10 Best Long Term ASX Stocks to Buy Now

3) Woodside Energy Group Ltd (NYSE:WDS)

Number of Hedge Fund Holders: 8

Woodside Energy Group Ltd (NYSE:WDS) is engaged in the exploration, evaluation, development, production, and marketing of hydrocarbons. BofA Securities analyst Matt Chalmers upgraded the company’s stock from “Neutral” to “Buy.” The upgrade stemmed from revised oil price forecasts by BofA’s Commodity Strategy team, which anticipates Brent crude oil to average $75 per barrel in 2025 and $73 per barrel in 2026. The team’s outlook has changed as a result of delays in OPEC+ production increases and new US Treasury sanctions on Russia.

Therefore, the anticipations shifted from an expected market surplus in 2025 to a tighter market. Notably, the West Texas Intermediate (WTI) crude oil prices are also expected to be around $71 per barrel this year and $69 per barrel in 2026. Therefore, the upgrade of Woodside Energy Group Ltd (NYSE:WDS)’s stock showcased higher oil price assumptions. The company and Chevron have decided to do an asset swap under which Woodside Energy Group Ltd (NYSE:WDS) will acquire Chevron’s interest in the North West Shelf (NWS) Project, the NWS Oil Project, and the Angel Carbon Capture and Storage (CCS) Project, and transfer all of its interest in both the Wheatstone and Julimar-Brunello Projects to Chevron.

Notably, the transaction simplifies Woodside Energy Group Ltd (NYSE:WDS)’s portfolio and improves its focus and efficiency by consolidating its position in the operated LNG assets. Furthermore, the transaction is immediately cash flow accretive and consists of a cash payment upon execution and completion.