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Pin to quick picksWood Group (J) Share News (WG.)

Share Price Information for Wood Group (J) (WG.)

London Stock Exchange
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Share Price: 185.60
Bid: 187.00
Ask: 188.20
Change: -15.00 (-7.48%)
Spread: 1.20 (0.642%)
Open: 199.90
High: 211.80
Low: 184.10
Prev. Close: 200.60
WG. Live PriceLast checked at -

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Berenberg downgrades Wood Group after outperformance

Fri, 31st Mar 2023 14:47

(Sharecast News) - Berenberg downgraded Wood Group on Friday to 'hold' from 'buy' following recent outperformance, as it lifted its price target to 200p from 165p due to "the improved outlook", but said near-term risks are somewhat balanced.

The bank said Wood Group's annual results earlier this week were broadly in line with January's trading statement but with a significant operating loss driven by $542m of impairments.

Management reiterated the expectations presented at November's capital markets day (CMD), targeting mid- to high single-digit EBITDA growth in 2023, with materially lower exceptional cash payments in 2024/25, it said.

"This outlook is supported by a backlog for delivery this year up by 10% yoy and headcount up by 8% yoy, which point to high single-digit revenue growth in 2023, ahead of current consensus," Berenberg said.

It noted the share price is up 33% since the approach from Apollo Global Management became public on 22 February, with further 15% upside from the latest offer from Apollo at 237p a share.

"If no deal is agreed, however, the shares may give up some of their gains, particularly given the recent sell-off in the broader oil-services sector," Berenberg said.

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3 Jul 2023 08:40

TOP NEWS: John Wood wins USD250 million Brunei contract extension

(Alliance News) - John Wood Group PLC on Monday said it was awarded a two-year contract extension by Brunei Shell Petroleum Co.

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3 Jul 2023 07:46

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3 Jul 2023 07:33

Wood Group secures $250m contract extension in Brunei

(Sharecast News) - Wood Group said on Monday that it has secured a $250m contract extension from Brunei Shell Petroleum, Brunei's largest energy producer.

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14 Jun 2023 14:58

Petrofac Ithaca, Wood Group workers to resume North Sea strike

June 14 (Reuters) - British union Unite said on Wednesday that North Sea offshore oil and gas workers employed by Petrofac on the FPF1 platform, and by the Wood Group UK Limited on TAQA platforms will resume strike action over pay next week.

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14 Jun 2023 14:21

Petrofac Ithaca, Wood Group workers to resume strike action, Unite says

June 14 (Reuters) - British union Unite said on Wednesday that offshore workers employed by Petrofac on the FPF1 platform, and the Wood Group UK Limited on TAQA platforms will resume strike action next week.

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19 May 2023 14:54

John Wood investor Sparta Capital calls for buyback again

(Alliance News) - John Wood Group PLC should announce a share buyback programme to reverse its "material undervaluation", a shareholder said on Friday.

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15 May 2023 12:11

Wood Group shares sink after Apollo abandons 1.7 bln pound bid

May 15 (Reuters) - Shares in John Wood Group were on track for their biggest one-day drop on record on Monday after U.S.-based Apollo Global Management said it would not proceed with a takeover of the British engineering services firm on its fifth attempt.

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