Woodside share price edges lower following NYSE debut

Worker inspecting oil and gas pipeline.

Worker inspecting oil and gas pipeline.

The Woodside Energy Group Ltd (ASX: WDS) share price is edging lower, down 0.06% in late morning trade.

Woodside shares closed yesterday at $31.75 and are currently trading for $31.73.

This comes after the S&P/ASX 200 Index (ASX: XJO) energy share kicked off its first day of trading on the New York Stock Exchange yesterday (overnight Aussie time).

Why did the company dual list on the US exchange?

If you’re looking to see how the Woodside share price is tracking on the NYSE, it still trades under the same name but with the ticker (NYSE: WDS).

The shares are listed in the form of American Depositary Shares.

What are those?

The company explained:

ADSs are US dollar denominated negotiable instruments represented by American Depositary Receipts (ADRs) issued by a depositary bank that facilitate US trading and investment in shares of non-US companies. The ADRs will be issued under Woodside’s existing ADR program, which is administered by Citibank, N.A.

Each Woodside ADS represents one ordinary Woodside share.

The dual listing comes the day after the merger transaction between Woodside and BHP Group Ltd’s (ASX: BHP) petroleum business was officially completed.

Woodside share price drops on NYSE listing debut

Woodside fluctuated between modest gains and losses for most of its initial day of trading in the US markets. But in the final 30 minutes of trade, selling took over and the stock closed down 1.5% for the day at US$23.15 per share (AU$31.71).

In after hours trading, the Woodside share price has lifted on the NYSE to US$23.35.

Woodside shares gained 6.1% on the ASX yesterday, likely supported by a $1.1 billion block trade the previous night, prior to the release of 900 million new shares related to the merger with BHP.

Woodside share price snapshot

Woodside has been a strong performer in 2022, buoyed by soaring energy prices.

Year-to-date the Woodside share price is up 45%. That compares to a 3% loss posted by the ASX 200 over that same period.

The post Woodside share price edges lower following NYSE debut appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia

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