7 Best ASX Stocks To Invest In Right Now

3. Woodside Energy (NYSE:WDS)

Number of Hedge Fund Investors in Q2 2024: 12  

Woodside Energy (NYSE:WDS) is a major player in the oil and gas sector and specializes in the exploration, development, and production of hydrocarbons. The company is a significant contributor to Australia’s energy industry and is set to expand its liquefied natural gas (LNG) business substantially. In July 2024, Woodside Energy (NYSE:WDS) acquired Tellurian, a Houston-based natural gas company to position itself as a key player in the LNG market.

The acquisition of Tellurian and its Driftwood LNG project, a 27.6 million tonnes per annum (mtpa) export facility which is expected to generate up to $11 billion in annual operating cash flow, along with the existing LNG portfolio, the company’s LNG capacity could exceed 40 mtpa, and will make Woodside Energy (NYSE:WDS) one of the largest LNG companies in the world.

Woodside Energy’s (NYSE:WDS) upcoming projects include the Scarborough LNG development, which is 67% complete and expected to deliver its first cargo by 2026, and the Trion oil project in the Gulf of Mexico which will start delivering oil in 2028, supports the company’s growth strategy and enables it to capitalize on the global transition to cleaner energy sources. In the second quarter, 12 hedge funds held positions in Woodside Energy (NYSE:WDS), with a total value of $99.19 million.