The Woodside Energy Group Ltd (ASX: WDS) share price doesn't seem to be enjoying the gains of the broader market so far this Wednesday.
While the S&P/ASX 200 Index (ASX: XJO) is up a decent 0.65% so far this session, Woodside shares have gone the other way. The ASX 200 energy stock is currently nursing a loss of 0.66%, putting the company at $30.95 a share.
This latest drop is just the latest bad day in what has become a rough few months for the oil and gas giant.
It was only back in August that the Woodside share price was riding high at over $39 each (a new 52-week high at the time). But as global oil prices have taken a dive in the subsequent months, so too have Woodsie shares. At today's pricing, the company has lost more than 20% since those August highs.
With that in mind, some investors might be tempted to go out and buy Woodside shares today. After all, we're all told to 'buy low' when it comes to investing. Plus, picking up shares of energy companies like Woodside during oil price slumps has often been a lucrative strategy in the past.
So should you be rushing to pick up Woodside shares at under $31 each today?
Is the Woodside share price a buy under $31 a share?
One ASX expert thinks the answer is a definitive 'yes'. As reported by The Bull recently, Michael Gable of Fairmont Equities has named the company as a buy, citing "a bright outlook for crude oil" as the primary reason:
We continue to retain a bright outlook for crude oil. Supply constraints and increasing global demand should elevate energy prices. Woodside shares are attractive at these levels. The share price chart also indicates strong support at current prices. The shares have fallen from $36.88 on October 18, 2023, to trade at $30.43 on January 18, 2024.
But Gable isn't the only expert who is seeing value in Woodside.
Earlier this month, my Fool colleague James covered the views of ASX broker Goldman Sachs on Woodside. Goldman has rated Woodside as a buy, giving the company a 12-month share price target of $36.30.
The broker stated that it sees "long-term value in WDS" and also expects rising dividends from the company.
As such, it seems that two ASX brokers are seeing significant value in the Woodside share price at under $31. But only time will tell if they're on the money here.
