Shares of Beach Energy (ASX: ASX:BPT) fell by 0.19% to AU$1.56 apiece on 19 July 2024 (Friday), setting the stage for their worst day since July 12, if the losses persist.
Disappointing Q4 Sales Revenue
Beach Energy reported Q4 sales revenue of AU$433 million ($290.11 million), which is 7% below brokerage Citi's estimate. The discrepancy in sales revenue has contributed to the decline in share price.
Sales Volume Misses Estimates
Citi highlighted that the quarterly sales volume of 5.4 million barrels of oil equivalent (MMboe) missed its estimate of 5.9 MMboe, primarily due to the timing of cargoes. However, the company's production was in line with both Citi's and consensus estimates.
Broader Market Context
Citi noted that the recent rally in Beach Energy's share price, following the strategy day's trough, is largely attributable to the broader energy sector rally, with Beach Energy lagging slightly behind.
Year-to-Date Performance
As of the last close, Beach Energy's stock has fallen 2.5% this year, reflecting a challenging period for the company despite the broader market trends.