JPMorgan has marginally increased its price target for Woodside Energy shares following the company’s investor briefing on Wednesday. However, the firm has maintained its ‘neutral’ recommendation on the stock. Woodside Energy is an Australian oil and gas producer. The company explores, develops, produces, and supplies energy across the globe.
Energy analyst Nick Morgan noted his surprise that Woodside included an expansion of its Louisiana LNG project in its base case for development. He had expected expansions at either the Sangomar oil project in Senegal or the Beaumont ammonia project in Texas to take precedence. JPMorgan had anticipated a second production train at Beaumont by 2028 but has since removed this from its modelling.
While a Sangomar expansion wasn’t included in JPMorgan’s modelling, the success of the project’s initial development made its omission in Woodside’s base case unexpected, according to Morgan. Despite Woodside’s positive outlook on Louisiana LNG, JPMorgan remains cautious, citing a lack of clear valuation and high risks associated with the project’s profitability, which hinges on the spread between US Henry Hub gas prices and global prices post-2030.
The broker has raised its December 2026 target for Woodside’s share price to $24.10, up from $24. Shortly after midday, the stock traded at $25.37, marking an increase of 21 cents.
