Energy shares are absolutely buoyant at the moment.
Thanks to skyrocketing oil prices and embargoes on Russian supplies, companies producing the valuable commodity that all parts of the economy need are having a fine time.
Shares for Australia's Woodside Petroleum Limited (ASX: WPL) have thus jumped an amazing 45.9% for the year so far.
In fact, the stock was the third best performing ASX share in the first quarter, gaining 46.4% in the three months to 31 March.
The company produces both oil and gas, so it's no wonder.
But despite the massive uptick, one expert would still buy Woodside shares if the price was right.
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Aussie gas is probably too far to send to Europe, but…
Shaw and Partners portfolio manager James Gerrish told his Market Matters newsletter that out of all the gas producers, he would buy Woodside if the price fell back to a certain point.
"We like the majors and will buy Woodside Petroleum Limited if it pulls back below $30."
The stock closed Monday at $33.02.
Many European nations have an energy shortfall after discontinuing their Russian imports.
Australian gas producers, according to Gerrish, can't directly take advantage of that situation but will cash in indirectly.
"The distance for Australian suppliers is too great in our view," he said.
"However, higher demand from Europe puts upward pressure on gas in Asia. That supply can head north and we backfill the Asian void."
According to CMC Markets, analysts are somewhat divided on Woodside.
Out of 16 experts surveyed, eight rate the stock as a "strong buy" and three as a "moderate buy". However, there are four who are neutral and one who's recommending a sell.
Woodside shareholders haven't just enjoyed excellent capital growth in recent months. The stock also gives out a 5.66% dividend yield.
The company, founded in 1954, is headquartered in Perth, employing about 3,600 people around the world.
