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BPT – Macquarie rates the stock as Upgrade to Outperform from Neutral

With Beach Energy's share price down -15% since May, Macquarie notes the company has underperformed the energy sector on account of its reduced five-year free cash flow guidance.

With Beach Energy’s share price down -15% since May, Macquarie notes the company has underperformed the energy sector on account of its reduced five-year free cash flow guidance.

The broker considers the Waitsia-North West Shelf contract win a positive surprise. Earnings forecasts for FY21-23 have been increased due to higher expected oil production and gas contract prices.

Macquarie has upgraded its rating to Outperform from Neutral with a target price of $1.70.

Sector: Energy.

Target price is $1.70.Current Price is $1.46. Difference: $0.24 – (brackets indicate current price is over target). If BPT meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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