TotalEnergies Shares Rise 2.77% Contrary to CAC 40, as Two Banks Raise Their Target
The shares of the French oil company TotalEnergies climbed 2.77% this Thursday, nearing its technical resistance amidst sharp geopolitical tensions in the Middle East. On the same day, two major investment banks also simultaneously raised their price targets on the stock.
TotalEnergies Outperforms Amidst Rising Oil Prices
While the CAC 40 index fell by 1.16% to 7,888 points during the session, TotalEnergies moved contrary to the Paris market, trading around 79.71 euros, up from 77.56 euros the previous day. This decoupling is largely due to the surge in Brent crude, which climbed to around 108 dollars a barrel this morning, marking an increase of over 6% in twenty-four hours. The day before, the European benchmark crude briefly dipped below 100 dollars, buoyed by fleeting hopes of a truce between Washington and Tehran, which were immediately denied by Iran. The escalation of hostilities and promises of further strikes from both sides have rekindled fears of regional flare-ups and mechanically supported oil prices. The stock now shows a 3.7% increase over seven days and more than 43% over three months, directly reflecting the continuous rise in black gold prices since the beginning of the conflict. Other European majors are following the same trend: Shell is up 3.09% in the session, while Engie has gained only 0.67%, being less exposed to hydrocarbons. The detachment of the third dividend installment, which took place on Monday, March 31, only marginally slowed the course, quickly caught up by the rise in oil.
JP Morgan and Citi Raise Price Targets on TotalEnergies
JP Morgan and Citi both revised their price targets upward for TotalEnergies this Thursday, April 2. The American bank raised its target from 75 to 86 euros while maintaining its 'overweight' recommendation. Citi is even more ambitious, raising its target from 75 to 90 euros with an unchanged buy recommendation, suggesting a potential of around 13% relative to the current price. From a technical standpoint, the stock is trading above all its moving averages, with the price significantly beyond the MM50, established at 67.87 euros. The most immediate resistance, at 81.02 euros, now represents the next threshold to cross to unlock further upward potential. The RSI is at 63, a level that indicates a bullish momentum without entering an overbought zone. The first-quarter 2026 results, expected on April 29, will assess the concrete impact of the crude price rise on the group's margins.
