Updated Broker Price Targets on Woodside after Q2 Results & Investor Call

Big boys weren't a fan of WPL's pessimistic O&G price outlook and increase in anticipated emission abatement costs. IMO this was prudent and conservative approach taken by WPL - stacking the deck chairs in our favour for 1) a bumper recovery coming out the other side and 2) likely placing downwards pressure on the price for NWS stake. I think the fact that production was at record levels was not given enough weight, neither was the fact that NPAT is expected to be positive and a dividend is still expected to be delivered (Peter Coleman made this quite clear). TBH I thought the investor call could have been handled better.

Anywho, cuts across the board but all price targets remain above current SP level, with the exception of Morgan Stanley's. SP currently trading at a 14.3% discount on average target across 6 brokers.

16/07/2020 9:38AM Woodside Petroleum Price Target Cut 7.1% to A$25.24/Share by Credit Suisse
16/07/2020 9:03AM Woodside Petroleum Price Target Cut 5.2% to A$20.00/Share by Morgan Stanley
16/07/2020 9:01AM Woodside Petroleum Price Target Cut 14% to A$22.33/Share by Citi
16/07/2020 8:38AM Woodside Petroleum Price Target Cut 2.6% to A$24.35/Share by Macquarie
16/07/2020 8:32AM Woodside Petroleum Price Target Cut 3.7% to A$26.00/Share by UBS
15/07/2020 9:56AM Woodside Petroleum Price Target Cut 6.8% to A$26.08/Share by Citi (headline only)


AVERAGE RATING: $24.00
CURRENT SP: 20.98 (10:16am 16/07/2020)
SP TRADING AT 14.3% DISCOUNT

I'm bullish on WPL by end of year/early 2021.

DYOR.