Lower oil volumes were behind Beach Energy's overall quarter-on-quarter sales volume decline of -11%, notes Morgans, commenting on first quarter production.

However, this was thought largely due to timing issues and the analyst takes solace from the Otway expansion program being on-track. The broker retains its Add rating and $1.71 target and believes the negative share price reaction provides a good share entry point. 

Sector: Energy.

Target price is $1.71.Current Price is $1.44. Difference: $0.27 - (brackets indicate current price is over target). If BPT meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

© 2021 Acquisdata Pty Ltd., source FN Arena