MARKETS SPECTATOR: Woodside payday

Citigroup analyst Mark Greenwood says the mining stock’s payout ratio makes it a ‘buy’.

Citigroup says Woodside Petroleum shares are now a “buy” because the oil and gas explorer and producer plans to pay out 80 per cent or more of its net profit beyond 2020.

“We think an 80 per cent payout was feasible in this scenario to 2016 whilst maintaining an investment grade credit rating and peak gearing, net debt plus equity, below 35 per cent,” writes analyst Mark Greenwood in a research note.

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