In 2022, BHP sold its 38 million WDS shares for $1.1bn; the stock was left over from the WDS-BHP merger for investors outside of Australia who were ineligible to own. Today, buyers are down around 18% on the purchases before dividends as the oil price weighs on WDS and the energy sector. This wasn’t the first time WDS has been involved in block trades, with Shell exiting the register in 2017 with a block of $1.2bn and $2.3bn, respectively.
- We believe that WDS is “looking for a low,” but with a potential washout in crude oil, we wouldn’t be buying just yet.
MM is cautiously bullish WDS into new lows
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