Morgans rates KAR as Add (1) -
Karoon Energy's 1Q oil production was bang on forecasts by Morgans and consensus, while realised prices slightly exceeded estimates.
FY24 production and cost guidance is unchanged. Capital expenditure guidance is also unchanged, with the broker noting a -87% fall in the 1Q compared to the prior quarter as the company exits a capex-heavy FY23.
Karoon remains a top energy pick for Morgans and the Add rating is retained, while the target rises to $3.30 from $3.15.
Target price is $3.30 Current Price is $2.51 Difference: $0.79
If KAR meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).Current consensus price target is $2.88, suggesting upside of 14.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY24:
Morgans rates KAR as Add (1) -Karoon Energy's 1Q oil production...
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$1.46 |
Change
-0.065(4.26%) |
Mkt cap ! $1.160B | |||
| Open | High | Low | Value | Volume |
| $1.51 | $1.52 | $1.45 | $15.96M | 10.84M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 45 | $1.46 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.47 | 119063 | 3 |
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| Last trade - 16.10pm 27/09/2024 (20 minute delay) ? |
| KAR (ASX) Chart |