The Woodside Energy Group Ltd (ASX: WDS) share price is having a tough day.
At the time of writing, the energy giant's shares are down 3.5% to $35.
This latest decline means that Woodside's shares are down 8.5% since this time last month.
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Why is the Woodside share price falling today?
Investors have been hitting the sell button today after oil prices pulled back overnight.
According to Bloomberg, the WTI crude oil price was down 2.4% to US$88.60 a barrel and the Brent crude oil price was down 1.9% to US$90.47 a barrel. The selling has continued in Asian trade, with both benchmarks edging further into the red on Tuesday.
This has been driven by a combination of profit-taking after some strong gains recently and concerns about global economic growth. The latter has been sparked by expectations that interest rates will now be higher for longer due to sticky inflation.
It isn't just the Woodside share price that is falling today. Here's how other energy shares are performing:
- The Beach Energy Ltd (ASX: BPT) share price is down 4.5%
- The Karoon Energy Ltd (ASX: KAR) share price has fallen 4%
- The Santos Ltd (ASX: STO) share price is down 4%
Should you buy Woodside shares?
Most brokers are currently lukewarm on the Woodside share price despite its recent decline. For example, Citi, Goldman Sachs, Macquarie, and Morgans all have the equivalent of neutral ratings on its shares with price targets ranging from $33.00 to $37.60.
One broker that is more positive is Morgan Stanley. It currently has an overweight rating and a $40 price target on its shares. This implies a potential upside of almost 14% for investors from current levels.
