Maurel & Prom Shares Drop Nearly 4% Breaking Support at €7.94
The stock of the independent hydrocarbon producer declines sharply in early afternoon trading on Euronext Paris, following a downturn in Brent after de-escalation around the Strait of Hormuz. The drop is accompanied by a breach of support, weakening the short-term technical setup.
Maurel & Prom shares fell 3.87% to €7.82 during the session, after breaking through its support at €7.94 in the morning. The stock remains below this level, which had served as a technical floor for several weeks. The movement coincides with the continuing decline of Brent, at $76.99 per barrel, down 1.17% during the session and nearly 9% since June 14, following U.S. denials of an effective closure of the Strait of Hormuz and the prospect of a gradual reopening of maritime traffic in the area.
Maurel and Prom, whose revenue is directly linked to crude oil prices, mechanically absorbs this easing of the risk premium. Today's drop places the stock among the largest declines in the SBF 120, while the index itself is up (+0.24%).
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The decline is part of an underlying negative trend: the stock has lost 21.26% over one month and 24.35% over three months, while still maintaining a gain of 46.21% over one year. The price is now below its MM20 (€8.84, a gap of -11.60%) and MM50 (€9.35, a gap of -16.42%), while the MM200 at €7.19 remains 8.69% below the current price and serves as the next medium-term reference point in case the decline continues. The RSI at 35 indicates seller exhaustion in the recent sequence without reaching the oversold zone.
From a valuation perspective, according to the consensus of analysts surveyed, the stock is trading at about 7.5 times the expected earnings for the current fiscal year. The next level to watch is now the MM200 at €7.19, after today's support break.
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