Australia's Worley rises; Jefferies sees upside in outlook
ReutersMay 20, 2025 4:42 AM
Shares of Worley WOR.AX rise 0.6% to A$12.99
Earlier in the session, stock hit its highest level since April 4
Jefferies sees backlog for the engineering firm to continue to improve as remainder of CP2 project converts from the factored sales pipeline
Worley holds engineering, procurement, construction contract for North American Venture Global's CP2 LNG project
Brokerage sees an increase in overall headcount to ~50k from ~47k in December as positive indicator
Jefferies' FY26 EBITA estimate sits 5% below consensus given more cautious outlook on upstream capex projects and the phasing of CP2 project
Stock trims YTD losses to 5.2%
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