Worley (ASX:WOR) share price dips lower despite positive news

The Worley Ltd (ASX: WOR) share price is dipping lower today, despite the company winning a new contract. Let’s take a look.
The post Worley (ASX:WOR) share price dips lower despite positive news appeared first on The Motley Fool Australia. –

A dog looks confused and a little sad, indicating a dip in share price movement

Worley Ltd (ASX: WOR) shares are dipping lower today, despite the company winning a new contract.

During early afternoon trade, the global engineering company’s shares are down 0.5% at $12.74. The Worley share price did reach positive territory earlier on, recording an intraday high of $12.98.

What did Worley announce?

The Worley share price has been see-sawing today after investors appear mixed on the company’s latest release.

In its announcement, Worley advised that it has been awarded a contract from Schering-Plough Animal Health Limited, also known as MSD Animal Health.

MSD Animal Health is a division within the 125-year-old global pharmaceutical company, MSD. The former which provides veterinary services and digital solutions such as identification and monitoring technologies.

Terms of the deal

Under the contract, Worley will deliver procurement and construction services to upgrade the animal vaccine plant in Upper Hutt, New Zealand.

The project is expected to be completed over a 4-year period, in which Worley’s New Zealand team will take charge.

No further details were provided by Worley in terms of revenue generation and any related provisions.

Words from the CEO

Worley CEO Chris Ashton, welcomed the partnership, saying:

As a global professional services company headquartered in Australia, we are excited to be involved in this project with MSD Animal Health in New Zealand. It is a natural extension to the diverse professional and field services we offer to complex chemical and processing industries around the world.

How has the Worley share price performed?

Since its March lows last year, the Worley share price has gradually gained traction to come within sights of its pre-COVID highs.

While this time last year, its shares were hovering around the $16 mark, Worley has been making gains. From November, the company’s shares have risen more than 30%, reflecting positive investor sentiment.

If the Worley share price can climb another 20%, its shares will be where they started in the beginning of 2020.

Based on the current share price, Worley commands a market capitalisation of $6.6 billion.

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 Worley (ASX:WOR) share price dips lower despite positive news 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!