensus downgrades, and capex skew that puts pressure on 2H free cash flow generation," analyst Adrian Prendergast says. Beach expects first gas sales from its Waitsia Stage 2 project in Western Australia in 4Q, but the project remains tricky, Morgans says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 06, 2025 18:36 ET (23:36 GMT)
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