BUZZ-Analysts trim PT on Australia's Beach Energy after more delays to Waitsia LNG

Reuters04-09

** Shares of oil and gas explorer Beach Energy extend losses to third straight session; fall as much as 2.5% to A$1.570

** Stock fell 15% on Monday after co flagged a cost blowout for its Waitsia Stage 2 gas project, with first production expected in early 2025 instead of mid-2024

** UBS cuts PT to A$1.85 from A$1.95, maintains "buy" rating

** Brokerage says uncertainty on remaining scope of rectification works of the project is a key concern

** Jarden analysts lower PT to A$1.70 from A$1.90

** Macquarie analysts also lower PT by 5% to A$1.95, reflecting the delays and additional capex

** Macquarie retains "outperform" rating, but says it will be difficult for the stock to perform until Waitsia is on-stream

** As of last close, stock up 0.6% this year

(Reporting by Himanshi Akhand in Bengaluru)

((Himanshi.Akhand@thomsonreuters.com;))

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