Woodside extends gains after Louisiana LNG selldown triggers upgrades
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The news: Woodside Energy shares extended gains on Wednesday after Citi, Morgans and Jarden all made upgrades to the oil and gas giant following its better-than-expected full-year result on Tuesday.
The numbers: Woodside shares were up 3.3% to $24.81 at 3:10pm AEDT after closing 2.8% higher in the previous session. The rally helped the energy sector gain 1% as the ASX 200 index fell 0.3%.
Citi upgraded its rating on Woodside from 'sell' to 'neutral' and hiked its target price from $22 to $24.
Elsewhere, Morgans kept its 'add' rating and raised its target price from $30 to $30.25. Jarden retained its 'overweight' rating and lifted is target price from $26.60 to $27.
The context: Citi analyst James Byrne noted that Woodside reiterated its intension to invite partners to invest in the Louisiana LNG project, formerly named Driftwood LNG, that it acquired last year through the takeover of New York-listed Tellurian.
Byrne said that an equity selldown in Woodside's stake in the project would likely see both sentiment and fundamentals improve.
The sources: Citi research, Morgans research, Jarden research
