Australia's Woodside Energy slips; Jarden lifts TP on Louisiana LNG project stake sale plans

Shares of Australia's Woodside Energy Group WDS.AX down 5% at A$23.37

Stock tracks the energy sub-index, which is down 5.1%

Jarden lifts its target price for Woodside Energy to A$26.10 from A$25.60

Brokerage says selling more of its stake in the Louisiana LNG LLC (project) would strengthen WDS' balance sheet and improve its overall project returns

Jarden says due to the low internal rate of return (IRR) of the project, an equity sell-down stake will increase WDS' overall return on its investment, cut its net debt, and reduce future investment expenditure

Brokerage says co should prioritize risk mitigation in the near term via equity divestment, securing gas supply, and firming LNG contracts

Five of 14 analysts rate the stock "buy", and nine rate "hold"; their median price target is A$25.55, as per data compiled by LSEG

YTD, stock down 5%