Beach Energy (ASX:BPT) is on track to achieve its fiscal 2026 production and capital expenditure guidance with its "strong" first quarter performance, Euroz Hartleys said in a Monday note.

The company reported revenue of AU$537 million for the quarter ended Sept. 30, up from AU$427 million a year earlier, and production of 5 million barrels of oil equivalent (MMboe), down from 5.2 MMboe in the same period a year earlier.

Sales volumes were 6.8 MMboe, up from 5.5 MMboe a year earlier.

The company's increased production and sales were attributed to two additional Waitsia liquefied natural gas cargoes and gas production in the Otway Basin, Perth Basin, and Bass Basin, according to the investment advisory firm.

Fiscal 2026 numbers are viewed with an upward bias due to this quarter's performance, Euroz Hartleys said.

The advisory firm maintained its buy recommendation on Beach Energy, while its price target of AU$1.33 is under review.

Beach Energy shares rose nearly 5% in midday trade Monday.