Woodside Energy downgraded to Sell from Neutral at Citi

Citi downgraded Woodside Energy to Sell from Neutral with a price target of A$24.50, down from A$25, citing valuation following a recent rally off the lows, as well as updated views on the near-term trajectory for dividends and uncertainty on M&A. The firm sees the P&L being significantly levered and also assumes the DRP is utilized going forward, telling investors that with the macro quickly moving out of favor for oil prices and guidance on Sangomar likely by February, the levered P&L could see consensus downgrades over the next 6 months.