Woodside Petroleum Ltd (ASX:WDS) shares jumped as much as 7% by midday, after the Australian oil producer reported record revenue for the latest quarter. While Woodside shares have already climbed about 60% year-to-date, TipRanks insights still show modest upside for the stock.
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Woodside delivers record sales & upgrades production outlook
The company reported a 70% increase in sales for its third-quarter ended September, to a record AU$9.3 billion. In addition to higher product prices, the quarter also benefited from increased output thanks to the acquisition of BHP Group (ASX:BHP) assets in June.
Woodside raised its full-year production target to between 153 million and 157 million barrels of oil equivalent (BOE). It previously forecast production in the band of 145 million to 153 million BOE.
The company is developing new projects with an aim to further boost production. Moreover, the company continues to work on new energy programs, such as green hydrogen production.
Woodside Petroleum share price prediction
According to TipRanks’ analyst rating consensus, Woodside stock is a Moderate Buy based on five Buys and five Holds. The average Woodside share price prediction of AU$35.76 implies over 4% upside potential.
Closing remarks
Oil producers like Woodside have benefitted from the OPEC+ group’s decision to cut oil production, as well as the energy crisis in Europe. With prices looking buoyant for Woodside has the opportunity to use present gains to invest in greener energy projects.
