Woodside Energy's capex commitments prompt Macquarie to...

Woodside Energy's capex commitments prompt Macquarie to downgrade the stock to neutral from outperform. Macquarie thinks Woodside's acquisitions of LNG project developer Tellurian and the Beaumont ammonia project in the U.S. effectively extend its capex cycle to 2030. As a result, a lower dividend now looks likely, the bank adds. "Woodside is driving an aggressive growth strategy, and as a result we forecast a dividend payout cut to 60% in our forecasts is necessary to ensure gearing doesn't run to levels materially above the 20% guardrail," Macquarie says. Its price target falls 18% to A$27.00/share.