Woodside Energy Group Ltd (ASX: WDS) shares are shaking off the broader market malaise today and pushing higher.
Shares in the S&P/ASX 200 Index (ASX: XJO) oil and gas stock closed yesterday trading for $31.42. In late morning trade on Tuesday, shares are swapping hands for $31.46 each, up 0.1%.
For some context, the ASX 200 is down 0.3% at this same time.
Woodside is managing to outperform today despite an overnight drop in the oil price spurred by speculations of a potential détente in the Middle East conflict. The Brent crude oil price is currently at US$87.70 per barrel. That's down sharply from the US$100.69 per barrel Brent crude oil was fetching on Friday.
Taking a step back, Woodside shares have smashed the benchmark in 2026, gaining 33.0% since 2 January. That compares to 1.7% year to date gain posted by the ASX 200.
Atop those strong capital gains, eligible stockholders will also have received the 83.5 cent per share fully franked Woodside dividend on 27 March.
Which brings us back to headline question.
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Are Woodside shares still a good buy today?
Fairmont Equities' Michael Gable recently analysed the outlook for the Aussie oil and gas giant (courtesy of The Bull).
"I have previously recommended this major oil and gas producer as a buying opportunity," Gable said.
He noted:
The US strategic petroleum reserve was recently at a 43-year low, so, in my view, it will be difficult to keep a lid on crude oil prices. As the biggest energy stock on the ASX, we expect buying support to continue increasing for WDS.
Despite his bullish outlook on Woodside shares, Gable issued a hold recommendation following on the strong recent share price gains.
"The shares responded to the recent escalation in the Middle East conflict. Upwards momentum has seen the shares increase from $27.43 on June 25 to trade at $31.86 on July 23," he concluded.
How about this surging ASX uranium stock instead?
While Gable placed a hold recommendation on Woodside shares for now, he issued a buy recommendation for ASX uranium stock Cauldron Energy Ltd (ASX: CXU).
Cauldron Energy shares are up 6.9% at time of writing, trading for 15.5 cents apiece. That puts the share price up an eye-popping 1,450% since this time last year.
And Gable expects more outperformance ahead.
"CXU is a uranium explorer in Western Australia," he said. "I remain bullish about the long-term prospects for uranium."
According to Gable:
In late April, Cauldron was awarded two EIS (exploration incentive scheme) co-funded grants of up to $217,750 by the Western Australian Government for uranium exploration at its Yanrey project. On July 22, the company announced a drill campaign had returned high grade uranium results at the Manyingee north deposit, extending known mineralisation to the north and south.
The shares have risen from 4 cents on June 2 to trade at 16 cents on July 23. If the uranium mining ban in Western Australia is lifted and uranium prices increase, Cauldron's share price could be significantly re-rated.
