Woodside Petroleum’s shareholders gave final approval to the merger with BHP’s Petroleum division at the annual general meeting.
UBS reports that 49% of shareholders also voted against the company’s climate report (a non-binding advisory vote), suggesting Woodside is under pressure to outline its decarbonisation plans and reduce dependence on offsets.
The broker expects the company will continue to offer an attractive dividend over the next two years but maintains a Neutral rating. Target price eases to $31.80 frm $32.20 after removing Algeria from the valuation.
Sector: Energy.
Target price is $31.80.Current Price is $28.95. Difference: $2.85 – (brackets indicate current price is over target). If WPL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
