Beach Energy (ASX:BPT) issued a disappointing fiscal 2027 production guidance of 19.5 million to 23 million barrels of oil equivalent, coming in below consensus estimates likely due to lower output in the Cooper Basin, Jarden said in a late Thursday note.

The company's depreciation, depletion, and amortization (DD&A) guidance of AU$500 million to AU$550 million is 7% above Jarden's estimate.

The combination of a lower production outlook and higher DD&A guidance should trigger consensus fiscal year 2027 EPS downgrades for the company, the investment firm said.

Beach Energy also detailed more aggressive organic growth plans, including deep water Otway Basin and even Perth Basin tight gas. But these larger, more material targets will take years to unlock, so the near-term focus remains on inorganic opportunities, Jarden said.

It added that the company confirmed expectations of its revised capital management framework placing a priority on growth over dividends. In the absence of any clarity, Jarden set future dividend payments to AU$0.03 per share through the forecast period, "but without any real confidence."

The investment firm maintained an underweight rating on Beach Energy while lowering the target price to AU$0.73 from AU$0.76.

The company's shares fell 2% in recent Friday trade.