Woodside Petroleum released a "soft" quarterly production update, comments UBS, with a -23% hit to total 2P reserves at Wheatstone the negative stand-out.

The broker points out the risk is Wheatstone could require accelerated development capex to help maintain current production rates.

All-in-all, UBS has cut its valuation by -4.5% to generate a new price target of $25.40 (down from $26.60). Buy rating retained.

Sector: Energy.

Target price is $25.40.Current Price is $23.27. Difference: $2.13 - (brackets indicate current price is over target). If WPL meets the UBS target it will return approximately 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

© 2021 Acquisdata Pty Ltd., source FN Arena