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Beach Energy Limited (ASX:BPT) is Australiaâs mid-cap gas and oil company. It caters to more than 15% of east coast demand. Its diverse portfolio includes onshore and offshore gas and oil production in five basins across New Zealand and Australia.
Today (27 February 2019), the shares of Beach Energy witnessed an uplift of 1.471% during the dayâs trade despite trading on an Ex-dividend date. As per many media reports, there has been a block trading of around 1.9 million shares in Beach Energy traded for $2.075 as at mid-day trading. Today the counter opened at $2.050 and reached the day high of $2.090. [optin-monster-shortcode id="swikrbu1d9j9aq0o4cko"]
The company recently announced about the increase in shareholding (indirect) of one of its directors, Mr. Peter Stanley Moore who has increased his holdings from 22,500 shares to 44,200 fully paid ordinary shares at $1.865 per share.
The company reported a strong half-year result with an increase in sales revenue by 147% to $955 Mn. It reported a rise of 199% in its underlying NPAT to $279 Mn, following which a fully franked interim dividend was declared at 1.0 cps. Its net debt reduced by $308 Mn to $311 Mn in H1 FY2019. It reported total production of 15.2 MMboe for H1 FY2019. The credit goes to the companyâs drilling success where 68 wells were drilled at a success rate of 79% and successful Bauer appraisal campaign which identifies new well locations.
The company has estimated its production guidance to increase from 25-27 MMboe to 28-29 MMboe. It has narrowed its CapEx guidance to $450-500 Mn. It expects EBITDA to increase by $200 Mn to $1.25-1.35 Bn and DD&A to increase to $450-500 Mn. It has made investments to deliver future growth by securing Rigs for SA and Vic Otway drilling programs, and additional rigs in Cooper Basin. It has also secured gas field at La Bella via gazettal.
Recently, Mr. Matt Kay has been appointed as director and managing director, with effect from February 25, 2019. Mr. Kay was already serving Beach Energy as Chief Executive Officer since May 2016. His experience in the resource sector accounts for more than 25 years. He has previously worked as strategist and executive general manager at Oil Search for two years where he was the member of the executive team which led supply chain, marketing, commercial, strategy, legal and M&A functions.
On stock information, Beach Energy last traded at $2.070 up 1.471% as on February 27, 2019 with the market capitalization of ~$4.65 Bn. Its current PE multiple is at 12.040x, and last noted EPS at 0.17 AUD. Its 52 weeks high has been noted at $2.26 and 52 weeks low at $1.19. Its absolute return for 3 months, 1 year and 5 years are 39.25%, 47.83%, and 30.37% respectively.
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