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Macquarie analyst John Purtell said that while the war in Ukraine was causing macroeconomic uncertainty, it could lead to capital spending on energy projects being redeployed into other regions.
“Even with the energy transition and shift to sustainability, the world itself cannot wean itself off oil at a rate which would not need the level of investment that the majors are going to have to make,” he said.UBS analyst Nathan Reilly, who has a “buy” rating on Worley and a 12-month target price of $14.40 on its stock, is bullish, forecasting the company’s 2022 earnings before interest taxation deprecation and amortisation will rise by 18 per cent to $555 million.
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