" Morgans 6/7/21 "
It's surprising to Morgans that Oil and Gas equities have materially underperformed, given the improvement in supply-demand fundamentals, and the steady rise of oil prices. One explanation is considered to be the surge in ESG concerns.
Additionally, the broker notes market pessimism on oil prices holding current levels, and company specific factors as several have looming major capex or recent operational issues.
After upgrading short and medium term oil price forecasts, Morgans lifts the target price for Beach Petroleum to $1.86 from $1.82. The broker believes the sell-off post the Cooper Basin downgrade appears overdone.
stock price target $1.97, page-106
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