The Santos Ltd (ASX: STO) share price has dipped into the red in early trading this morning.

Today’s slump comes after the company announced first oil from its Van Gogh Phase 2 infill development off the coast of Western Australia.

Let’s take a look at what the oil and gas producer said in its release.

Record production rate at Van Gogh

The news from Santos regarded the first of three new production wells at Van Gogh. The well had produced oil “at the highest initial rate from an individual well in field history”.

The first well produced a peak rate of 23,000 barrels of oil per day after completion and tie-in. Santos explains this is “well ahead of expectations for a single well”.

The progress comes as the drilling of the “second, horizontal, dural lateral production well” is now in situ. This comes 16 months after the final investment decision.

Speaking on the announcement, Santos chief executive Kevin Gallagher said:

We have seen an excellent reservoir outcome from this first well with a larger oil column than expected and a total horizontal section of 5,430 metres, which is 490 metres more than originally planned.

Gallagher added:

The Van Gogh crude oil is also a highly sought-after product, and the premium to Brent that we get allows further value to be realised beyond the current oil price.

Santos holds a 52.5% equity interest at the project, which it operates. Inpex Corp owns the remainder.

Investors responded to the announcement, pushing the Santos share price down 1.37% to $6.48 apiece when the market opened, before making up some ground. Santos shares are currently trading at $6.53 apiece at the time of writing.

Santos share price snapshot

The Santos share price has posted a year to date return of 4.15%. This extends the previous 12-month return of 17%.

These returns have lagged the S&P/ASX 200 Index (ASX: XJO)’s return of ~23% over the last year.

Santos has a market capitalisation of $13.6 billion at the time of writing.

The post Santos (ASX:STO) share price sinks despite record first oil announcement appeared first on The Motley Fool Australia.

More reading

• Oil Search (ASX:OSH) share price falls as boss demands bigger ‘diamond’
• 5 things to watch on the ASX 200 on Monday
• Santos (ASX:STO) share price down amid concerns over bidding war
• Oil Search (ASX:OSH) share price on watch — board tipped to fight merger
• 5 things to watch on the ASX 200 on Friday

The author Zach Bristow has no positions 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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S&P/ASX 200 Index (ASX: XJO) travel shares could face a new round of pressure as the COVID-19 Delta variant wreaks havoc on reopening plans.

Case numbers in South Australia and Victoria are trending sharply lower, with South Australia potentially exiting its weeklong lockdown tomorrow evening.

But daily infection rates in New South Wales remain above 100. Which means ASX 200 travel shares are unlikely to benefit from the trans-Tasman travel bubble. That’s the quarantine free travel corridor which breathed fresh hope into the industry when it first opened on 19 April.

New Zealand moves goal posts for travel bubble

On Friday, Prime Minister Jacinda Ardern announced a 2-month suspension of the vaunted travel bubble. (Details here.) Free travel between the 2 nations ended Friday at midnight, with Kiwis urged to return home before quarantine restrictions come back into force.

Now, in further tightening New Zealand’s trans-Tasman policy, the nation will look at Australia’s infection numbers as a whole, and no longer on a state by state basis as it had done previously.

Meaning not even travellers from Australian states declared free of community COVID infections will be allowed into the country until further notice.

According to New Zealand’s Deputy Prime Minister Grant Robertson (speaking to TVNZ and quoted by msn.com):

The precautionary approach says you need to look at this Australia-wide. The reality, particularly on the mainland of Australia, is that unfortunately those are big borders … once (Delta) gets in there it is difficult to contain. We still think we can operate a trans-Tasman travel bubble but we think we need to have Delta under control.

With domestic travel still hampered in Australia due to rolling state border closures, you can almost hear investors in ASX 200 travel shares cheering on the rollout of effective vaccines.

How these ASX 200 travel shares moved post vaccine

You probably remember the jubilation that greeted the announcements of effective COVID vaccines late last year.

Not 1 but 3 different vaccine makers came out with positive news in early November 2020.

The forward looking share market was quick to react to the earliest rumours of their pending success.

Buoyed by hopes that the world was on track to return to normality, the ASX 200 gained 8.1% in the first 2 weeks of November.

But few shares enjoyed as much of a lift from the vaccine hopes as ASX 200 travel shares.

The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price, for example, soared 23.3% in the first 2 weeks of November 2020 trading.

The Qantas Airways Limited (ASX: QAN) share price leapt 22%

And the Flight Centre Travel Group Ltd (ASX: FLT) share price rocketed 39.1%.

With ASX 200 travel shares still trading well below their pre-pandemic levels, investors will be keeping a keen eye on the Delta variant and the outlook for a return to frequent flying.

The post ASX 200 travel shares face new headwinds as Kiwi bubble policy tightens appeared first on The Motley Fool Australia.

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• 6 ASX shares to rocket when COVID Delta passes
• ASX 200 Weekly Wrap: Just like that… ASX back to record highs
• Top brokers name 3 ASX shares to sell next week
• ASX 200 travel shares slide as New Zealand closes travel bubble
• Qantas (ASX:QAN) share price falls as capacity drops below 40%

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 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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The Betmakers Technology Group Ltd (ASX: BET) share price is on the move today.

This morning’s price increase follows the company releasing its results for Q4 FY21. At the time of writing, shares in the wagering data provider are 1.62% higher to 94 cents.

Let’s run through the latest figures.

Pushing the BetMakers share price higher

Investors are bidding up the BetMakers share price today following its fourth-quarter results. To the delight of shareholders, the company delivered its strongest quarter to date.

According to the release, BetMakers achieved $8.91 million in cash receipts from customers during the quarter. This represents an increase of 75% on the prior quarter and a significant 272% lift from the prior corresponding period.

The company explained the notable jump was from an increase in activity in the Australian market. This was alongside early positive results from BetMakers’ international expansion plans.

Notably, the fourth quarter result includes only approximately 2 weeks of cashflows from its Sportech racing acquisition.

Furthermore, the company remains debt-free and finished Q4 with more than $120 million in cash on its balance sheet.

On that note, BetMakers revealed it intends to be opportunistic with continued investment in its B2B wagering technology and data platforms.

The BetMakers’ share price is up almost 99% over the past 12 months.

CEO commentary

Hailing the record result, Chief Executive Officer Todd Buckingham said:

The past quarter is a very pleasing result for the Company. We have seen an impressive uplift on our strong base of domestic operations while also capturing growth in global markets that we have identified as having the potential to be opportunities for us to expand our B2B wagering technology products and services globally as they continue to develop.

Mr Buckingham also added:

BetMakers has a very clear strategy for growth in Australia and internationally. This includes in the United States where our Fixed Odds plans, starting in New Jersey, progressed during Q4 FY21 after being passed unanimously by the Senate and General Assembly

Following the slight rise in the BetMakers share price, the company’s market capitalisation is now $800 million.

The post BetMakers (ASX:BET) share price up on record results appeared first on The Motley Fool Australia.

More reading

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• Why the BetMakers (ASX:BET) share price is racing 6% higher on Friday
• The Betmakers (ASX:BET) share price is 35% off its 52-week high
• Why the BetMakers (ASX:BET) share price finished the day 5% higher
• Why A2 Milk, Airtasker, BetMakers, & Sydney Airport shares are storming higher

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. owns shares of and has recommended Betmakers Technology Group Ltd. The Motley Fool Australia has recommended Betmakers Technology Group Ltd. 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 Boral Limited (ASX: BLD) share price is trekking slightly lower today following the company’s update on its Australian timber business. 

During morning trade, Boral shares are fetching for $7.40, down 0.13%. It’s worth noting that its shares are near its 52-week high of $7.43 reached last week.

Boral agrees to sell timber business

In today’s statement, Boral announced it has entered into an agreement with Allied Natural Wood Enterprises (ANWE) to sell its Australian hardwood and softwood timber business.

Headquartered in New South Wales, Australia, ANWE is a leading wood products export marketing and logistics company. ANWE concentrates on the export of woodchip and other wood products to the international markets. The company is part of the Pentarch Group, an established Australian logistics business.

Under the deal, Boral will sell its timber business for $64.5 million. The agreement is subject to the usual customary conditions upon closing the transaction.

The proceeds of the sale will be used to improve the company’s net debt position after allowing for reinvestment needs. Any remaining monies left over will be distributed to shareholders.

Boral noted that the divestment is in line with its strategy of focusing on strengthening its core assets and delivering improved returns.

Boral CEO and managing director, Zlatko Todorcevski commented:

The sale of Boral’s Timber business represents another important milestone in focusing our portfolio and positioning for the future.

In Australia, our focus is on our leading integrated construction materials business and maturing our adjacent growth strategies such as recycling, waste, supplementary cementitious materials and lower carbon products.

The sale of Boral’s Timber business to the Pentarch Group, a private company with growing interests in the forest products sector, is a good outcome for this business and its customers.

The sale is expected to be completed sometime later this year.

Boral share price snapshot

In the last 12 months, Boral shares have continued to accelerate, posting a gain of close to 100%. Year-to-date, the company’s share price has jumped around 50% to hit a 52-week high of $7.43 last Wednesday.

Boral presides a market capitalisation of around $8.1 billion, with over 1.1 billion shares on its books.

The post Boral (ASX:BLD) share price edges lower on divestment news appeared first on The Motley Fool Australia.

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• Boral (ASX:BLD) share price gains as Seven’s hold surpasses 50%

Motley Fool contributor Aaron Teboneras 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 Core Lithium Ltd (ASX: CXO) share price has started the week strongly.

In morning trade, the lithium explorer’s shares are up 5% to 30 cents.

This latest gain means the Core Lithium share price is up 76% since the start of the year.

Why is the Core Lithium share price charging higher today?

The catalyst for the rise in the Core Lithium share price today was the release of a positive announcement this morning.

According to the release, the company has successfully completed the definitive feasibility study (DFS) at the Finniss Lithium Project.

The release explains that the Stage 1 updated DFS confirms that Core Lithium is well positioned to be the next lithium producer in Australia.

Positively, the study found it to have excellent DFS economics. Management notes that this is reflected in reserves-backed pre-tax IRR of 53% and pre-tax net present value of $221 million and life-of-mine EBITDA of $561 million from revenue of $1.3 billion.

Furthermore, the project has low initial capital expenditure of $89 million (including pre-production mining costs). This enables a two-year payback and confirms Finniss as one of Australia’s lowest capital intensity lithium projects.

The life-of-mine average C1 operating cost is estimated to be US$364 per tonne concentrate, which it expects to generate a robust average operating margin of more than US$370 per tonne.

Lithium fines

In addition to this, the study found that Core Lithium could potentially produce and sell approximately 110,000tpa of lithium fines with grading of approximately 1.0% Li2O, with no incremental mining activities required

Positively, this would come with low incremental capital cost of $8.4 million and marginal operating costs for processing, storage, haulage to port and ship loading of US$21/t of lithium fines.

Furthermore, Core Lithium has received non-binding interest from potential offtake partners for lithium fines by-product. This includes interest with indicative pricing between US$75 to US$85 per tonne.

Another positive from this is that it has the potential to also reduce tailings stream and waste impact on the environment.

Management commentary

Core Lithium’s Managing Director, Stephen Biggins, said: “The Definitive Feasibility Study confirms Finniss Lithium Project as a simple, low risk and low capital intensity project with high cash generating potential, and puts Core on track to become Australia’s next lithium producer.”

“The study highlights the Project’s attractive combination of high-grade Ore Reserves, simple DMS processing producing a high quality concentrate, and proximity to nearby existing infrastructure including the Port of Darwin.”

What’s next?

Mr Biggins advised that the company will now aim to finalise its funding before making a final decision on whether to go ahead with the project later this year.

He commented: “With the updated DFS now completed, we aim to finalise funding over the coming months, to allow Core to make a Final Investment Decision in 2021 and fast-track construction. We are also maintaining our exploration momentum, with the aim to more than double the mine life and Resources of the Project.”

The post Why the Core Lithium (ASX:CXO) share price is charging 5% higher today appeared first on The Motley Fool Australia.

More reading

• Why the Core Lithium (ASX:CXO) share price is advancing 6% today
• Why Core Lithium, Life360, Marley Spoon, & Metcash are storming higher
• Core Lithium (ASX:CXO) share price gains after project’s positive news

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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The GPT Group (ASX: GPT) share price is starting the week in negative territory on Monday morning. This comes after the property investment company announced an update on its earnings and distribution guidance for FY21.

At the time of writing, GPT shares are swapping hands for $4.64, down 2.32%. In comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.1%, sitting at 7,394 points.

What did GPT announce?

In today’s statement, GPT advised that it has withdrawn its Funds From Operations (FFO) and distribution guidance for 2021.

The 12-month period to 31 December remains uncertain given the nature of COVID-19 and the associated state government measures taken. This is in particular to Melbourne and Sydney, where there is no timeline in which the states will ease restrictions.

Founded in 1971, GPT is a property investment company. The group owns and manages a diversified portfolio of Australian retail, office and logistics property assets.

GPT CEO, Bob Johnston commented on the company’s outlook:

In line with strengthening economic conditions, we have seen a strong recovery across our retail portfolio during the course of the first six months of this year. However, given the recent restrictions in both Sydney and Melbourne and the uncertainty as to when these restrictions will be lifted and the ongoing risk of additional measures, we believe it is prudent to withdraw FFO and distribution guidance for the full year.

GPT has a high-quality diversified portfolio, an exceptionally strong balance sheet and liquidity position, and we expect that we will see a recovery once normal trading conditions resume as we have experienced previously.

The company will release its 2021 interim results on 16 August along with providing a trading update on business performance.

About the GPT share price

It has been a mixed 12 months for GPT shares, rising in November 2020 and then backtracking in February. Since then, the company’s share price has gradually trekked upwards, reaching a 52-week high of $4.99 last month.

At today’s price, GPT commands a market capitalisation of roughly $9 billion, with more than 1.9 billion shares on issue.

The post Why the GPT (ASX:GPT) share price is backtracking today appeared first on The Motley Fool Australia.

More reading

• Oil Search (ASX:OSH)share price falls as boss demands more ‘carats’
• Cann (ASX:CAN) share price crashes 14% after announcing another capital raising
• Why the Dubber (ASX:DUB) share price won’t be moving on Monday
• Own Woodside Petroleum (ASX:WPL)shares? Here’s what to look for during reporting season
• Here’s why the Lynas (ASX:LYC) share price is on watch today

Motley Fool contributor Aaron Teboneras 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 Oil Search Ltd (ASX: OSH) share price is down amid reports the company’s interim CEO wants “more carats in the diamond ring” from Santos Ltd (ASX: STO).

It’s the latest broadside in the merger and acquisition saga involving the two oil companies.

Right now, the Oil Search share price is $3.96, 0.63% lower than its previous closing price.

Interim CEO Peter Fredricson reportedly told The Australian the company saw merit in Santos’ takeover offer, posed to the company late last month, but rejected it as the payout was too small.

Let’s take a closer look.

Quick refresher

Santos submitted a $23 billion confidential takeover offer to Oil Search late last month.

The takeover attempt was made public last week when Oil Search announced it had rejected the proposal.

Santos had offered a $4.25 scrip consideration for each of Oil Search’s shares. That represented a 12.3% premium on the Oil Search share price as of 24 June 2021.

If Santos’ proposal was accepted, Oil Search would have held 37% of the resulting entity.

Oil Search said Santos’ proposal undervalued its shares. The Oil Search share price gained 6.2% after the annoucement it had rejected the offer.

Today’s news of Oil Search

The Oil Search share price is off the pace in early trade with Santos’ rejected proposal in the headlines again.

The Australian has reported Oil Search is willing to discuss a merger between it and Santos if the latter can offer the right price. Fredricson was quoted as saying:

It’s a little bit like someone wants to gets engaged and give you a diamond ring but we gave the diamond ring back and said no thanks. They need to come back with a couple more carats in the diamond ring.

Fredricson also said “the vast majority” of the company’s shareholders want to go ahead with the merger, but Oil Search is holding out for a better deal:

An alignment putting Oil Search and Santos together has huge industrial logic to it. But you’ve got to get an appropriate value allocation because we’ve got shareholders that aren’t shareholders of Santos. And we’ve got to look after their rights.

Fredricson was given the top job at Oil Search last week after Keiran Wulff stepped down unexpectedly. Fredricson told The Australian he wants to keep the company’s biggest office permanently, despite having little experience in gas and oil. He was quoted as saying:

So long as you’ve got the oil and gas expertise within your team, I see no reason why I couldn’t be the long-term CEO of this business.

Oil Search share price snapshot

2021 has been a good year so far for the Oil Search share price.

It is currently 7.55% higher year to date. It has also gained 27% since this time last year.

The company has a market capitalisation of around $8.3 billion, with approximately 2 billion shares outstanding.

The post Oil Search (ASX:OSH)share price falls as boss demands more ‘carats’ appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Monday
• Santos (ASX:STO) share price down amid concerns over bidding war
• Oil Search (ASX:OSH) share price on watch — board tipped to fight merger
• 5 things to watch on the ASX 200 on Friday
• Santos (ASX:STO) share price jumps on record quarterly sales

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 Cann Group Ltd (ASX: CAN) share price is crashing lower on Monday morning. This follows the announcement of yet another capital raising by the cannabis company.

At the time of writing, the Cann share price is down 14% to 32.5 cents.

What did Cann announce?

This morning Cann announced an institutional placement and a share purchase plan aiming to raise a total of $20 million.

This comprises a $10 million institutional placement and a $10 million share purchase plan, with the funds being raised at 27.5 cents per new share. This represents a 27.6% discount to the Cann share price prior to its trading halt.

According to the release, the proceeds from the capital raising will be used to invest in initiatives which are expected to deliver substantial cost savings as Cann moves to large scale production with the commissioning of its new manufacturing facility near Mildura.

Furthermore, the funding will be used to expedite and strengthen Cann’s in-house extraction, laboratory and manufacturing capabilities. This is expected to de-risk the company’s supply chain and lower costs by reducing its reliance on third party manufacturers and service providers.

How many capital raisings?

Should the company complete this capital raising successfully, it will mean it has raised $138.2 million from investors since listing.

This comprises a $78 million capital raising in 2017 at $2.50 per new share, a $40.2 million capital raising in August 2020 at 40 cents per new share, and now $20 million at 27.5 cents per new share.

And despite raising $138.2 million from investors, the company’s market capitalisation is just $105.6 million (prior to today’s movements).

Clearly, the funds raised have not created value for shareholders. In fact, if you invested $10,000 in the 2017 capital raising, your investment would be worth just $1,520 today. So rather than creating value, Cann shareholders have seen significant wealth go up in smoke.

The Cann share price is down 46% in 2021.

The post Cann (ASX:CAN) share price crashes 14% after announcing another capital raising appeared first on The Motley Fool Australia.

More reading

• Blazing it? How the top ASX cannabis shares performed in FY21

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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The Dubber Corporation Ltd (ASX: DUB) share price won’t be going anywhere on Monday after the company requested a trading halt.

Dubber provides cloud-based call recording and voice data solutions. The company’s technology is used by many large household service providers such as AT&T, Optus and Telstra Corporation Ltd (ASX: TLS).

What’s the trading halt for?

The Dubber share price is halted on the basis of an institutional placement capital raising.

The company is looking to raise approximately $110 million at $2.95 per new share.

This represents a 7.8% discount to its last closing price of $3.20.

The trading halt is expected to last until Tuesday, 27 July 2021.

According to the capital raising presentation, the company plans to use the proceeds for M&A opportunities to broaden and accelerate new product development, increase headcount, establish new foundation partners and marketing.

June quarter results

Coinciding with the trading halt announcement, Dubber also released its June quarterly activities report.

Unfortunately, the Dubber share price won’t be able to react to today’s solid results.

Dubber delivered quarterly revenues of $7.4 million, a 189% increase on the prior corresponding period (pcp) and up 12% quarter-on-quarter (QoQ).

Dubber users now exceed 420,000, a 118% increase on pcp and 10.5% increase QoQ.

The company said that user numbers grew at a record rate for Dubber’s SaaS monthly subscriptions, underpinned by the launch of its Foundation Partner Program.

The program will embed Dubber’s services a standard feature for its partners.

According to the quarterly, Cisco’s Webex Calling and UCM Cloud platforms have joined as the first partners.

In terms of the company’s balance sheet, Dubber advised that it had in excess of $32 million cash at bank.

A stellar year for the Dubber share price

Dubber shares briefly opened 5.61% higher last Friday, to a record high of $3.39 before a weak close, down 0.31% to $3.20.

A major catalyst behind Dubber’s 92% year-to-date performance was its record March quarter update.

The announcement saw an 18.60% surge in Dubber shares on the day to $2.55.

The post Why the Dubber (ASX:DUB) share price won’t be moving on Monday appeared first on The Motley Fool Australia.

More reading

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Motley Fool contributor Kerry Sun 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 Dubber Corporation. The Motley Fool Australia owns shares of and has recommended Dubber Corporation and Telstra Corporation 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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It hasn’t been a great year so far for Woodside Petroleum Limited (ASX: WPL) shares.

Since the start of the year, the energy producer’s shares are down 3%. This compares to a 10.6% gain by the S&P/ASX 200 Index (ASX: XJO) over the same period.

Where next for the Woodside share price?

Where Woodside shares goes from here could depend largely on the strength of its half year results next month.

According to a recent note out of Goldman Sachs, it is expecting a solid set of results from Woodside.

This follows the release of its second quarter update earlier this month which revealed first half production of 46.3mmboe. While this was down 7.5% on the prior corresponding period and short of Goldman’s expectations, its sales revenue surprised to the upside.

It increased 30.5% over the prior corresponding period to US$2,406 million. This was driven by a 42.4% jump in realised pricing, which was 4.8% greater than the broker was anticipating and offset the weaker production.

What about earnings?

One thing not included in the company’s second quarter update was its earnings expectations.

Goldman is forecasting earnings before interest, tax, depreciation and amortisation (EBITDA) to come in at US$1,679 million. This will be an increase of 18.2% over the same period last year.

And on the bottom line, an underlying net profit after tax of US$485 million is expected. This represents a sizeable 60% increase over FY 2020’s underlying first half profit after tax of US$303 million.

From this, Goldman has pencilled in a 40 US cents per share interim dividend, up from 26 US cents a year earlier.

Are Woodside shares in the buy zone?

Goldman Sachs believes Woodside shares are trading at a very attractive level.

Its analysts have a buy rating and lofty $34.00 price target on its shares. Based on the current Woodside share price of $22.34, this implies potential upside of 52% over the next 12 months.

The post Own Woodside Petroleum (ASX:WPL)shares? Here’s what to look for during reporting season appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Monday
• Woodside (ASX:WPL) share price struggles following rig dumping proposal
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• Santos (ASX:STO) share price jumps on record quarterly sales
• What’s happening with ASX 200 oil shares 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. 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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