Macquarie Grows More Confident in Beach Energy's Waitsia Gas Project
Macquarie is more confident in Beach Energy's Waitsia gas operation, raising its price target 9% to A$0.93 while keeping a neutral rating.
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what happened
According to Market Talk, Macquarie is increasingly positive about Beach Energy's Waitsia gas operation after a solid first-quarter update. Output stayed above 240 terajoules per day for 20 days in August, and after a successful September shutdown, Waitsia averaged 235 TJ per day. Macquarie sees the project moving in the right direction.
The Stage 2 start-up, originally targeted for late 2023, was delayed for a long time, but the project reached Ready For Start-Up in November 2025. Macquarie now expects output of 242 TJ per day in the second quarter and believes operations can normalize and support a better cash flow outlook.
Macquarie keeps a neutral rating on Beach and lifted its price target by 9% to A$0.93 per share. At the time of the report, Beach shares were down 3.1% at A$0.93.
why it matters
For investors, steady output at Waitsia could strengthen Beach Energy's cash flow and reduce the risk of further delays that have held the project back. The signal concerns a single company, so it is unlikely to move the broader gas market.
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sources
- Macquarie Increasingly Confident About Beach's Waitsia Project — Market Talk, 22 October 2026 at 00:14 UTC
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