Karoon Loses Bear Following Steep Share-Price Drop -- Market Talk

Dow Jones
06/22

2254 GMT - The 30% drop in Karoon Energy's share price since June 11 takes out a bear. Macquarie upgrades its recommendation on Karoon to neutral, from underperform, noting Friday's close of A$1.44 is below its A$1.50/share price target. Karoon's stock now implies an oil price of US$69.60 per barrel, down from US$74.00 on June 16. The share-price fall follows a U.S.-Iran peace deal. "Oil price leverage is significant for Karoon," Macquarie says. "However, we expect market has appropriately priced in crude weakness now." It plans to review the outlook for Karoon once production at its Bauna oil field in Brazil is reinstated and can be observed. Still, Macquarie reminds investors that the lengthy delay to recovery at its Who Dat operation in the Gulf of Mexico is an overhang. (david.winning@wsj.com; @dwinningWSJ)

 

(END) Dow Jones Newswires

June 21, 2026 18:54 ET (22:54 GMT)

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