Insights

Why the Worley (ASX:WOR) share price is edging higher

The Worley Ltd (ASX: WOR) share price is edging higher today after the company announced a new contract win.
The post Why the Worley (ASX:WOR) share price is edging higher appeared first on The Motley Fool Australia. –

model construction workers working on increasing pile of coins, asx 200 building shares, boral share price

The Worley Ltd (ASX: WOR) share price is edging higher today. This comes after the company announced that it has won a contract for its Heartland Petrochemical Complex.

At the time of writing, the Worley share price is slightly higher — up 0.4% to $12.58.

Quick take on Worley

A leading global engineering company, Worley provides design and project delivery services, including maintenance, reliability support services and advisory services. The business operates in the energy, chemical and resources sector.

What is driving the Worley share price higher?

The Worley share price is picking up steam as investors digest the latest news from the company.

According to the release, Inter Pipeline awarded Worley with a master site services and supply contract for its Heartland Petrochemical Complex. Located in Alberta, Canada, the facility will start using locally acquired natural gas (propane) in converting up to 525,000 tonnes of polypropylene per year through propane dehydrogenation.

Polypropylene, a durable and heat-resistant and versatile plastic, is used in almost all modern industries. Examples include protection against corrosive chemicals in packaging, used to make lunch boxes or prescription bottles, car parts and accessories, as well as many more.

Under the agreement, Worley will provide an array of services at the newly constructed complex. This includes commissioning support, direct hire maintenance, small capital construction, turnaround, engineering and consulting expertise.

Worley’s Canadian team will manage the operations, backed by the company’s global integrated delivery team. The contract term is valid for a period of 3 years.

CEO commentary

Worley CEO Mr Chris Ashton welcomed the agreement, saying:

We are delighted that Inter Pipeline has chosen Worley to provide services for their Heartland Petrochemical Complex in Canada. The contract compliments Inter Pipeline’s commitment to sustainable practices and operational excellence and Worley’s strategic focus on sustainability and delivering a more sustainable world.

Worley share price snapshot

Moving on an upwards trajectory, the Worley share price is 171% higher than its $4.63 low reached in March 2020. Although, when looking at a 1-year return, the company’s shares are down 21%.

On current prices, Worley has a market capitalisation of $6.5 billion and a price-to-earnings (P/E) ratio of 38.2.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

Motley Fool contributor Aaron Teboneras 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 Bruce Jackson.

The post Why the Worley (ASX:WOR) share price is edging higher appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!