First quarter sales revenue for Woodside Petroleum was a -14% miss versus the forecast of UBS and -17% adrift of the consensus estimate, due largely to soft realised LNG pricing.
The broker lowers its 2023 and 2024 EPS estimates due to lower expected production from Pluto and Wheatstone. The price target falls to $32.20 from $32.90. Neutral.
Sector: Energy.
Target price is $32.20.Current Price is $30.60. Difference: $1.60 – (brackets indicate current price is over target). If WPL meets the UBS target it will return approximately 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
