The Woodside Energy Group Ltd (ASX: WDS) share price has started the week in a positive fashion.
At the time of writing, the energy producer's shares are up over 2% to $39.04.
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Why is the Woodside share price pushing higher?
Investors have been bidding the Woodside share price higher today after oil prices surged higher on Friday night.
According to Bloomberg, the WTI crude oil price was up 5% to US$92.61 a barrel and the Brent crude oil price charged 4.1% higher to US$98.57 a barrel.
Traders were buying oil amid speculation that China could soon scrap its COVID zero policy. This sparked hopes that Chinese economic growth could get a big boost and put a rocket under most commodity prices.
Why aren't its shares rising more?
Unfortunately, the above speculation lasted little more than a day, with Chinese authorities reiterating that its policy is here to stay at the weekend.
This has led to oil prices pulling back on Monday during Asian trade. At the time of writing, the WTI crude oil price is down 1.6% to US$91.16 a barrel and the Brent crude oil price is down 1.2% to US$97.41 a barrel.
Are its shares buys?
The general consensus right now is that the Woodside share price is fully valued.
For example, Macquarie has a neutral rating and $33.10 price target and Morgans has a hold rating and $36.90 price target and . Morgans commented:
WDS is a high quality global-scale business, but recent share price strength, which has performed increasingly in excess of the oil price, has left the company appearing close to fair value. We maintain a Hold rating with a A$36.90 Target Price.
Even Citi, which has a buy rating, has a price target below the current Woodside share price at $38.80.
