Senex Energy has announced the sale of its Cooper Basin assets to Beach Energy ((BPT)) for $87.5m, which sits at a premium to Morgans $54m valuation.
In the analyst’s opinion, the Cooper interests are non-core and at odds with the company’s gas strategy.
The company will update production and earnings guidance at the investor day on November 5.
The Add rating is unchanged and the target is increased to $0.51 from $0.49.
Sector: Energy.
Target price is $0.51.Current Price is $0.31. Difference: $0.20 – (brackets indicate current price is over target). If SXY meets the Morgans target it will return approximately 39% (excluding dividends, fees and charges – negative figures indicate an expected loss).
