Ann: June 2023 Quarterly Report, page-27

Macquarie rates KAR as Outperform (1) -

Karoon Energy's June quarter missed Macquarie by -3% and revenues by -11% on lower realised oil prices. FY24 production guidance of 9-11mmboe met the broker's 11mmboe esitmate but opex guidance came in higher than expectation.

Karoon continues to pursue a disciplined acquisition, screening North America and Brazil, and Macquarie retains Outperform with the stock one of its perferred smaller energy plays, and would recommend using recent stenght in Beach Energy ((BPT)) to switch into Karoon.

Target rises to $2.95 from $2.85.

Target price is $2.95 Current Price is $2.25 Difference: $0.7
If KAR meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 31.5% (ex-dividends)

The company's fiscal year ends in June.