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Karoon Energy (ASX:KAR) has an average rating of overweight and mean price target of AU$1.87, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
Karoon Energy (ASX:KAR) has an average rating of overweight and mean price target of AU$1.87, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
Karoon Energy's (ASX:KAR) second-quarter results were financially stronger than expected after it captured two Brazil Baúna oil shipments, setting the company up for stronger production in the second half of the year, RBC Capital Markets said in a Thursday note.As two Baúna oil production wells are now fully restored and a capital-intensive maintenance cycle is complete, the equity research firm expects a sharp production uplift in the second half to drive a step-change in generating free cash flow.A $10 per barrel rise in the price of Brent oil leads to a 30% increase in RBC's 2027 earnings per share forecast for Karoon, which "offers the most compelling oil price leverage" in the research firm's coverage, it said.However, RBC does not expect to see a production recovery at Who Dat oil and gas operations in the Gulf of Mexico until the fourth quarter of 2027 as riser issues remain an overhang. One riser requires a replacement, but RBC expects the operator to replace both risers next year as a precautionary measure.The investment firm upgraded its rating on Karoon Energy to outperform from sector perform with a price target of AU$2.The company's shares were 10% higher in recent Friday trade.
Karoon Energy (ASX:KAR) is well positioned to benefit from elevated oil prices driven by the Middle East conflict following recent repairs to its Brazilian wells, Jarden said in a Friday note.With all of the company's Brazil oil wells now online, and the field producing at over 22,000 barrels of oil per day, Jarden expects Karoon to focus on optimizing facility uptime.The company recently pushed back the date for resuming full production at its Who Dat oil and gas joint venture in the Gulf of Mexico to the second half of 2027, but production in the interim should see a boost from the recently completed A1 side track well, with the proposed G1 side track scheduled for late this year, the equity research firm said.Karoon reported second-quarter production of about 1.1 million barrels of oil equivalent, down 44% from the prior quarter due to the scheduled maintenance in Brazil and a riser leak at Who Dat, but still broadly in line with Jarden's estimate."We continue to advocate that [Karoon Energy] is the stock to own in a rising oil price environment due to its high leverage," the firm said, adding that the recent escalation in the US-Iran conflict suggests upside to its base case oil price outlook.Jarden maintained a buy rating on Karoon while raising its target price to AU$2 from AU$1.90.Karoon Energy's shares climbed more than 11% in recent Friday trade.
Australian shares were flat with a positive bias on Thursday despite oil prices reaching their highest point in over a month.The S&P/ASX 200 Index was little changed to close at 8,839.Overnight, the S&P 500 and the Nasdaq Composite fell 0.1% and 0.6%, respectively, on Wall Street.Brent crude oil futures rose around 2% to trade around $96 per barrel as the conflict in the Middle East continued and concerns grew over potential supply disruptions linked to threats against shipping routes.Gold prices climbed to trade around $4,116 per ounce amid renewed safe-haven demand, while iron ore futures rose over 1% to around $98 in Singapore.On the domestic front, Australia's seasonally adjusted unemployment rate remained flat at 4.4% in June compared with the previous month, data from the Australian Bureau of Statistics showed. The total number of employed people increased by 76,300, bringing the total to 14.8 million.The improvement in aggregate business conditions in Australia during the June quarter continues to be driven by larger businesses, Westpac said. The Westpac Business Performance Gauge, which represents the ratio of operating revenues to operating expenses, rose 0.2% quarter-over-quarter in the June quarter, a softer pace than in recent quarters, while the Westpac Cashflow Gauge, which represents the ratio of operating revenues to operating expenses plus liabilities, rose 0.3%.In company news, Santos (ASX:STO) reported total production of 23.1 million barrels of oil equivalent (MMboe) in the second quarter ended June 30, up on last year's 22.2 MMboe.James Hardie Industries (ASX:JHX) expects to report first-quarter fiscal 2027 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of between $399 million and $407 million and net sales of between $1.45 billion and $1.48 billion.Lastly, Karoon Energy (ASX:KAR) reported total production of 1.1 million barrels of oil equivalent (MMboe) in the second quarter ended June 30, down from last year's 2.9 MMboe.
Karoon Energy (ASX:KAR) reported total production of 1.1 million barrels of oil equivalent (MMboe) in the second quarter ended June 30, down on last year's 2.9 MMboe, according to a Thursday filing with the Australian bourse.Total production in the previous quarter was 1.9 MMboe, the filing said.The company expects 2026 total production of between 7.2 MMboe and 8.2 MMboe, and capital expenditure of $178 million to $202 million, per the filing.
Australian shares were flat on Monday after oil prices jumped as the ceasefire between the US and Iran broke down.The S&P/ASX 200 Index was little changed to close at 8,808.50.Brent crude oil futures jumped over 4% to trade around $79 per barrel, increasing inflation risks. Iran claimed that it had closed the Strait of Hormuz.Gold fell past 1% to trade around $4,060 per ounce.On the domestic front, Australian customers have so far spent over AU$7 billion during this year's FIFA World Cup, with spending increases recorded across key fan categories, according to an ANZ analysis.Spending increased in various sectors: takeaway food by 6.6%, cafes and restaurants by 5.5%, bars and hotels by 5.2%, and sporting apparel by 9.3%.In company news, Karoon Energy (ASX:KAR) restored production at the PRA-2 well at its Baúna project in Brazil after reconnecting the umbilical and re-establishing connectivity with the submersible pump. The well came back online on July 6 and is currently producing between 1,000 and 1,200 barrels of oil per day.Ampol (ASX:ALD) secured a cornerstone investment from KKR in its AU$400 million financing transaction. Ampol will use the funds for refinancing initiatives and other general corporate purposes.Lastly, oOh!media (ASX:OML) said Pacific Equity Partners, I Squared Capital, and Oaktree Capital Management reconfirmed their non-binding indicative offers to acquire the company at a price range of AU$1.60 to AU$1.65 per share. It plans to continue engagement with all three prospective buyers on diligence and binding documentation.
Karoon Energy (ASX:KAR) restored production at the PRA-2 well at its Baúna project in Brazil after reconnecting the umbilical and re-establishing connectivity with the submersible pump, according to a Monday filing with the Australian bourse.The well came back online on July 6 and is currently producing between 1,000 and 1,200 barrels of oil per day, bringing total Baúna project production to about 22,000 barrels per day.All production wells at the Baúna project are now in service, Karoon Energy said.
Karoon Energy (ASX:KAR) said Brazil's government has extended a 12% temporary tax on crude oil exports for 60 days beyond its July 9 expiry, according to a Friday filing with the Australian bourse.As a result, the company will continue to be selective on the end markets for its production based on destinations that yield the highest realized net price.It noted that oil exports to the European Union are expected to qualify for a 6% export tax treatment under the Mercosur-EU trade framework.Karoon Energy also said the industry continues to pursue legal challenges to the Brazilian export tax, seeking the refund of payments related to the tax since its inception in March.The company's shares fell 5% in recent Friday trade.
Australian shares closed higher on Monday after the US and Iran agreed to halt hostilities that had flared up over the weekend.The S&P/ASX 200 Index gained 0.68%, or 59.20 points, to close at 8,823.40.Brent crude oil futures climbed to trade around $72 per barrel amid concerns over the future of peace negotiations between the US and Iran, as well as the opening of the Strait of Hormuz.On the domestic front, the Reserve Bank of Australia said its monetary policy board disclosed a framework outlining how it would approach the design and use of additional monetary policy tools in a low-interest rate environment.The bank said the toolkit features six tools, including term lending facilities, government bond purchase programs, forward guidance with commitment, negative interest rate policy, term rate targets, and foreign exchange asset purchasesIn company news, Ramelius Resources (ASX:RMS) agreed to sell its Edna May Gold Hub, including processing infrastructure and surrounding satellite tenements, to Forrestania Resources (ASX:FRS) for AU$300 million under a binding share and asset purchase agreement. Completion is targeted for the September quarter, after which the company is expected to become a substantial shareholder in Forrestania.Karoon Energy (ASX:KAR) said production has been restored from the SPS-92 well at Baúna in Brazil following the replacement of the electrical submersible pump (ESP). SPS-92 is currently producing at a rate of 8,600 barrels of oil per day (bopd), taking total Baúna Project production to around 20,500 bopd.Neuren Pharmaceuticals (ASX:NEU) secured a positive opinion from the European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use, which recommended approval of Daybue for treating neurobehavioral symptoms of Rett syndrome in patients aged five years and older.
Karoon Energy (ASX:KAR) said production has been restored from the SPS-92 well at Baúna following the replacement of the electrical submersible pump (ESP), according to a Monday Australian bourse filing.SPS-92 is currently producing at a rate of 8,600 barrels of oil per day (bopd), taking total Baúna Project production to around 20,500 bopd, before natural decline, the filing added.The company said a further production rise of 1,000 to 2,000 bopd is expected once the PRA-2 well is back online, with operations to reconnect the umbilical now underway.With the Baúna floating production, storage and offloading (FPSO) revitalization and major well intervention campaign now substantially complete, Karoon expects materially lower sustaining capital requirements at Baúna over the next few years, with only modest ongoing investment anticipated, excluding new growth projects, the filing added.Karoon revised its 2026 total capital expenditure guidance to $178 million to $202 million, from prior guidance of $150 million to $183 million, with Baúna expenditure revised to $89 million to $97 million from $61 million to $74 million.The company said it plans to start a third on-market share buyback in July, having bought back and cancelled 94.3 million shares at a cost of about $97 million, equivalent to an average price of AU$1.57 per share, following the completion of the second phase of its $75 million buyback program.The third phase will be conducted at a measured pace reflecting prevailing market conditions and the firm's ongoing capital requirements, and is not expected to exceed 10% of issued capital in a 12-month period. The board retains discretion over the rate, timing, and extent of purchases, it added.The company's shares rose 3% in recent Monday trade.
Karoon Energy (ASX:KAR) has an average rating of overweight and mean price target of AU$2.07, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
Karoon Energy (ASX:KAR) is moving from a capital expenditure-intensive period in the first half of the year back into positive free cash flow in the second half, driven by higher oil output in Brazil, Jarden said in a Wednesday note.Karoon Energy lowered its aggregate production guidance for the year to between 7.2 million barrels of oil equivalent (MMboe) and 8.2 MMboe from a previous range of 8.1 to 9.2 MMboe. The downgrade is a result of operational issues at the company's Who Dat joint venture, which operates a namesake oil and gas field in the Gulf of Mexico.Karoon also said that the company is currently revising and optimizing the overall investment expenditure commitment across the Baúna, Who Dat, and other projects for the year. The analysts interpret this to mean the firm will seek to maintain full-year cost guidance at the current capital expenditure range of $150 million to $183 million.It increased Karoon's forecast capital expenditure towards the upper end of the range at $181 million.The investment firm retained its buy rating on Karoon and decreased the price target to AU$2.30 per share from AU$2.55 per share.
Australian shares were flat on Tuesday after the Reserve Bank of Australia kept interest rates on hold as expected.The S&P/ASX 200 Index was little changed to close at 8,917.70.On Wall Street, the S&P 500 rose 1.7%, the Nasdaq Composite jumped 3.1%, and the Dow Jones Industrial Average closed at a record high, rising 0.9%.Brent crude oil futures fell just 0.3% to $82.96 per barrel.On the domestic front, the Reserve Bank of Australia decided to leave the cash rate target unchanged at 4.35%. The bank said financial conditions are now tighter following three rate increases since the beginning of the year, with signs that the economy is slowing as expected.However, inflation remains too high, prompting the bank's monetary policy board to leave the cash rate unchanged while assessing the impact of previous rises and the oil supply disruption.The ANZ-Roy Morgan Australian consumer confidence edged down 0.1 points to 70.7 in the week of June 8 to June 14. Household sentiment improved on personal finances and major purchases, even as confidence in broader economic conditions slipped amid escalating Middle East tensions, according to ANZ economist Sophia Angala.In company news, Karoon Energy (ASX:KAR) lowered its aggregate production guidance for the year to between 7.2 million barrels of oil equivalent (MMboe) and 8.2 MMboe from a previous range of 8.1 to 9.2 MMboe. The downgrade is a result of operational issues at the company's Who Dat joint venture, which operates a namesake oil and gas field in the Gulf of Mexico.Atlas Arteria (ASX:ALX) said that IFM Global Infrastructure Fund subsidiary Diamond Infraco 1 and its affiliates raised their stake in the company to 38.26% from 34.48% as of Monday. IFM Global now holds 555.3 million securities of the company.Lastly, Valiant Gold (ASX VAL) said assay results from its maiden drilling program at the South Emu-Trito mine in Western Australia confirmed mineralized extensions to around 400 meters below the existing resource.
Karoon Energy (ASX:KAR) lowered its aggregate production guidance for the year to between 7.2 million barrels of oil equivalent (MMboe) and 8.2 MMboe from a previous range of 8.1 to 9.2 MMboe, according to a Tuesday filing with the Australian bourse.The downgrade is a result of operational issues at the company's Who Dat joint venture, which operates a namesake oil and gas field in the Gulf of Mexico, per the filing.Following recent technical analyses, the operator of the joint venture informed the company that the reinstatement of production through the Who Dat E manifold will not occur this year and is now expected to take place in the second half of 2027.A remediation plan is in the works to restore the deferred production, including the removal of a failed riser that is planned in the third quarter, the filing said.It added that intervention programs at two wells in the Baúna project off the coast of Brazil have been impacted by mechanical issues and weather delays, but work is progressing, and both wells are expected to be online around mid-year.Karoon Energy shares fell 8% in recent Tuesday trade.
Santos (ASX:STO) shares fell over 1% in recent Friday trade, while Karoon Energy (ASX:KAR) shed nearly 3%, as the price of oil hit a two-month low after US President Donald Trump canceled plans to strike Iran.Brent crude futures were down 1.3%, and WTI crude declined 1.4%, both sitting below the $90 per barrel mark.In a social media post, Trump said he called off strikes on Iran because discussions between the two sides have progressed, creating hope for a peace deal to end the conflict.
Karoon Energy (ASX:KAR) said Commonwealth Bank of Australia (ASX:CBA) and its related entities ceased to be substantial holders in the company on June 8, according to a Tuesday Australian bourse filing.The company's shares were up 1% in recent Tuesday trade.
Here are the ASX-listed companies with the biggest losses on Friday.Energy Resources of Australia (ASX:ERA): -20%, AU$0.002Champion Iron (ASX:CIA): -5%, AU$4.54Superloop (ASX:SLC): -5%, AU$3.42Weebit Nano (ASX:WBT): -4%, AU$7.05Helia Group (ASX:HLI): -3%, AU$4.84GemLife Communities Group (ASX:GLF): -3%, AU$4.45Karoon Energy (ASX:KAR): -3%, AU$1.94Viva Energy Group (ASX:VEA): -2%, AU$2.11Ryman Healthcare (ASX:RYM): -2%, AU$1.88CSL (ASX:CSL): -2%, AU$96.05
Karoon Energy (ASX:KAR) assumed operatorship of the Cidade de Itajaí, a floating production, storage, and offloading vessel used for its Bauna project in Brazil, according to a Friday filing with the Australian bourse.The formal operator transition from Altera & Ocyan occurred on Thursday following the company's acquisition of the vessel on April 30, 2025, the filing said.Over 80% of the existing team transferred to the company and its major maintenance contractor, per the filing.Karoon Energy shares fell nearly 3% in morning trade Friday.
Karoon Energy (ASX:KAR) said its Baúna project in Brazil resumed production on May 13, following a 28-day facilities shutdown for planned maintenance in conjunction with the flotel-supported maintenanceand revitalization campaign, according to a Monday Australian bourse filing.The maintenance work included the replacement of several sections of piping, including the production header system, upgrading critical systems, and replacing parts of structural elements and fittings.The project is currently producing at a rate of around 11,500 barrels of oil per day, before the resumption of natural decline. An additional 9,000 barrels of oil per day to 10,000 barrels of oil per day is expected to be brought back online around mid-year, subject to the successful replacement of an electric submersible pump in SPS-92, as well as the recovery and reconnection of the PRA-2 umbilical.
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