Woodside shares continue slide as analysts trim price targets
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The news: Woodside Energy has extended its recent selloff as a number of analysts reduced their target price on the oil and gas giant.
The numbers: Woodside shares were down 2.1% to $23.34 at 2pm AEDT. Its shares fell 2.9% on Monday after the company reported lower reserves in 2024 and mixed financial line item guidance.
Jarden, Citi and Goldman Sachs all reduced their target price on the stock as a result:
- Jarden kept its 'overweight' rating and cut its target price 1.1% to $26.60;
- Citi kept its 'sell' rating and cut its target price 4.3% to $22; and
- Goldman Sachs kept its 'neutral' rating and cut its target price 1% to $24.50.
The context: Jarden analysts said Woodside's financial guidance release was "overall negative" compared to market estimates. However, while they anticipate consensus earnings downgrades in 2024, they expect earnings impacts to be limited to the 2024 year.
Goldman Sachs analysts said Woodside's line item guidance was "mixed" compared to their estimates. However, they believe the update implies higher near-term cash costs and net debt than expected.
Woodside will release its 2024 full-year results on 25 February.
The sources: Jarden research, Citi research, Goldman Sachs research
