Galp Energia Share: +30% over one year, the stock advances further at mid-session
The Portuguese oil group gains ground at mid-day, in a contrasted European market. The share extends its medium-term recovery, while a quarterly meeting approaches.
A technical position strengthening above medium and long-term moving averages
Galp Energia share rises 1.2% to €21.98, compared to €21.72 at the last close. It is trading near its 20-day moving average (€21.96) and remains above the 50-day MA (€21.13, a gap of 4%) as well as the 200-day MA (€19.16, a gap of nearly 15%). This gap to the 200-day MA summarizes the recovery underway: the share gains nearly 16% over three months, even if it loses 2.3% over the week.
The RSI at 54 remains neutral. On the oil front, Brent is trading around $102.6 per barrel, slightly up on the session and down 2.6% over a week. On the other hand, the share is expected at its resistance level of €23.18, while support is located at €20.52.
An analyst rating raised to €28 and quarterly results expected on October 12
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On the analyst side, Barclays raised its price target on October 4 from €23 to €28, which leaves a potential of approximately 27% compared to the current price. The share trades at approximately 9.8 times the earnings of the current fiscal year, according to the consensus of surveyed analysts. As a reminder, during the first-half results published on July 27, management cited the high volatility of oil and gas markets among the risks, and the ramp-up of the Bacalhau field in Brazil (+17% production) among the opportunities. The next meeting is scheduled for October 12, with the publication of third-quarter 2026 revenue.
« The strength of our operating performance over the first nine months of the year, together with a refined macro outlook for the coming months, reinforces our confidence for the remainder of 2026 and supports yet another upgrade to our full-year guidance. »
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