- In 2021 Worley announced a goal of deriving 75% of revenue from “sustainability” related projects by FY 2026.
- Financial reporting now includes “sustainability related revenue” in addition to aggregated revenue.
- An up trending share price hit the skids following the news of a payment dispute between Worley and an Ecuadorian state owned oil company.
Worley’s rebranding adopted a balancing acting between existing oil and gas infrastructure development and more sustainable sources such as wind, solar, and battery development.
Financial results since the move point to positive signs, with Full Year 2023 Financial Results showing growth in aggregated revenues of 21% when compared with FY 22 while revenues from “sustainability” related revenues grew 41%. Sustainability revenues are defined as revenues from decarbonization projects such as renewable and nuclear energy projects and resource stewardship projects such as recycling, metals recovery, and bio-based materials.
Worley’s dividend payments over the last five years have averaged at $0.44 per share with a five year average yield of 3.09%.
An analyst at Marcus Today has a Sell recommendation on Worley shares, pointing to investor reaction to the company’s dispute and potential ongoing legal proceedings with a state-owned enterprise in Ecuador and adding the “share price would remain under pressure, at least in the short term.”
The consensus rating of ten analysts ratings at Marketscreener.com is OUTPERFORM, with five analysts at BUY, one at OUTPERFPORM, two at HOLD and two at UNDERPERFORM.
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The Wall Street Journal is reporting an OVERWEIGHT rating with three analysts at BUY, two at OVERWEIGHT, one at UNDERWEIGHT, and one at SELL.
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