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Australian oil and gas exploration and production company Beach Energy (ASX:BPT) reported its FY22 results today.
The energy sector has been surging this year on the back of rising energy prices however BPT has felt the brunt of investor disappointment today as its share price trades more than 13% lower as at 1pm AEST.
On the positive front, BPT reported strength in its entrance to the LNG market through the signing of a sale and purchase agreement with BP. The company also reported $1.2bn in operating cash flow, underlying EBITDA of $1.1bn up 17%, and a 39% increase in underlying NPAT.
But investors have been more focused on other results included in the report today including production falling 15% and a smaller than expected dividend of 1c/share.
In terms of broker updates, UBS is more optimistic on BPT though, maintaining its buy rating on the stock with a price target of $2.05 per share.