Woodside Energy reinstated with a Neutral at Goldman Sachs

Goldman Sachs reinstated coverage of Woodside Energy with a Neutral rating and A$32.40 price target. The analyst expects Woodside’a production to remain relatively stable over 2024 as oil growth from Sangomar and Mad Dog Phase 2 offset existing decline at the North West Shelf and the Bass Strait, leaving the company’s earnings more exposed to commodity price movements. The firm considers the stock relatively fully valued at current levels.