Australia's Beach Energy falls as Jarden cuts target price, downgrades forecast

Beach Energy

01/08/2025 03:37

** Shares of Beach Energy BPT.AX down nearly 2% at A$1.1475, as of 0232 GMT

** Earlier, fell as much as 4.3% to A$1.120, its lowest level since April 16

** Brokerage Jarden downbeat on co's quarterly report, says "it contained more misery for shareholders"

** On Thursday, BPT flagged a non-cash impairment charge of A$674 million ($433.38 million), expected in full-year results

** Brokerage downgrades FY26 production estimates to 21.4 million barrels of oil equivalent (mmboe) from 22.9 mmboe

** Co reported FY25 production to be 19.7 mmboe

** Jarden holds "underweight" rating and cuts PT to A$1.10 from A$1.22

** Stock down 17.7% this year, loses 14.3% so far this week

($1 = 1.5552 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)

 ((Rajasik.Mukherjee@thomsonreuters.com))