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Woodside Energy Group Ltd ASX:WDS

LNG Oil and Gas Energy Transition Free Cash Flow

4 opened or increased22 held7 reduced or exitedlatest position by manager, past 12 months90 days: 1 increased, 1 reduced. 37 managers in total.

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Opened or increasedHeldReduced or exited Start or end of the position not reported

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20252026

13 Jul 2025 to today

Commentary Showing 2 of 79

DateManagerActionSummary

9 Sep 2026Tamim Funds ManagementHeldTamim Funds Management continues to hold Woodside Energy Group without change, arguing the company's 35.8% share-price gain in 2026 came almost entirely from a 20% rise in realised oil and gas prices tied to Persian Gulf geopolitics rather than from operational improvement, since output actually fell 13% over the half. The manager cautions this price-driven uplift is not repeatable if the geopolitical risk premium fades, and flags that gearing of 20.6% sits outside Woodside's own target range, with the interim dividend not covered by half-year free cash flow, describing this as a deliberate smoothing decision rather than proof the payout is comfortably funded. The manager views Scarborough's near-completion at 98% as the key near-term catalyst for restoring volume growth, sees Louisiana LNG as a longer-dated and less certain bet given the wave of new global LNG supply expected by 2029, and notes consensus price targets sit barely above the current share price, implying little priced-in upside, while treating ExxonMobil takeover speculation as a possible outcome rather than part of the investment thesis.

Monthly Report, price recorded $33.14

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31 Aug 2026Pendal GroupHeldPendal Group continues to hold Woodside Energy because the manager notes the 1HFY26 result was largely pre-announced but still came in ahead of consensus at EBITDA, with gearing sitting just above target range. Pendal highlights major projects tracking to plan, including Scarborough due for first LNG in the fourth quarter of 2026, while Woodside dropped its $5 billion emissions reduction spending commitment and removed preferential treatment for New Energy projects. The manager also notes a potential sale of the Beaumont Ammonia project at a loss and a new target to cut costs by $350 million annually by 2028, though the stock was driven lower by the oil price.

LNGNewsletter, price recorded $32.42

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Articles

About Woodside Energy Group Ltd

Energy, Oil, Gas and Consumable Fuels

Woodside Energy (ASX:WDS), Australia's largest oil and gas producer, is favoured by some fund managers for its diversified portfolio. In July 2026, Maple-Brown Abbott rated Woodside a buy on reasonable valuations and a diversified, increasingly valuable asset base, while Alphinity rated it a hold. Solaris and Milford reported Woodside rose almost 17% as renewed disruption in the Strait of Hormuz drove crude prices up 20%. Pendal noted quarterly production in line with expectations and tightened guidance. Woodside operates in the Energy sector within the Oil, Gas and Consumable Fuels industry, and Thesis Tracker has captured 75 comments from 36 fund managers, including Maple-Brown Abbott, Alphinity, Solaris, Milford and Pendal. Founded in 1954 and headquartered in Perth, Woodside explores for, develops and produces LNG, oil and gas from assets including the North West Shelf, Pluto and Scarborough in Australia, and operations in the Gulf of Mexico, Senegal and Trinidad and Tobago, and is developing Louisiana LNG.

Market cap: $63.4b
Price to earnings: 14.4x
Return on equity: 7.7%
Dividend yield: 0.0%
Price to book: 1.22x
Net margin: 22.2%
52-week range: $22.01 to $35.82

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Woodside Energy Group Ltd (ASX:WDS)?

Fund managers including Yarra Capital Management, Montgomery Investment Management, Clime Investment Management, Sterling Managed Investments, BKI Investment Company, Tyndall Asset Management, Tamim Funds Management, Pendal Group, Endeavor Asset Management, Wentworth Williamson, PM Capital, Firetrail Investments, Wilson Asset Management, Alphinity Investment Management, Perennial Partners, Totus Capital, Lowell Resources Funds Management , Paradice Investment Management, Solaris Investment Management, Equity Trustees Asset Management, Ellerston Capital, First Sentier Investors, Sage Capital, Ten Cap, Maple-Brown Abbott, Milford Asset Management, Cooper Investors, Leithner & Company, Investors Mutual Limited, Plato Investment Management, ClearBridge Investments, Contact Asset Management, Antipodes Partners, Australian Eagle Asset Management, Greencape Capital, Quest Asset Partners and Ralton Asset Management have invested in Woodside Energy Group Ltd (ASX:WDS).

What opportunities or catalysts do fund managers highlight for Woodside Energy Group Ltd?

Maple-Brown Abbott highlights a diversified, increasingly valuable portfolio at a reasonable valuation, and Solaris and Milford note leverage to higher oil prices during Middle East supply disruption.

What are the key risks to the Woodside Energy Group Ltd investment thesis, according to fund managers?

Alphinity rates Woodside a hold, and earnings remain sensitive to oil and LNG prices, which can fall quickly if geopolitical tensions ease.

What does Woodside Energy Group Ltd (ASX:WDS) do?

Woodside Energy Group Ltd., headquartered in Perth, Australia, and founded in 1954, explores, develops, and produces hydrocarbon, oil, and gas properties. The company operates through several key segments: North West Shelf (LNG, pipeline gas, condensate, LPG, and crude oil), Pluto (LNG development), Australia Oil (crude oil exploration and production), and Wheatstone (LNG, pipeline gas, and condensate). Additionally, the Development segment focuses on gas projects including Scarborough and Sangomar, while the Other segment manages exploration, international, and Sunrise Business Units. Woodside is a prominent energy company focused on integrated oil and gas operations.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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