Macquarie raises Woodside stock target to A$32.90

Published on 10/01/2026 at 14:10 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue hit USD 7.446 billion, up 13.00 percent in the first half of 2026. Woodside, behind Woodside stock, targets LNG cargo in the fourth quarter of 2026.

Woodside, AU000000WDS3, Illustration mit AI erstellt.

Macquarie raised its Woodside stock target by 1.50 percent to A$32.90 on September 30, 2026, citing stronger oil and LNG price forecasts, according to TradingView. The broker kept a neutral rating while identifying Scarborough as a major swing factor for second-half production.

Scarborough sets the next test

Woodside has signaled that Scarborough could ship its first liquefied natural gas cargo between October and December 2026. Macquarie forecasts 900,000 tons of Scarborough LNG production in the fourth quarter, according to TradingView.

The project was 98.00 percent complete at the end of the first half of 2026, while Trion stood at 64.00 percent and Louisiana LNG at 28.00 percent, according to The Globe and Mail. Those milestones make project execution more important than a simple commodity-price narrative.

Cash flow supports the projects

Woodside reported operating revenue of USD 7.446 billion in the first half of 2026, up 13.00 percent from the prior corresponding period. Underlying net profit after tax reached USD 1.334 billion, up 7.00 percent, according to Fool Australia.

Free cash flow rose 159.00 percent year over year to USD 352.00 million, while total production fell 13.00 percent to 86.5 million barrels of oil equivalent in the first half of 2026. The contrast matters: higher realized prices supported earnings even as production volume declined.

Production remains the next benchmark

Woodside's 2026 half-year update also set a structural cost reduction target of USD 350.00 million per year from 2028 and reported gearing of 20.60 percent at June 30, 2026, according to The Globe and Mail. For the company, Scarborough's delivery timetable now links project progress directly to future production growth and cash generation.