Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 12,419.90 -160.83 -1.28%
S&P 500 1,313.32 -19.10 -1.43%
Nasdaq 2,837.36 -33.63 -1.17%
Ticker Volume Price Price Delta
STOXX 50 2,120.15 +3.97 0.19%
FTSE 100 5,318.41 +21.13 0.40%
DAX 6,283.83 +3.03 0.05%
Ticker Volume Price Price Delta
Nikkei 8,542.73 -90.46 -1.05%
TOPIX 719.49 -4.13 -0.57%
Hang Seng 18,629.50 -60.70 -0.32%
Gold 1,564.40 -0.08%
EUR-USD 1.2386 0.1541%
Nasdaq 2,837.36 -1.17%
DJIA 12,419.90 -1.28%
S&P 500 1,313.32 -1.43%
FTSE 100 5,318.41 +0.40%
STOXX 50 2,120.15 +0.19%
DAX 6,283.83 +0.05%
Oil (WTI) 87.64 -0.20%
U.S. 10-year 1.593% -0.031
BAC:US 7.20 -3.23%
FB:US 28.19 -2.25%
BREAKING NEWS

Woodside Shares in Sydney Likely to Underperform, RBC Says

Woodside Petroleum Ltd. (WPL), Australia’s second-biggest oil producer, is likely to be an underperformer in Sydney trading because of uncertainty that it will deliver its natural gas projects, RBC Capital Markets said.

RBC has a 12-month price target of A$40 on Woodside’s shares, with an ‘underperform’ rating, Andrew Williams, an analyst at RBC, said yesterday in a report. Perth-based Woodside rose 0.7 percent to A$35.39 at the 4:10 p.m. close in Sydney today.

Woodside plans to expand the A$14.9 billion ($14.6 billion) Pluto liquefied natural gas venture in Western Australia and develop the Browse and Sunrise LNG projects. Those are among more than A$200 billion of proposed Australian LNG developments seeking to tap Asian demand.

“These stranded gas resources are world-class in scale, but come with execution risks that we believe may be somewhat beyond the control of the company to manage,” Melbourne-based Williams said.

Royal Dutch Shell Plc, Europe’s largest oil company, is likely to sell its remaining 24 percent holding in Woodside, which “has the potential to put a ceiling on stock performance for at least the next 12 months,” according to RBC.

To contact the reporter on this story: James Paton in Sydney at jpaton4@bloomberg.net

To contact the editor responsible for this story: Keith Gosman at kgosman@bloomberg.net

Sponsored Links