10 Best ASX Stocks to Buy According to Hedge Funds

4. Woodside Energy Group Ltd (NYSE:WDS)

Number of Hedge Fund Holdings: 8

Woodside Energy Group Ltd (NYSE:WDS) is Australia’s largest independent oil and gas company, engaged in the exploration, development, production, and marketing of hydrocarbon products. The company’s portfolio includes liquefied natural gas (LNG) projects, offshore gas and oil facilities, and renewable energy initiatives. Woodside Energy Group Ltd (NYSE:WDS) supplies energy to customers globally, including major utilities and industrial users, and is committed to developing sustainable energy solutions.

Woodside Energy Group Ltd’s (NYSE:WDS) growth strategy has reached a major milestone with the Louisiana LNG project, a key liquefied natural gas export facility located on the U.S. Gulf Coast. Following a $1.2 billion acquisition of Tellurian, Woodside Energy Group Ltd (NYSE:WDS) now fully owns the project, which has a potential production capacity of 27.6 million metric tons per year. The company is also waiting for a final investment decision (FID) for the Louisiana LNG project by the end of Q1 2025. If approved, construction will begin shortly after, with production expected to start in 2028.

To advance the project, Woodside Energy Group Ltd (NYSE:WDS) has entered into a revised engineering, procurement, and construction (EPC) contract with Bechtel, a globally recognized engineering firm. The contract is focused on the foundational development of the project’s three production trains, with an estimated forward cost ranging from $900 to $960 per ton of LNG.