Beach Energy cut to "neutral" at Credit Suisse
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Credit Suisse has cuts its recommendation on Beach energy after the oil and gas company marginally missed its full-year production guidance and set a weaker-than-expected outlook for 2013-14.
The investment bank downgraded its rating to "neutral" from "outperform" and lowered its price target on the stock by 10 cents to $1.50.
Beach not only slightly missed its production guidance set in February, delivering eight million barrels of oil equivalent (MMboe) for the full year below its February guidance of between 8.1 and 8.5 MMboe, but its forecast for 2013-14 consisted of higher capital expenditure and less production than the bank anticipated.
The company anticipates production of between 8.7 and 9.3 MMboe and capital expenditure of between $420 and $480 million, but Credit Suisse was expecting 9.4 MMboe and capital expenditure of $463 million.
The bank also said that with Beach's shares having risen 19% to $1.35 over the past month they are close to fair value.
For the 2012-13 full-year results, which are due out on August 27, Credit Suisse forecasts net income of $133 million with a full-year dividend of 2.25 cents per share.
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