TotalEnergies Shares Smash Record High, Driven by Brent at $115

Brent Crude Briefly Hits $115 a Barrel Amid Middle East Tensions

On March 19, Brent crude briefly reached $115 per barrel, a surge of over 60% since the end of February, following new attacks on energy infrastructure in the Middle East. European gas prices simultaneously soared by 35%. This historic spike in energy prices acts as a powerful catalyst for TotalEnergies, whose revenues are directly correlated with crude oil prices. Over the past seven days, the stock has risen nearly 9%, and over 37% in the last three months. The stock is now significantly above its 50-day moving average (63.37 euros) and its 200-day moving average (56.06 euros), indicating a sustained upward trend. However, the RSI at 78 signals an overbought zone, suggesting that buying pressure has become particularly intense in recent sessions. In the same sector, Shell PLC is down 0.19% and Engie has fallen by 0.94%, a divergence that highlights the relative outperformance of the French group among European energy majors.

Stock Trajectory Boosted by Analyst Recommendations

The trajectory of the stock is notably supported by analyst recommendations. On March 18, TD Cowen raised its price target from 66 to 84 euros, upgrading its recommendation from 'hold' to 'buy'. The day before, Barclays had increased its target from 78 to 94 euros, while maintaining an 'overweight' rating. At 76.28 euros, the current price is about 10% below TD Cowen's target and more than 23% under Barclays', suggesting a potential for appreciation according to these analysts. The financial calendar of the group is the next event to watch: the detachment of the third dividend installment is scheduled for March 31, followed by the publication of the first quarter results on April 29. These events will provide concrete elements to assess the impact of rising energy prices on the accounts of the oil and gas major.