WDS traded ex-dividend $US1.09 fully franked last week but encouragingly it continues to push towards fresh 3-year highs, as we alluded to earlier a great result considering crude oil is ~25% below its May high. At this stage, we remain bullish looking for another ~10% upside unless severe recession concerns raise their head again.
- We are now net bullish crude oil looking for 10% upside which is a great read-through for WDS.
- However as we saw last night with oil falling almost 4% and the Energy Sector -2.5% it’s likely to be a volatile journey.
MM remains bullish targeting the $37-8 area
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