Woodside Energy is facing investor dissatisfaction compelling some funds to exit the stock amid concerns over the stability of its dividend, and frustration that it squandered the opportunity to buy back its own shares by striking two deals in the US.

Blackmore Capital, a long-only Australian equities manager, revealed on Friday it sold out of Woodside in August, citing “concerns” over the company’s sizable acquisitions in the US, and the demands they would put on its balance sheet.