Woodside Energy Group (ASX:WDS) is back in focus after its 24 August 2026 half year earnings release and a declared interim dividend of US$0.57 per share for the June 30 reporting period.
Despite the dividend announcement and solid half year earnings, Woodside Energy Group's recent share price momentum has cooled, with the 1 day share price return down 3.27% and the 7 day share price return down 4.86%. This is in contrast to the year to date share price return of 34.91% and the 5 year total shareholder return of 130.69%.
Compare Woodside Energy Group's latest move with other large resource players by scanning the 32 elite gold producer stocks that could benefit if energy and commodities sentiment stays in focus.
After a strong run for Woodside Energy Group and a softer reaction to its latest dividend and earnings, the key tension now is simple: Is the bigger share price move already behind it, or does the current valuation still leave room for upside ahead?
Most Popular Narrative: 12.8% Undervalued
The latest narrative fair value of A$36.60 sits above Woodside Energy Group's last close at A$31.92. This puts its current pullback in an interesting light.
At A$36.602 per share, Woodside Energy Group (ASX: WDS) appears reasonably valued based on its existing operations and near-term production growth. Woodside reports in US dollars and recorded 2025 operating revenue of US$12.9 billion, underlying profit of US$2.65 billion and earnings of US$1.43 per share. Using an assumed exchange rate of US$0.70 per Australian dollar gives earnings of approximately A$2.04 per share and a P/E ratio of around 18 times.
That narrative leans on record output, sizeable free cash flow and a specific earnings multiple to back its fair value. Curious which production milestones and margin assumptions really move the dial on that A$36.60 figure? The full narrative lays out those building blocks in a way the current share price does not.
According to Jamesiskindacool, the fair value hinges on Woodside Energy Group's existing asset base plus a measured contribution from projects already under construction, rather than blue-sky future LNG options. The narrative also bakes in a clear stance on how much earnings power and cash generation those producing and near producing assets can support over time. This is what leads to the A$36.60 view against today's A$31.92 trading level.
Result: Fair Value of A$36.60 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, Woodside Energy Group still faces clear risks if oil and gas prices soften, or if Scarborough, Pluto Train 2 and other key projects hit cost or timing setbacks.
Find out about the key risks to this Woodside Energy Group narrative.
Next Steps
If this Woodside Energy Group story seems finely balanced, with both risks and rewards in play, consider acting promptly and reviewing the detail for yourself. To see both sides set out clearly, start with these 3 key rewards and 2 important warning signs
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include WDS.AX .
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