The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

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

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

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 152.00
Bid: 151.80
Ask: 152.10
Change: 0.00 (0.00%)
Spread: 0.30 (0.198%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 152.00
WG. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Wood Group slumps on Canaccord downgrade

Tue, 15th Mar 2016 09:35

(ShareCast News) - Wood Group shares slumped on Tuesday after Canaccord Genuity cut its stance on the stock to 'sell' from 'hold', saying the stock was overvalued following the recent outperformance.It said the company's full year results were broadly in line with existing consensus and although the group did not provide any formal guidance, the outlook for this year remains reasonably positive, with earnings likely to be down no more than 25% despite the major industry downturn.The brokerage said it was surprised to see the dividend lifted as much as 10%."On the current trajectory, payout will reach 53% (on adjusted diluted EPS) this year. After many years of above-sector dividend growth we think this source of performance is now exhausted," it said.Canaccord upped its price target on the stock to 575p from 550p to reflect the broader sector rally but said the current share price does not fairly reflect Wood Group's relative merits.It pointed out that while the majority of Wood Group's US activity is in operations and maintenance, and a growing chunk is outside upstream oil & gas entirely, the group still has a much greater exposure to US rig counts than its UK listed peers, with the exception of Hunting."In this context we find it surprising that the stock has been so resilient year-to-date, as US rig counts have been uniformly negative, reaching post-1940s lows in the past two weeks and looking likely to plumb fresh depths."In addition, Canaccord said its recent visits to Aberdeen confirm the very poor outlook for the UK North Sea. Although Wood Group's international upstream activities offer some short-term resilience, there is less certainty in the medium-term.At 0942 GMT, Wood Group shares were down 5% to 618.50p.
More News
7 Mar 2023 11:12

Forget Powell: focus on inflation inputs

STOXX 600 up 0.2%

*

Read more
7 Mar 2023 10:55

Banks surge ahead in 2023

STOXX 600 up 0.2%

*

Read more
7 Mar 2023 10:05

TOP NEWS: John Wood shares up as rejects new Apollo takeover approach

(Alliance News) - John Wood Group PLC on Tuesday said it has rebuffed a fourth proposal for a takeover by Apollo Global Management Inc.

Read more
7 Mar 2023 09:45

Britain's Wood Group may reject $1.98 bln Apollo buyout proposal

March 7 (Reuters) - John Wood Group said it may reject a sweetened 1.64 billion pound ($1.98 billion) buyout proposal from private-equity firm Apollo Global Management Inc , as it still undervalued the British oilfield services and engineering company.

Read more
7 Mar 2023 08:56

LONDON MARKET OPEN: European markets subdued before Fed testimony

(Alliance News) - London's equities got off to a lukewarm start on Tuesday, as investor caution prevailed ahead of policy commentary by the head of the US central bank.

Read more
7 Mar 2023 07:49

LONDON BRIEFING: UK house prices rise; John Wood gets 4th Apollo bid

(Alliance News) - Stocks in London were called to open flat on Tuesday, with the market focusing on US monetary policy.

Read more
7 Mar 2023 07:44

Wood Group rejects fourth takeover approach from Apollo

(Sharecast News) - Wood Group said on Tuesday that it was 'minded to reject' a fourth takeover approach from Apollo Global Management as it undervalues the business.

Read more
23 Feb 2023 17:10

FTSE 100 slips as ex-dividend trades weigh, Rolls-Royce soars

Rolls-Royce jumps on upbeat forecast

*

Read more
23 Feb 2023 17:00

LONDON MARKET CLOSE: FTSE 100 struggles, but European peers rise

(Alliance News) - Stock prices in London closed mixed on Thursday, with blue-chips ending in the red on renewed concerns of higher rates in the US, as well as a host of stocks going ex-dividend.

Read more
23 Feb 2023 13:52

AI could be the 'new gold' and Nvidia the largest 'miner'

STOXX 600 up 0.2%

*

Read more
23 Feb 2023 12:00

LONDON MARKET MIDDAY: FTSE 100 underperforms as rate worries weigh

(Alliance News) - Stock prices in London were largely higher at midday on Thursday, though the FTSE 100 was in the red as the more globally-focused index lamented interest rates in the US will likely keep pushing higher.

Read more
23 Feb 2023 11:56

Sell side sees 2-19% upside for top euro zone banks

STOXX 600 up 0.18%

*

Read more
23 Feb 2023 11:35

U.S. housing market flashes red recession signals

STOXX 600 up 0.1%

*

Read more
23 Feb 2023 09:59

STOXX gets tech support

STOXX 600 up 0.1%

*

Read more
23 Feb 2023 09:02

LONDON MARKET OPEN: Mixed open in London; Rolls-Royce up, Mondi down

(Alliance News) - Stock prices in London opened mixed on Thursday, with large-cap indices underperforming amid mixed corporate earnings.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.