APA Group, QBE Insurance, Woolworths shares reach 52-week highs: Is there any upside left?

APA Group Ltd (ASX: APA), QBE Insurance Ltd (ASX: QBE), and Woolworths Group Ltd (ASX: WOW) shares closed at 52-week highs on Wednesday afternoon.

Here's what has happened to the ASX shares, and what brokers expect next.

APA Group shares

APA Group shares climbed another 1% on Wednesday, closing at $11.57. That's the highest trading price the shares have changed hands at since August 2022. APA Group shares are now up 28% for the year to date, at the time of writing.

There's no price-sensitive news to explain the latest rally. It's most likely that the increases this week are a continuation of positive sentiment following the company's announcement in late-September.

APA announced, in a note to the ASX, execution of full form agreements with CS Energy to acquire a majority ownership stake in the Brigalow Peaking Power Plant. Brigalow is a 400MW gas power station next to CS Energy's Kogan Creek Power Station near Chinchilla, Queensland.

The total cost of the project is expected to be $1,269 million and on completion. APA will own 80%, contributing approximately $1.015 million, funded from existing balance sheet capacity. CS Energy will operate and maintain the plant and retain a 20% ownership interest.

APA said the project will generate returns supported by an inflation-linked, 25-year hedge offtake agreement with CS Energy. This limits APA's exposure to wholesale electricity prices associated with the operation of the plant. 

Investors were clearly thrilled with the news and its share price has jumped around 9% since the announcement.

Experts are more reserved and it looks like there could be concerns that the shares have run past fair value. TradingView data shows sentiment is mainly split between a hold and sell/strong sell rating at five analysts each. A further two rate the stock as a strong buy. 

The average $9.77 target price implies a downside of around 16% at the time of writing.

QBE Insurance shares

QBE Insurance shares closed the day around 0.5% higher on Wednesday, at $26.02 a piece, which is the highest closing price the stock has reached since November 2008. At one point earlier on Wednesday morning, the shares climbed as high as $26.08.

The shares fell to a low of $21.80 after the company announced its half-year FY26 results. But they have now rebounded strongly, by around 19% at the time of writing.

Again, there hasn't been any price-sensitive news out of QBE Insurance to explain the latest rally. 

It looks like investors were initially spooked by the result, which was strong on the surface, but some metrics missed market expectations. But those focused on the long-term potential for the company quickly identified that the shares were trading below fair value.

Sentiment was boosted further in late September by the appointment of Jonathan Groves as CEO of QBE Insurance Australia Pacific, effective from the 1st of November. He moves from his role as QBE Insurance CEO and managing director of QBE Pacific, and has a long history of experience in the insurance space.

It looks like investors are happy with the appointment, and it was well-received by the experts, too. TradingView data shows that the majority (six out of 10) of brokers have a buy/strong buy rating on the shares. But after the latest rally, the $25.87 average target price is just shy of the trading price at the time of writing, implying around a 0.5% downside.

Woolworths shares

Woolworths shares closed around 1% higher on Wednesday, at a fresh all-time closing high of $41.87. At one point earlier in the morning, the shares spiked to $41.89.

The supermarket giant has enjoyed an incredible rally over the past 12 months, mostly steadily climbing higher (with the exception of a dip in April to mid-May). 

Again, there's no specific price-sensitive news out of the company to explain the latest share price spike. It's most likely a continued rebound in investor sentiment from earlier this year.

It looks like many are now optimistic that the company's turnaround story is finally coming to fruition, after a difficult period in 2025.

In late August, Woolworths posted an impressive FY26 update, including a 3.6% year-on-year increase in sales and a 6.7% increase in EBITDA (before significant items).

Retail shares have also enjoyed a boost in confidence recently following softer-than-expected Australian employment data. This has eased fears about a further interest rate hike, and eased pressure on household budgets.

But while the Woolworths share price rally is impressive, it looks like the experts are concerned that its unsustainable. TradingView data shows the majority (nine out of 17) have a hold rating on the shares. Another six rate the supermarket as a sell/strong sell. But after the rally, the $39.71 average target price now implies the shares will drop around 5% over the next 12 months, at the time of writing.

The post APA Group, QBE Insurance, Woolworths shares reach 52-week highs: Is there any upside left? appeared first on The Motley Fool Australia.

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 positions in and has recommended Apa Group. 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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