The Allkem Ltd (ASX: AKE) share price has been having a strong week.

Since the end of last week, the lithium miner’s shares have risen an impressive 11%.

Can the Allkem share price keep rising?

One leading broker has responded very positively to Allkem’s full year results this week and is tipping its shares to keep climbing from here.

According to a note out of Bell Potter, its analysts have reiterated their buy rating with an improved price target of $18.76.

Based on the current Allkem share price of $13.75, this implies potential upside of 36% for investors over the next 12 months.

What did the broker say?

Bell Potter notes that Allkem delivered a profit after tax of US$354 million in FY 2022, which was broadly in line with its estimate. It added:

The result was a substantial turnaround on the prior year driven by a lift in sales volumes at Mt Cattlin (up 36%) and a substantial increase in realised prices.

The good news is that the broker is expecting another jump in profits next year. In fact, its analysts believe that Allkem’s EBITDA will double from US$531 million to US$1,071 million. It adds:

We expect AKE’s cash generation to lift substantially into 2023 with ongoing strength in lithium demand, commodity prices and production growth. AKE is aiming to maintain 10% share of supply in a global lithium market experiencing unprecedented growth; it has a portfolio of growth projects, balance sheet strength and cash flow from existing projects to achieve this. EPS changes as a result of this report are: FY23 -5%; and no material change over FY24-25.

In light of this, the broker believes that the company’s shares are good value at the current level.

The post Broker tips Allkem share price to rise 36% from current levels appeared first on The Motley Fool Australia.

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More reading

• Earnings preview: Here are the ASX shares reporting today
• 3 ASX 200 shares trading ex-dividend on Monday
• Broker says Coles share price is ‘offering good value’
• Here are 2 ASX dividend shares that analysts are tipping as buys
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor James Mickleboro has positions in Allkem Limited. 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.

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It is the last day of the busiest week in the August earnings season. Thankfully, you can ease into the weekend with far fewer ASX shares set to report their results today.

However, there are still a handful of big names that you might want to check out. Here’s a quick summary of what to expect today so you have a jump on the market.

ASX shares set to report today (smallest to largest)

Immutep Ltd (ASX: IMM), $264.2 million

Infomedia Limited (ASX: IFM), $539.2 million

Mayne Pharma Group Ltd (ASX: MYX), $574.1 million

Integral Diagnostics Ltd (ASX: IDX), $720.4 million

Costa Group Holdings Ltd (ASX: CGC), $1.27 billion

Polynovo Ltd (ASX: PNV), $1.33 billion

Nextdc Ltd (ASX: NXT), $5.09 billion

Ramsay Health Care Limited (ASX: RHC), $16.69 billion

Wesfarmers Ltd (ASX: WES), $54.02 billion

(Market capitalisations as of 22 August 2022)

To see the complete list of ASX shares, visit our reporting season calendar here.

What to expect

As there are few big names reporting today, Wesfarmers’ full-years results will probably turn the most heads. Investors will be hoping to see the conglomerate’s retail portfolio ward off margin crippling side effects of inflation in its latest results.

In anticipation of Wesfarmers’ financials, analysts at Citi have forecast a net profit after tax (NPAT) of $2,237 million. This would represent a 6% decrease from the company’s FY21 result of $2,380 million. However, that hasn’t prevented Morgans from assigning a $58.40 price target to this ASX 200 share.

One other ASX-listed blue chip releasing its results today is Ramsay Health Care. The private hospital owner and operator is expected to report net profits in the ballpark of $321 million.

Furthermore, the company is still wrangling with its Ramsay Santé operations to provide due diligence for the active KKR consortium takeover proposal.

Finally, keeping with the healthcare theme, Polynovo will be an interesting name to watch today. The medical device developer has been known for its high short interest.

However, analysts are expecting the company to report a $200,000 profit. This might sound dismal, but it would represent a substantial improvement from the $4.6 million loss in FY21.

Don’t forget to check back in throughout the day to see all the latest results from your favourite ASX shares.

The post Earnings preview: Here are the ASX shares reporting today appeared first on The Motley Fool Australia.

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• 5 things to watch on the ASX 200 on Friday
• How did the Polynovo share price respond last time the company reported?
• Wesfarmers share price edges higher ahead of Thursday’s results
• Here’s what happened to the Wesfarmers share price last time the company reported
• Earnings preview: Here are 3 ASX 200 shares reporting this week

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Infomedia and POLYNOVO FPO. The Motley Fool Australia has positions in and has recommended Wesfarmers Limited. The Motley Fool Australia has recommended COSTA GRP FPO, Infomedia, Integral Diagnostics Ltd, and Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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ASX reporting season is always a busy time of the year for dividend investors.

Not only are S&P/ASX 200 Index (ASX: XJO) shares lifting the lid on their financial results, but they’re also declaring lucrative dividends.

When it comes to dividends, there’s an important date to be aware of: the ex-dividend date.

This is the date that a company’s shares trade without an entitlement to the upcoming dividend payment.

In other words, if you buy shares on or after the ex-dividend date, you won’t be eligible to receive the latest dividend.

To compensate for this, a company’s shares usually drop on the day they turn ex-dividend.

This is because money is flowing out of the company’s cash reserves to pay the dividends, lowering the value of the business. 

What’s more, some shareholders will look to offload shares once they’ve locked in the dividend payment.

The following ASX 200 shares will be going ex-dividend on Monday. This means that today is the last day investors will be able to snap up these companies’ latest dividend payments.

Challenger Ltd (ASX: CGF)

On Monday, Challenger shares will be trading without a fully franked final dividend of 11.5 cents. 

The ASX 200 annuities provider recently released its FY22 results, boosting its final dividend by 10%.

Investors who own Challenger shares by the time the market closes today should see this payment come through on 21 September.

Alternatively, investors have the option of forgoing this cash payment to instead participate in the company’s dividend reinvestment plan (DRP).

Across the full year, Challenger declared total FY22 dividends of 23 cents, fully franked.

This means Challenger shares are currently parading a trailing dividend yield of 3.5%. With the benefit of franking credits, this grosses up to 5.0%.

Ansell Limited (ASX: ANN)

Ansell is another ASX 200 share turning ex-dividend on Monday.

So, today is the last trading day to lock in the company’s unfranked final dividend of 31.2 US cents. 

It will be paid on 15 September to shareholders who decide not to participate in the company’s DRP.

Earlier in the week, Ansell announced its FY22 results, lowering the final dividend payment by 28% as profit slumped.

Keep in mind that the company benefited from a COVID-related boost to demand, so it was cycling strong comparables from FY21.

The most recent financial year saw Ansell declare total dividends of 55.45 US cents. This puts Ansell shares on a trailing dividend yield of 2.9%.

Pinnacle Investment Management Group Ltd (ASX: PNI)

Last but not least, Pinnacle shares will also be going ex-dividend on Monday.

The ASX 200 financial share recently announced a fully franked final dividend of 17.5 cents, marginally higher than that of the prior year.

Investors on the company’s share registry by the time the market closes today should expect to see this payment land on 16 September. A DRP is also available.

Across FY22, Pinnacle declared total dividends of 35 cents, fully franked. As a result, Pinnacle shares currently come with a 3.2% trailing dividend yield, which grosses up to 4.6%.

The post 3 ASX 200 shares trading ex-dividend on Monday appeared first on The Motley Fool Australia.

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• Broker says Coles share price is ‘offering good value’
• Here are 2 ASX dividend shares that analysts are tipping as buys
• 5 things to watch on the ASX 200 on Friday
• 3 ASX All Ords shares that leapt higher on FY22 results today
• The Pendal takeover will create a $200b asset manager, so why is the Perpetual share price tanking?

Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended PINNACLE FPO. The Motley Fool Australia has positions in and has recommended PINNACLE FPO. The Motley Fool Australia has recommended Ansell Ltd. and Challenger Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Coles Group Ltd (ASX: COL) share price has taken a bit of a tumble this week.

Since the end of last week, the supermarket giant’s shares have lost 9% of their value.

This has been caused by a lukewarm response to the company’s full year results by investors.

Is the Coles share price now in the buy zone?

One leading broker that is urging investors to take advantage of the Coles share price pullback is Morgans.

According to the note, the broker has retained its add rating with a slightly trimmed price target of $20.00.

Based on the current Coles share price of $17.65, this implies potential upside of over 13% for investors over the next 12 months.

In addition, the broker is forecasting a fully franked 65 cents per share dividend in FY 2023. This equates to a 3.7% yield, which stretches the total potential return to 17%.

What did the broker say?

Morgans notes that Coles’ “FY22 result was slightly above expectations.” It was also pleased to see better than expected supermarkets and liquor earnings, market share gains as local shopping unwound, good progress with its Smarter Selling initiatives. Morgans highlights that the latter is on course to reach cumulative benefits of $1 billion by the end of FY 2023.

A couple of disappointments, though, were that its “Capex for Witron and Ocado transformation projects have increased vs previous guidance” and its “EBIT margin fell 20bp to 4.7% due to cost inflation and investments.”

Nevertheless, the broker remains positive on the Coles share price due to its attractive valuation, good yield, and defensive qualities.

Morgans concludes:

Trading on 22.6x FY23F PE and 3.6% yield we continue to see COL as offering good value with the company possessing defensive characteristics that should hold up relatively well in a weaker economic environment.

The post Broker says Coles share price is ‘offering good value’ appeared first on The Motley Fool Australia.

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More reading

• Here are 2 ASX dividend shares that analysts are tipping as buys
• 5 things to watch on the ASX 200 on Friday
• 3 ASX All Ords shares that leapt higher on FY22 results today
• The Pendal takeover will create a $200b asset manager, so why is the Perpetual share price tanking?
• Here are the top 10 ASX 200 shares today

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 positions in and has recommended COLESGROUP DEF SET. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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If you’re looking for ASX dividend shares to buy, then you may want to check out the two listed below.

Both have recently been named as buys by analysts. Here’s why they rate them highly:

Australia and New Zealand Banking Group Ltd (ASX: ANZ)

The first ASX dividend share that analysts are tipping as a buy is big four bank ANZ Bank.

Among the many analysts that are bullish on the bank are the team at Citi. They believe that ANZ will experience a boost to its earnings and dividend in FY 2023 and FY 2024 thanks to cash rate rises.

The bank also recently announced an agreement to acquire the banking operations of Suncorp Group Ltd (ASX: SUN) for $4.9 billion. If this goes through, it will give ANZ’s operations in the Queensland market a significant boost. Citi believes the deal meets a strategic objective at a reasonable price.

As for dividends, the broker is forecasting fully franked dividends of $1.44 per share in FY 2022 and $1.65 per share in FY 2023. Based on the current ANZ share price of $22.86, this will mean yields of 6.3% and 7.2%, respectively.

Citi also sees plenty of upside for the ANZ share price. It currently has a buy rating and $29.00 price target on the bank’s shares.

Centuria Industrial REIT (ASX: CIP)

Another ASX dividend share to look at is Centuria Industrial. It is the largest domestic pure play industrial REIT on the Australian share market.

It has been performing strongly in recent years and continued this trend in FY 2022. Thanks to strong demand for industrial space, earlier this month Centuria Industrial released its full year results and revealed that its occupancy increased to ~99% with a weighted average lease expiry of 8.3 years. This underpinned a 22% increase in funds from operations to $111.7 million.

Macquarie is a fan of the company and was pleased with its performance. It currently has an outperform rating and $3.69 price target on its shares.

As for dividends, the broker is expecting dividends per share of approximately 16 cents in FY 2023 and FY 2024. Based on the current Centuria Industrial share price of $3.04, this will mean yields of 5.3% for investors.

The post Here are 2 ASX dividend shares that analysts are tipping as buys appeared first on The Motley Fool Australia.

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• Could this pose a risk to the ANZ share price in the future?
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• 2 ASX 200 dividend shares analysts rate as buys
• Could the ANZ share price really offer more than 20% upside?

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 Scott Phillips.

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On Thursday, the S&P/ASX 200 Index (ASX: XJO) had a strong day and charged higher. The benchmark index rose 0.7% to 7,048.1 points.

Will the market be able to build on this on Friday and end the week on a high? Here are five things to watch:

ASX 200 expected to rise

The Australian share market looks set to end the week on a positive note following a strong night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 7 points or 0.1% higher this morning. On Wall Street, the Dow Jones rose 1%, the S&P 500 climbed 1.4%, and the Nasdaq stormed 1.6% higher.

Oil prices fall

Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a poor finish to the week after oil prices pulled back overnight. According to Bloomberg, the WTI crude oil price is down 1.9% to US$93.10 a barrel and the Brent crude oil price is down 1.3% to US$99.96 a barrel. The prospect of banned Iranian oil exports hitting the market put pressure on prices.

Wesfarmers results

The Wesfarmers Ltd (ASX: WES) share price will be one to watch on Friday. This morning the conglomerate is scheduled to release its full year results. According to a note out of Citi, its analysts are expecting the company to report a net profit after tax of $2,237 million. This is a touch ahead of the market consensus estimate of $2,226.7 million.

Gold price higher

Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a decent finish to the week after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.5% to US$1,771.10 an ounce. An easing US dollar appears to have given the safe haven asset a lift.

Ramsay results and takeover update

The Ramsay Health Care Limited (ASX: RHC) share price will be on watch for a couple of reasons on Friday. Firstly, the private healthcare company is due to release its full year results, with the market forecasting a net profit after tax of $321 million. Secondly, the company has provided an update on its takeover approach. KKR’s $88 cash per share non-binding offer is still in play with Ramsay highlighting that the suitor has “not identified any matters that would cause the Consortium to terminate its pursuit of the Indicative Proposal.”

The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia.

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• 5 things to watch on the ASX 200 on Thursday

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 positions in and has recommended Wesfarmers Limited. The Motley Fool Australia has recommended Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The S&P/ASX All Ordinaries Index (ASX: XAO) closed the session on Thursday up 0.68% to 7,291.9 points.

Earnings season is upon us and some companies have rallied strongly today after posting their results.

Let’s examine three ASX companies in the All Ordinaries index that had a great day today.

Silex Systems Ltd (ASX: SLX)

The Silex Systems share price finished up 11.75% today at $3.71. The shares reached an intraday high of $3.78 early this afternoon — a new 52-week high.

The tech company reported its results for the full year of FY22 this morning. Silex System’s revenue increased 112.5% year over year (yoy) to $4.39 million. Meanwhile, its net loss for the year was $9.46 million, up 36.6% yoy.

Silex Systems noted that it made progress in its global laser enrichment commercialisation project for uranium and utilising nuclear energy.

Among the highlights, the company responded to a request from the United States Department of Energy (DoE) for information on its high-assay low-enriched uranium (HALEU) project in February.

The US Government has supported the HALEU project to the tune of $700 million as part of its Inflation Reduction Act that was passed this month.

No dividend was declared with the results.

Karoon Energy Ltd (ASX: KAR)

The Karoon Energy share price closed 8.4% higher today at $2.07. Earlier, the shares fetched a high of $2.09.

The global energy company reported growth in its top and bottom lines in its FY22 results posted this morning. Sales revenue increased 125.46% yoy to US$385.1 million. Its earnings before interest, tax, depreciation, and amortisation (EBITDA) totalled a (US$28.4 million) loss, down from the US$11.4 million gain in the prior corresponding period.

Net profit after tax (NPAT) also took a large hit in FY22. It totalled a loss of (US$64.5 million), down from a profit of US$4.4 million recorded in FY21.

Product volumes were also higher than in FY21, with 4.64 million barrels produced.

In terms of guidance for FY23, Karoon Energy expects its unit production costs to fall, while its other operating costs will see a rise.

Production costs are expected to fall to US$15/bbl to US$20/bbl, down from US$25.36/bbl in FY22.

Other operating costs will rise to between US$23 million and US$25 million. This is an increase from US$16 million in FY22.

Karoon Energy said it would consider returning value back to shareholders in the form of dividends and share buybacks after completing its investments in Baúna interventions and the Patola development.

Peet Limited (ASX: PPC)

The Peet share price closed up 2.75% today to $1.12. Earlier, they traded for $1.13.

The real estate development company announced its full-year earnings for FY22 this morning.

The company reported a statutory net profit after tax of $52.3 million, up 84% yoy. Sales had a gross value of $1.06 billion, up 23% yoy. EBITDA was $86 million, up 48.02% yoy and statutory profit after tax was up 84% yoy to $52.3 million.

A final fully franked dividend of 4 cents per share was declared. The record date is 19 September and the dividends will be paid on 14 October.

For the mid and near-term outlook, the company stated that its growth is supported by strong labour market conditions and constrained land supply.

On the other hand, the rise in interest rates is expected to be a headwind moving forward, leading to a tapering off of demand in FY23.

Other forces cited as impacting its fundamentals include increased overseas migration and population growth that will drive sales.

The post 3 ASX All Ords shares that leapt higher on FY22 results today appeared first on The Motley Fool Australia.

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• Guess which ASX share is soaring 11% after dividends doubled?
• 3 ASX All Ordinaries shares trading ex-dividend today

Motley Fool contributor Matthew Farley 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 Scott Phillips.

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The Perpetual Ltd (ASX: PPT) share price finished the day more than 8% in the red on Thursday, closing the session at $27.75.

The drop marks a 52-week low for the company, despite announcing its FY22 results before the open today as well.

Noteworthy is that Perpetual also announced its planned takeover of Pendal Group Ltd (ASX: PDL), a move that would create an asset management giant with more than $200 billion in assets under management (AUM).

Perpetual pursues Pendal

In addition to its FY22 earnings, the company advised its intention to acquire Pendal in a part-scrip/part-cash consideration.

Under the proposal, Pendal shareholders would receive 1 Perpetual share plus $1.976 in cash for each share they held.

The mathematics of the deal values Pendal at approximately $6.02 per share on today’s quotes.

This represents a 13% premium to Pendal’s closing price today (note, Pendal gained 8% today as well) and a 23% premium to its closing price on Wednesday.

If successful, the newly formed entity would oversee more than $200 billion in AUM.

The deal is also accretive to earnings per share (EPS) for Perpetual and could deliver double-digit earnings growth once integrated.

Pendal CEO, Deborah Page said the transaction would bring together “two iconic financial services firms”.

“We believe this is a compelling opportunity for shareholders and the business alike”, she added.

The combination will deliver a significant increase in scale, boost our position in an increasingly competitive global market and bring strategic benefits in the dynamic sectors in which we operate, both domestically and internationally.

Meanwhile, Perpetual CEO, Rob Adams said the “defining acquisition” was both “strategically and financially compelling”. He continued:

[The deal allows] us to realise our strategic ambitions significantly sooner than would otherwise occur individually, bringing forward years of growth potential.

Despite the perceived benefits, investors were less than impressed by the news and compressed the Perpetual share price deep into the red today.

This sent prices tumbling to 52-week closing lows by the end of the session. This brings losses to more than 31% for the past 12 months.

Returns for each security are seen on the chart below.

The post The Pendal takeover will create a $200b asset manager, so why is the Perpetual share price tanking? appeared first on The Motley Fool Australia.

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• Here are the top 10 ASX 200 shares today
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• Why Deep Yellow, IDP, Pendal, and Qantas shares are soaring today
• Pendal share price soars 15% on takeover news
• Perpetual share price tumbles on full-year earnings and takeover news

Motley Fool contributor Zach Bristow 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 Scott Phillips.

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The S&P/ASX 200 Index (ASX: XJO) lifted once more on Thursday as earnings season heated for many of the market’s favourite shares. The index closed 0.71% higher at 7,048.10 points on Thursday.

S&P/ASX 200 Real Estate Index (ASX: XRE) shares took off today, driving the sector 2.2% higher.

Meanwhile, the S&P/ASX 200 Energy Index (ASX: XEJ) surged 1.6% with Paladin Energy in the lead, lifting 11.5% alongside many of its uranium-focused peers.

Woolworths Group Limited (ASX: WOW) shares drove the S&P/ASX 200 Consumer Staples Index (ASX: XSJ)’s tumble. The sector slumped 1.6% today as Woolies fell 3.2% on a $1.5 billion full-year profit.

Other market favourites to move on reporting today included:

• Flight Centre Travel Group Ltd (ASX: FLT) – fell 4.6% as the company returned to profit in the final quarter
• Qantas Airways Limited (ASX: QAN) – gained 7% as losses deepened, and the company announced a $400 million buyback
• Zip Co Ltd (ASX: ZIP) – slipped 2% after posting a $1 billion loss

At the end of Thursday’s session, nine of the ASX 200’s 11 sectors were trading higher. But which stock outperformed all others? Keep reading to find out.

Top 10 ASX 200 shares countdown

Thursday’s top performing ASX 200 share was none other than Paladin Energy. Find out why the uranium company was rocketing today here.

It was followed by Insignia Financial Ltd after the financial services provider posted its earnings for financial year 2022.

Today’s biggest gains were made by these ASX shares:

ASX-listed company	Share price	Price change
Paladin Energy Ltd (ASX: PDN)	$0.82	11.56%
Insignia Financial Ltd (ASX: IFL)	$3.53	11.36%
Nine Entertainment Co Holdings Ltd (ASX: NEC)	$2.18	9%
Qube Holdings Ltd (ASX: QUB)	$2.94	8.49%
Pendal Group Ltd (ASX: PDL)	$5.29	8.4%
Idp Education Ltd (ASX: IEL)	$28.80	7.46%
Qantas Airways Limited (ASX: QAN)	$4.86	7.05%
Charter Hall Group (ASX: CHC)	$13.36	6.54%
Domain Holdings Australia Ltd (ASX: DHG)	$3.66	6.4%
Chalice Mining Ltd (ASX: CHN)	$4.56	629%

Our top 10 ASX 200 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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More reading

• Charter Hall share price storms 6% higher on record FY22 result
• How did the Polynovo share price respond last time the company reported?
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• 3 ASX 200 shares in the green following earnings updates
• 3 ASX 300 financial shares climbing on earnings updates

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 positions in and has recommended Idp Education Pty Ltd and ZIPCOLTD FPO. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Woodside Energy Group Ltd (ASX: WDS) share price enjoyed another day in the green on Thursday.

At market close, Woodside shares were up 1.98% at $35.51 apiece. However, soon after market open, they reached $36.20 — a two-year high. In fact, in the last couple of years, the ASX oil share has risen by 75%.

Let’s take a look at what might be pushing the Woodside share price higher.

What happened today?

According to Bloomberg, China’s State Council outlined a 19-point policy stimulus package of 1 trillion yuan, or $210 billion.

This funding is focused on infrastructure spending as a way to drive economic growth following the dampening impact of COVID lockdowns and a property market downturn.

This presents a favourable tailwind for Woodside as greater infrastructure spending means more demand for steel and metals.

Woodside would be pleased to hear some positive news after the US and China reported weaker than expected economic data last week. China cut interest rates upon poor data on industrial output and retail sales, missing most analyst estimates as reported by Reuters.

Additionally, the price of Woodside’s key commodity rose for a third straight session on Thursday, Trading Economics reports. West Texas Intermediate (WTI) crude oil futures rose above $95 per barrel, while Brent crude oil futures soared to $102 per barrel — the highest prices in three weeks.

Perhaps not coincidentally, the Woodside share price also rose for a third straight session today.

A quick recap of Woodside’s most recent results

Last month, Woodside released its results for the three months ending 30 June, as my colleague Bernd Struben reported.

Q2 2022 saw the oil producer achieve revenue of $3.44 billion, up 44% from Q1 2022 and 159% from Q1 2021. Woodside also produced 33.8 million barrels of oil equivalent (MMboe), a 60% increase from the prior quarter and up 49% from Q2 2021.

Additionally, the company reported sales volume of 35.8 MMboe, up 51% from Q1 2022 and up 27% on Q1 2021.

These results were spearheaded by Woodside’s merger with the petroleum business of BHP Group Ltd (ASX: BHP). This big event catapulted Woodside into a top 10 global independent energy producer by hydrocarbon production.

Woodside share price snapshot

The Woodside share price has jumped 75% in the past year, 57% year to date, and 12% in the past month.

For comparison, the S&P/ASX 200 Index (ASX: XJO) is down 6% in the past 12 months and 7% so far this year, but is up by almost 4% in the last month.

Woodside has a market capitalisation of around $66.1 billion.

The company is currently trading at a price-to-earnings multiple of 11.94x. On a historical basis, this is on the lower end, so it could be that the poor economic outlook and macroeconomic activity are instilling pessimism in the market.

The post Why did the Woodside share price hit a 2-year high on Thursday? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Thursday
• What boosted the Woodside share price on Wednesday?
• Why is the Woodside share price having such a cracker of a day?
• 5 things to watch on the ASX 200 on Monday
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Raymond Jang 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 Scott Phillips.

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