The Woodside Energy Group Ltd (ASX: WDS) share price has been a disappointing performer again in 2025.
Year to date, the energy giant's shares have lost approximately 7% of their value.
This compares unfavourably to a gain of 7% by the benchmark ASX 200 index over the same period.
But what is next for the Woodside share price? Let's take a look at what analysts are forecasting for its shares in 2026.
Where next for the Woodside share price?
The good news is that most brokers believe that the company's shares are undervalued at current levels. Though they are not necessarily urging investors to hit the buy button just yet.
For example, the team at Macquarie Group Ltd (ASX: MQG) has put a neutral rating and $25.00 price target on its shares.
Based on its current share price of $23.27, this implies potential upside of 7% for investors over the next 12 months.
Commenting on Woodside, the broker said:
Sangomar oilfield has performed exceptionally well over its first 5 quarters – we now include 50% risking for a Phase 2 project (was 0%). Scarborough project tracking well for 2H26 start. However, we are concerned that deteriorating gas markets in 2027-28 will hurt sentiment as WDS progresses the 28mtpa largely uncontracted US LNG project.
Our CY25e/26e EPS are -6%/-2% on lower LNG prices, partly offset by lower opex. CY27e/28e EPS are +5%/ +10% on lower taxes (income tax & PRRT). Our 12-month TP is +4% to 25.00/sh as we include Sangomar Phase 2 (still based a 50/50 weighting to SOTP DCF and EV/EBITDA multiple approach).
Elsewhere, analysts at Morgan Stanley, Citi, and Ord Minnett have the equivalent of hold ratings on Woodside's shares with price targets of $27.00, $25.50, and $25.00, respectively. This suggests that upside of 7.5% to 16%.
Bullish broker
There is one broker out there that is particularly bullish and sees potential for some very big returns for investors in 2026.
A recent note out of Morgans reveals that its analysts have a buy rating and $30.60 price target on Woodside's shares.
If Morgans is on the money with its recommendation, then it would mean a massive 31% return for investors from current levels.
And let's not forget the dividends.
The market is expecting a fully franked dividend of approximately 89 cents per share from Woodside in FY 2026.
This represents an attractive 3.8% dividend yield.
