The oil price has lifted from its April low, benefiting from a lift in sentiment as a result of reduced supply and the lifting of mobility restrictions.
Meanwhile, oil stocks have rallied up to 70% from the lows earlier in the year. UBS lifts Woodside Petroleum’s price target to $26.00 from $22.64 on the improving sentiment. Buy rating maintained.
Target price is $26.00.Current Price is $22.67. Difference: $3.33 – (brackets indicate current price is over target). If WPL meets the UBS target it will return approximately 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).