Institutional Insights - WorleyParsons Limited (ASX: WOR)
Every week we publish a collection of investment opportunities for our clients and give our expert opinion and analytics about the Equity Markets.
Our Equities Trader, Malcolm Kazal, talking about WorleyParsons Limited (ASX: WOR).
Worley is an Australian engineering company that provides project delivery and consulting services to the resources and energy sectors with a key drive in sustainability.
WOR's most recent presentation demonstrates a constant flow of new contracts generated (almost two per month), subsequently allowing businesses to grow rapidly.
Worley's most compelling award win as of late has been the Netherlands 'green hydrogen hub' by Shell.
It supports the development of a new 200-megawatt electrolysis-based hydrogen plant in Rotterdam, Netherlands.
Once completed, this plant is set to be one of the largest commercial facilities in the world.
The Group's diverse activity within the industry has allowed it to grow continuously as it moves towards sustainability accounting for the largest proportion of its revenue.
The recent presentation released to the market is in-depth and focuses directly on the sustainability sector and the Company's plans to capitalise on it quickly and effectively.
Additionally, WOR has been underperforming its US counterparts Halliburton and Schlumberger who have been pushing out in line with the recent oil price moves.
Technically, WOR has broken through upside resistance today and we expect an aggressive move toward $13.00 + in the coming weeks.
BPC has seen strong buying in the name over the past 3 sessions.
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