Business
This broker reckons Woodside Petroleum (ASX:WPL) shares are a screaming buy today
Woodside Petroleum Ltd (ASX: WPL) shares have not had a good year. Backtrack to the dawn of 2020, and Woodside shares were flying high, going for around $36 a share. But 2020 has ravaged the oil industry, and Woodside is the ASX’s largest pureplay oil company. Between January and March, Woodside shares went from more than $36 to a low of $14.93 – a level that the company hadn’t seen since 2004.
Today, Woodside has recovered somewhat but is still trading for $21.69 at the time of writing. Even at this share price, you’d have to go back to 2005 or so to find another period of similar valuation.
Black gold no more
So why is this company at multi-decade lows? Well, it’s all about the oil. Woodside is a commodity company –…
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