What is Morgans saying about Ramsay Healthcare and Karoon Energy shares?

S&P/ASX 200 Index (ASX: XJO) shares finished at a record high of 9,198.6 points on the last day of earnings season on Friday.

Meanwhile, experts continue to review stacks of company reports so they can re-rate the stocks as buys, holds, or sells.

Here’s what Morgans thinks of these two ASX 200 shares following their earnings reports last week.

Ramsay Health Care Ltd (ASX: RHC)

The Ramsay Healthcare share price is up 19% over the past 12 months.

The ASX 200 healthcare share reached a 52-week high of $43.65 on Friday.

Last week, Ramsay Healthcare reported a 1H FY26 net profit after tax (NPAT) attributable to owners of $160.7 million.

That was a major improvement on the $104.9 million loss recorded in 1H FY25.

The ASX 200 healthcare share will pay a fully franked interim dividend of 42.5 cents per share, up 6.3% on 1H FY25.

Morgans kept its hold rating on Ramsay Healthcare shares after reviewing the 1H FY26 results.

The broker said:

1HFY26 underlying net profit exceeded expectations, assisted by lower finance charges and favourable non-controlling interest movements.

Operationally, performance was solid, led by improving Australian activity and earnings, while UK acute held its own, Elysium remained soft, but continues its gradual turnaround, and EU is stable on better cost control.

While progress is being made across the portfolio, the sustainability of profitable remains in question, with ongoing cost headwinds, the early stage of a multi-year transformation program in Australia and a largely qualitative FY26 outlook.

The broker raised its 12-month share price target on Ramsay Healthcare from $35.22 to $40.77.

Karoon Energy Ltd (ASX: KAR)

The Karoon Energy share price is up 5.8% over the past 12 months.

Last week, Karoon Energy reported sales revenue of US$628.6 million for full-year FY25, down from US$776.5 million in FY24.

The company said the decline reflected lower realised oil prices and slightly lower sales volumes.

Underlying EBITDAX was US$388.8 million, down 21% year-over-year.

The underlying NPAT halved to US$107.5 million, down from US$214 million in FY24. Statutory NPAT was US$125.5 million.

Karoon Energy shares will pay a final dividend of 3.1 cents per share, fully franked. 

Morgans maintained its hold rating and commented that Karoon Energy was “entering a challenging 1H26”.

The broker said:

A solid set of earnings and dividend ahead of estimates were not enough to offset new operational issues at Who Dat, Neon delay, moderated share buyback and CFO departure.

Underlying EBITDAX of US$389m beat MorgansF (+3%) and consensus (+2%), with a larger U/L NPAT beat driven by lower tax and D&A.

KAR flagged a Who Dat riser leak, shutting in 30% of field production. Neon FID has been delayed to 2027 at least.

The post What is Morgans saying about Ramsay Healthcare and Karoon Energy shares? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.