Category: Stock Market

Commonwealth Bank of Australia (ASX: CBA) is gearing up to launch crypto trading services on its CommBank app. The decision to support crypto and blockchain technology comes as Australia’s largest bank recognises the risks of not participating.

At Friday’s market close, CBA shares finished the day down 1% to $94.81.

CommBank set to offer crypto-based services

Customers will soon be able to tap into the CommBank app and begin trading across 10 crypto assets. This includes popular coins such as Bitcoin (CRYPTO: BTC), Ether (CRYPTO: ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

The first bank to adopt crypto trading among the big four, CBA wants to become a leader in the digital asset sector. It believes the booming industry is here to stay for the foreseeable future.

In fact, CBA has partnered with the Gemini crypto exchange and blockchain analysis firm Chainalysis to launch its crypto services.

A pilot is scheduled to launch in the coming weeks for a number of limited customers. A full-service rollout is expected to occur sometime in 2022.

It’s clear that inaction by the bank could leave it falling behind as the market quickly adopts the decentralised currencies.

CBA CEO Matt Comyn commented:

We see risks in participating, but we see bigger risks in not participating. It’s important to say that we don’t have a view on the asset price itself, we see it as a very volatile and speculative asset, but we also don’t think that the sector and the technology is going away anytime soon.

However, the Australian Securities and Investments Commission (ASIC) remains cautious on crypto and its technology. The national corporate regulator noted that it is unable to oversee the sector and presents risks for investors. This is because the asset class does not come under the banner of “financial products” within Australia.

ASIC chair Joe Longo recommended that investors refrain from putting all their hard-earned savings in crypto. Instead, they should opt for a diversified approach across a number of different asset classes to safeguard them from volatile movements.

About the CBA share price

In 2021, the CBA share price added around 15% in value for investors. However, when looking at this time last year, its shares are up roughly 17%, highlighting modest returns for a blue-chip company.

On valuation grounds, CBA is the biggest company on the ASX with a market capitalisation of approximately $161.78 billion.

The post Why CBA (ASX:CBA) is spruiking risks of ‘not participating’ in crypto appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company The Motley Fool Holdings Inc. owns shares of and recommends Bitcoin and Ethereum. 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 Bruce Jackson.

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Market watchers are likely aware of Fortescue Metals Group Limited‘s (ASX: FMG) now-infamous green-hydrogen-focused, renewable energy branch, Fortescue Future Industries (FFI).

The subsidiary has recently signed a contract to build a hydrogen manufacturing equipment facility in Queensland. It has also entered an agreement that will see it selling 10% of its hydrogen output to United Kingdom-based entities.

But, with Fortescue Metals sinking 10% of its profits into the venture, how long will it take FFI to turn a profit?

That question was posed to Fortescue Metals’ CEO Elizabeth Gaines at the company’s annual general meeting earlier this month. Here’s how she responded.

Fortescue Future Industries profitability ‘some time’ away

Unfortunately, Gaines didn’t provide an estimate for how long it will take for FFI to earn its keep. Instead, she noted, “there will be some time between now and [when FFI becomes profitable]”.

However, she did say the business isn’t really about profits:

At the core of the activities of FFI is actually the decarbonisation of Fortescue, and we see that as a very important part of FFI’s activities.

If you think about our goal to be carbon neutral by 2030, we see that as a significant commercial opportunity for Fortescue to generate more profits, to lower our costs, to get a premium for our iron ore – which will be green.

Though, Gaines said the company still predicts its green energy leg will generate “significant profits” in the future:

There’s great reasons to undertake this transition to green energy, but at the forefront of that is the commercial opportunity, and we will use the same discipline we’ve taken in the past to develop in the iron ore business and apply that same rigour and capital discipline to any projects for FFI…

If we don’t decarbonise… we [risk losing] the diesel fuel rebate, we will see a new carbon charge introduced, the cost of offsets will skyrocket…

So, not doing it will actually have a significant detriment on our overall profitability.

Gaines also said the risks facing the company’s bottom line include increasingly volatile fuel costs.

FFI is working to create a fleet of hydrogen-powered vehicles to support Fortescue Metals’ iron ore production. The company’s goal is to make sure the hydrogen-powered fleet is cheaper to run than the diesel-powered alternative.

As of Friday’s close, the Fortescue Metals share price is $17.19.

The post When might Fortescue (ASX:FMG) Future Industries become profitable? appeared first on The Motley Fool Australia.

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• What’s causing the Fortescue (ASX:FMG) share price to leap 9% today?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 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 Bruce Jackson.

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The Afterpay Ltd (ASX: APT) share price will be on watch next week as the world holds its Black Friday sales this weekend.

Shoppers are cashed up and retailers are at the ready for a boom in sales this weekend. Data from the Commonwealth Bank of Australia (ASX: CBA) suggests the four-day period could present another windfall for businesses, with previous years resulting in a 14% boost to spending compared to the prior week.

With buy now, pay later (BNPL) companies now being a prominent method of payment for online shoppers, Afterpay will benefit from any increase in spending over the period.

But, what could it mean for the Afterpay share price?

How have Black Friday sales influenced the Afterpay share price historically?

In the past, Australia’s biggest provider of BNPL services has informed investors of its trading performance following Cyber Monday. In 2019 the company announced a record November sales performance. Afterpay achieved $1 billion in underlying sales for the month ending 30 November 2019.

However, between Black Friday and Afterpay releasing this update in 2019, the share price sank 5.8%. Perhaps investors were looking for a sale on the share market. The Afterpay share price proceeded to flounder around aimlessly for the remainder of the year.

In contrast, last year painted a vastly different picture. What was similar was the BNPL company setting a new monthly sales record with the inclusion of the Black Friday weekend. Afterpay notched up $2.1 billion in underlying sales in a single month — 112% more than the same month in the previous year.

Though, this time the Afterpay share price responded positively between the commencement of the sales weekend and the company’s trading update. Specifically, shares rose 4% in the space of a few days. More impressively, the share price went on to gain nearly 20% by the end of the year.

This year, the Australian Retailers Association and Roy Morgan are forecasting a record $5.4 billion in sales for Australia during the shopping frenzy. As such, Afterpay shareholders will be watching with anticipation to see how well the company does from the sale period.

The post Could the Afterpay (ASX:APT) share price be about to get a boost? appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler owns shares of AFTERPAY T FPO and Commonwealth Bank of Australia. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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If you’re looking for dividend shares to buy next week, then you might want to look at the shares listed below.

Here’s why these ASX dividend shares could be worth considering right now:

Accent Group Ltd (ASX: AX1)

The first dividend share to look at is Accent. It is a footwear-focused retailer which owns a collection of popular store brands. The popularity of its store brands and their growing footprints have underpinned strong sales, profit, and dividend growth over the last few years.

Unfortunately, FY 2022 looks set to be a difficult year due to lockdowns. For example, during the first 18 weeks of the financial year, store closures across ANZ impacted over 60% of Accent’s store portfolio. This resulted in ~$86 million in lost sales and weaker gross margins.

However, the team at Bell Potter think investors should look beyond this short term headwind and focus on its long term growth potential. As a result, the broker has recently put a buy rating and $3.05 price target on its shares.

As for dividends, Bell Potter is forecasting fully franked dividends per share of 9.1 cents in FY 2022 and 13.5 cents in FY 2023. Based on the latest Accent share price of $2.49, this represents yields of 3.65% and 5.4%, respectively.

South32 Ltd (ASX: S32)

Another ASX dividend share to look at is this mining giant. It could be a top option for income investors that are not averse to investing in the resources sector. This is due to its attractive valuation, strong free cash flow generation, and its extremely generous dividend yield forecast.

Thanks to its exposure to a number of in-demand commodities such as aluminium, the team at Goldman Sachs believe South32’s shares will provide investors with fully franked dividend yields of greater than 11% per annum for the next five years.

It will therefore come as no surprise to learn that Goldman has a conviction buy rating and $4.40 price target on its shares. This compares to the latest South32 share price of $3.56.

The post 2 excellent ASX dividend shares to buy next week appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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 recommended Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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If you’re wanting to gain exposure to the energy sector, the good news is that there are plenty of options on the Australian share market. Though, given the very sharp decline in oil prices on Friday night, investors may want to wait for the dust to settle before making a move.

That aside, which ones should you buy ahead of others when the time comes? To help narrow things down, Morgans has revealed a couple of energy shares it believes have major upside potential. They are as follows:

Santos Ltd (ASX: STO)

The first energy share to look at is Santos. Morgans likes the company due to its resilient growth profile and the diversity of its earnings. It also believes the merger with Oil Search Ltd (ASX: OSH) is a big positive.

The broker currently has an add rating and $8.85 price target on Santos’ shares. 

It commented: “We expect the resilience of STO’s growth profile and diversified earnings base see it best placed to outperform against a backdrop of a continuing broader sector recovery. STO remains our top preference amongst our large-cap energy universe.”

“With early indications supportive of our view that material synergies and enhanced growth plans will result from the OSH merger. While in good shape, we expect STO to continue gaining investor support as it executes on the opportunistic OSH merger,” the broker added.

Woodside Petroleum Limited (ASX: WPL)

Another ASX energy share that the broker is a fan of is Woodside. This is partly due to its proposed transformative merger with the petroleum assets of BHP Group Ltd (ASX: BHP).

Morgans currently has an add rating and $29.95 price target on the company’s shares.

The broker commented: “We believe WPL has benefited from being in the right place, at the right time. With: 1) BHP/WPL having an existing relationship, 2) BHP eager to boost its ESG profile, and 3) WPL being a quality operator (safe hands which is important for BHP).”

“From an economic standpoint we think WPL is clearly getting the better of the deal, with synergies not baked into deal metrics and BHP willing to accept a discount. The deal is transformative, lifting WPL into being a top 10 global E&P with +2 billion barrels of 2P reserves, with EBITDA of US$4.7bnpa and growth options,” it concluded.

The post Leading broker names 2 ASX energy shares to buy appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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 Bruce Jackson.

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There are some wonderful ASX growth shares that may be worth owning for the long-term.

These businesses are ones that are seeing double digit growth of their revenue and may be able to achieve long-term profit growth.

With that in mind, these are two ASX growth shares that are worth knowing about:

VanEck Video Gaming and Esports ETF (ASX: ESPO)

The is a leading exchange-traded fund (ETF) that provides exposure to the global video gaming and e-sports sector.

There is ongoing double digit growth for this industry as more people play video games and watch it for entertainment.

VanEck – the ETF provider – says that video gaming has achieved 12% average annual growth since 2015. E-sports is growing even faster, with revenue growth of 28% per annum since 2015.

The competitive video gaming audience is expected to reach 646 million people globally in 2023, driven in part by the rising population of digital natives. E-sports is considered the world’s fastest growing sport, with the top tournaments getting crowds similar to World Cup football and the Olympic Games.

E-sports has created new potential revenue streams for the companies involved including game publisher fees, media rights, merchandise, ticket sales and advertising.

Some of the businesses involved includes: Nvidia, Advanced Micro Devices, Tencent, Sea, Netease, Activision Blizzard, Nintendo, Take-Two Interactive Software, Unity Software and Roblox. It has a total of 26 names in the portfolio, but the 10 names I just mentioned make up more than 60% of the overall portfolio.

This ASX growth share comes with an annual management fee of 0.55%. The index that this ETF tracks has seen average returns per annum of 30.2% over the last five years.

ELMO Software Ltd (ASX: ELO)

ELMO Software is a technology business that offers services relating to HR, payroll and expense management.

It’s currently rated as a buy by the broker Morgan Stanley, with a price target of $7.80. That’s a potential upside of 50% over the next year, if the broker is right.

The business is growing revenue very quickly. In the first quarter of FY22, annualised recurring revenue (ARR) grew 61% to $88.5 million, with organic ARR growth of 35%. Revenue increased 52% to $20.7 million.

ELMO says that it has strong momentum with a positive macroeconomic backdrop and with small and medium sized businesses continuing to adopt cloud-based solutions to manage a flexible workforce.

The ASX growth share boasts of a number of positive factors with its software as a service (SaaS) model with a high level of recurring subscription revenue, high customer retention, a high level of organic growth and expansion strategies.

In FY22 it’s aiming to break through $100 million of ARR. Guidance for FY22 ARR is between $105 million to $111 million, which would be year on year growth of 25% to 33%. It’s also expecting to achieve positive earnings before interest, tax, depreciation and amortisation (EBITDA) of between $1 million to $6 million.

The company thinks that there is a $12.8 billion opportunity across small business and mid-market in the UK and ANZ.

The post 2 top ASX growth shares that could be worth buying appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Elmo Software. The Motley Fool Australia owns shares of and has recommended Elmo Software. The Motley Fool Australia has recommended VanEck Vectors ETF Trust – VanEck Vectors Video Gaming and eSports ETF. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) was on course to record a small weekly gain before a selloff on Friday. This ultimately led to the benchmark index losing 1.6% of its value over the five days and ending the period at 7,279.3 points.

The good news is that not all shares tumbled lower with the market. Here’s why these were the best performers on the ASX 200 last week:

EML Payments Ltd (ASX: EML)

The EML Payments share price was the best performer on the ASX 200 last week with a 24.3% gain. Investors were buying the payments company’s shares following the release of an update on its dealings with the Central Bank of Ireland. The central bank has advised that it will allow EML’s PFS Card Services Ireland business to sign new customers and launch new programs. In addition, broad-based reductions in limit controls on programs will not be imposed. This appears to have eased concerns that the business could lose its licence to operate in Europe.

Nickel Mines Ltd (ASX: NIC)

The Nickel Mines share price was on form again and stormed a further 17.2% higher over the five days. Investors were bidding the nickel producer’s shares higher after it agreed to expand its partnership with Shanghai Decent. The deal will see Nickel Mines acquire a 70% interest in Shanghai Decent’s Oracle Nickel Project. The project comprises four next-generation rotary kiln electric furnace lines, currently under construction in the Indonesia Morowali Industrial Park. The company will pay US$371 million for the acquisition and provide US$154 million of construction funding.

Fortescue Metals Group Ltd (ASX: FMG)

The Fortescue share price was a positive performer and jumped 11.1% last week. The catalyst for this was a decent rise in the iron ore price which gave the sector a boost. For the same reason, the Champion Iron Ltd (ASX: CIA) share price was a strong performer and rose 9.5% over the period.

NRW Holdings Limited (ASX: NWH)

The NRW share price was on form and pushed 6.1% higher over the period. This was driven by the release of the mining services company’s annual general meeting update. At the event, management advised that following a number of new contract wins, it is maintaining its earnings guidance with a higher degree of certainty. NRW is forecasting operating earnings before interest and tax (EBIT) of $145 million to $155 million in FY 2022. This will be up from $120.6 million in FY 2021.

The post These were the best performing ASX 200 shares last week appeared first on The Motley Fool Australia.

More reading

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• Here’s why EML (ASX:EML) shares have surged 33% this week

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended EML Payments. The Motley Fool Australia owns shares of and has recommended EML Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) was out of form again last week. Over the five days, the benchmark index lost 1.6% of its value to end the period at 7,279.3 points.

While a good number of shares tumbled lower last week, some fell more than most. Here’s why these were the worst performers on the ASX 200:

Appen Ltd (ASX: APX)

The Appen share price was the worst performer on the ASX 200 last week with a 21.5% decline. Almost all of this decline occurred on Friday when Macquarie downgraded the artificial intelligence data services company’s shares to an underperform rating and cut the price target on them to $9.50. Macquarie has been speaking to industry participants and notes that there is an emerging trend which has seen some big tech companies look to bypass Appen and directly crowdsource for data annotation services.

Bapcor Ltd (ASX: BAP)

The Bapcor share price wasn’t far behind with an 18.3% decline over the period. Investors were selling the auto parts retailer’s shares after it announced the exit of its Chief Executive Officer and Managing Director, Darryl Abotomey. According to the release, Mr Abotomey is stepping down on 28 February 2022 after a decade leading the company. Ord Minnett downgraded its shares on the news. It appears concerned by the timing of the CEO’s exit.

TechnologyOne Ltd (ASX: TNE)

The TechnologyOne share price was out of form and tumbled 13.9% last week. The catalyst for this was the release of the enterprise software company’s full year results. For the 12 months ended 30 September, TechnologyOne delivered a 43% increase in SaaS ARR to $192.3 million and a 19% lift in profit before tax to $97.8 million. However, this wasn’t enough for both Macquarie and UBS. In response, both brokers downgraded TechnologyOne’s shares to sell ratings.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price was under pressure last week and fell 13.2% over the five days. Investors were selling this travel agent’s shares amid concerns over a new COVID-19 variant that has emerged in South Africa. This has sparked fears that the travel market recovery could be derailed just as it was starting to normalise.

The post These were the worst performing ASX 200 shares last week appeared first on The Motley Fool Australia.

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• Here are the top 10 ASX shares today
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• What is going so wrong for the Flight Centre (ASX:FLT) share price today?
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Appen Ltd. The Motley Fool Australia owns shares of and has recommended Appen Ltd. The Motley Fool Australia has recommended Bapcor and Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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There are a certain number of ASX dividend shares that are projected to pay large income payments to shareholders in FY22.

That’s based on what dividends those businesses could pay in the near future and the relatively low price/earnings ratio, allowing for an attractive dividend yield.

There are some industries that are known for their higher dividend payments. But others, such as retail, can often trade on a lower p/e ratio, which helps the yield for investors.

With that in mind, here are two ASX dividend shares:

Nick Scali Limited (ASX: NCK)

Nick Scali is one of the largest furniture retailers in Australia. It recently got even bigger after announcing and completing the acquisition of Plush Sofas which has 46 showrooms.

It’s currently rated as a buy by the broker Citi with a price target of $16.80.

In FY23, the broker is expecting Nick Scali to pay an annual dividend of 68.3 cents per share, which translates into a grossed-up dividend yield of 6.6%.

Showroom growth is a key pillar of Nick Scali’s growth. In FY21 it opened three new stores and in the first quarter of FY22 it added another location in New Zealand, brining the total to 62 stores.

Management are also looking to grow the company’s digital channel and develop its capabilities, which comes with elevated profit margins.

The ASX dividend share is expecting to be able to lift Plush’s profit margins as it benefits from synergies. It’s expecting the acquisition to add to earnings per share (EPS) in FY22. Some of those synergies includes its supply chain, advertising, purchasing and management. Nick Scali reckons it can more than double the number of Plush stores in the long-term across Australia and New Zealand.

During the lockdowns, online sales order growth was “exceptional”  and October trading was “buoyant”.

According to Citi, the Nick Scali share price is valued at 16x FY23’s estimated earnings.

Adairs Ltd (ASX: ADH)

Adairs is another leading business in the retail space. It specialises in homewares and furnishings. However, it has growing exposure to furniture. The business has owned the online-only business Mocka for a while. But it has just announced the acquisition of Focus on Furniture as well, for $80 million.

The ASX dividend share is currently rated as a buy by the broker UBS with a price target of $5.90. That suggests a potential rise of the Adairs share price of more than 60% over the next 12 months, if the broker is correct.

The broker thinks there are a number of positives to the acquisition, including diversification of earnings, more exposure to customers, utilising its stores better and growing profit margins.

When Adairs told the market about the deal, it said that Focus was a strongly profitable business with growth opportunities including a national store roll out and online growth.

Management said that there is a complementary customer product overlap with opportunities to leverage strengths in store expansion, product development and last mile delivery capability.

Adairs says the Australian home furniture total addressable market is worth around $8.3 billion. It’s expecting double digit EPS accretion in FY23, the first full year of ownership, thanks to this acquisition.

The ASX dividend share still has its plan for Adairs to increase its total retail floor area with larger stores as well as growing online sales and its membership numbers.

UBS thinks Adairs could pay a grossed-up dividend yield of 11.7% in FY23. UBS numbers value the business at 9x FY23’s estimated earnings.

The post 2 ASX dividend shares expected to pay BIG income appeared first on The Motley Fool Australia.

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• Could ASX 200 retail shares deliver some dividend surprises in 2022?
• Why Adairs, EML, Fisher & Paykel Healthcare, and NRW are storming higher
• ASX retail shares in focus as CBA forecasts bumper Black Friday weekend
• Here’s why the Adairs (ASX:ADH) share price is rocketing 8% this morning
• Analysts rate these 2 ASX dividend shares as buys

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended ADAIRS FPO. The Motley Fool Australia owns shares of and has recommended ADAIRS FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Woodside Petroleum Ltd (ASX: WPL) gave the green light for its mammoth new gas project in Western Australia on Monday.

The ASX 200 energy company reported that final investment decisions had been made to approve the US$12 billion (AU$16.8 billion) Scarborough and Pluto Train 2 developments. Woodside’s share of the cost, which includes new domestic gas facilities and modifications to Pluto Train 1, comes to US$6.9 billion.

On Monday, Woodside CEO Meg O’Neill said: “Today’s decisions set Woodside on a transformative path. Scarborough will be a significant contributor to Woodside’s cash flows, the funding of future developments and new energy products, and shareholder returns.”

The final decision came despite a last-minute legal challenge from environmental groups.

With the project moving forward, traditional owners have reached out to Woodside to discuss acquiring a stake in the project.

Securing the future for local traditional owners

As Reuters reports, Western Australian Indigenous group, the Murujuga Aboriginal Corp (MAC), is in discussions with Woodside over attaining a stake in the Scarborough and Pluto LNG expansion “to help secure the future of the local traditional owners”.

Woodside’s Pluto LNG plant is on Murujuga country on the Burrup Peninsula.

However, according to Reuters:

MAC and other traditional owners do not receive royalties from businesses in the Burrup as rights to part of their land were acquired in 2002 to create an industrial development area, leaving MAC instead with the title to Murujuga National Park next to the industrial land.

Commenting on MAC’s proposal to secure a stake in the Woodside expansion project, MAC’s CEO Peter Jeffries said:

This is an integral element for development on [Murujuga] country as it helps us find ways to work together, to keep us involved, and to help create long-term sustainability and stability for our members and future generations. We want to be strategically vested in any project on country.

Woodside’s O’Neil told Reuters: “I’m not going to talk about any specific conversations that we’re having with any TO [traditional owner] group. Suffice it to say that we’ve got very active engagements…”

How has the Woodside share price been performing?

The Woodside share price has struggled in 2021, down 6%. By comparison the S&P/ASX 200 Index (ASX: XJO) is up 9% year-to-date.

Over the past month shares in the energy giant are down 11%. They closed Friday’s session down 5.1% on the day to $21.60 apiece.

The post Traditional owners seek stake in $16.8bn Woodside Pluto project 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 Bruce Jackson.

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