Shares of Woodside Petroleum remain suspended today pending the final details of their $2.5 billion equity raising.
The company has been clear that the majority of the fresh equity will be used to increase their stake in the Scarborough gas field in WA.
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Early reports from institutional brokers signal that the 1-for-9 rights issue at $27.00 is being filled without any hesitation.
As a point of reference, WTI crude oil closed $60.50 per barrel last night. The last time WPL shares traded at $27.00 per share, WTI was near $42.00.
Our ALGO engine triggered a buy signal for WPL on February 12th at $31.30. WPL was added to our Model Portfolio on June 6th at $31.05 per share.
WPL shares are expected to trade again on Monday the 19th.
Woodside Petroleum
