Woodside Energy Group Ltd (ASX: WDS) shares closed in the red on Thursday afternoon.
The shares ended the day down 1.3% at $28.03 a piece.
It looks like the latest decline is a mix of oil price weakness and an overall sentiment slump across the sector.
The oil and gas giant's shares are now down around 22% from a three-year high of $35.80, recorded in early-April this year.
But thanks to a strong rally earlier in the year, the shares are still around 18% higher than 12 months ago.
For context, the S&P/ASX 200 Index (ASX: XJO) is around 1.5% higher than 12 months ago, at the time of writing.
So, if I invested $5,000 in Woodside shares 6 months ago, what would they be worth now?
On the first day of trading in 2026, Woodside shares sold for $32.82 a piece. That's around 18% lower than the share price at the time of writing.
That means, if you'd invested $5,000 in Woodside shares on the first day of trading in 2026, you'd be sitting on closer to $5,900 today.
Can the oil and gas giant's shares keep climbing?
The experts are divided about the outlook for Woodside shares over the next 12 months.
Market Index data shows that most brokers have a buy rating on the shares. The average $22.19 target price implies a potential 17% upside at the time of writing.
Analysts on TradingView are more reserved. Out of 14 analysts, half have a hold rating, another five have a buy or strong buy rating and two rate Woodside shares as a sell or strong sell.
The $32.81 average target price implies a potential 17% upside, at the time of writing. But some are very bullish and think Woodside shares could rocket another 63% to $45.42 over the next 12 months.
Fairmont Equities has a buy rating on the ASX energy share. The broker believes that Woodside's shares have been oversold recently, creating a buying opportunity for investors. It expects tighter crude oil supplies to lead to higher prices moving forward. And as the biggest oil stock on the ASX, Woodside is expected to attract investors when sentiment around the oil price starts shifting.
Niv Dagan from Peak Asset Management has a hold rating on the stock. Dagan said that while the energy giant continues to execute strongly, quarterly production has been affected by seasonal weather events.
Mark Gardner from MPC Markets is more bullish and has a buy rating on Woodside shares. He doesn't think the market is fully pricing in the production uplift from the company's major growth projects.
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Motley Fool contributor Samantha Menzies has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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