BPT - Macquarie rates the stock as Neutral
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The company is expected to benefit significantly from higher anticipated gas prices on the east coast as uncontracted volumes flow from the Cooper Basin and, longer term, contracts are re-priced from the Lattice transaction.
Macquarie expects Beach Energy to have around 20% of its gas volumes uncontracted by 2020-21, available at a time when southern state prices are expected to increase.
Neutral rating maintained. Target rises to $1.80 from $1.75.
Target price is $1.80.Current Price is $1.86. Difference: ($0.06) - (brackets indicate current price is over target). If BPT meets the Macquarie target it will return approximately -3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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