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UBS downgraded Beach Energy Ltd (ASX:BPT) (OTC:BEPTF) from Buy to Neutral on Wednesday, while lowering its price target to AUD1.35 from AUD1.40, citing balanced upside and downside risks.
The research firm noted that Beach Energy stock has risen 10% since the company’s April 2025 quarterly report and is now trading at an implied oil price of $65 per barrel, aligning with UBS’s 2025-26 Brent forecast.
Beach Energy retains potential upside from higher domestic gas prices, but UBS has reduced its forecast for East coast gas prices by 5-6% for fiscal years 2026-27, influenced by reported delays to LNG import terminals and the Australian Energy Market Operator’s projection of weaker domestic gas demand over the next 2-3 years.
In Western Australia, fuel gas was introduced into the Waitsia Gas Plant in May 2025, supporting expectations for first sales gas beginning in July 2025, according to UBS.
The firm indicated that the risk of further commissioning delays at the Waitsia facility remains possible but is no longer reflected in Beach Energy’s current stock price.
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