GTT Shares Decline Following Brent Trends, Approaching Support at €194.50
The designer of LNG carrier tanks declines again this Friday in an otherwise positive Parisian market. The easing of the oil barrel, amid a potential extension of the ceasefire between the United States, Israel, and Iran, weighs on French oil-related stocks. The stock is among the largest declines in the SBF 120.
GTT Below Its Short-Term Moving Averages as Brent Drops to $91.84
GTT drops 1.75% to €196.40, while the SBF 120 gains 0.79%. The easing of Brent, which falls 2% during the session to $91.84 per barrel (and 17.5% since May 19), again weighs on all French oil-related stocks. The memorandum of understanding between American and Iranian negotiators, which would foresee a sixty-day extension of the ceasefire and a gradual easing of traffic restrictions in the Strait of Hormuz, fuels profit-taking in the sector. The stock is sinking below its MM20 (€205.77) and MM50 (€203.24), with a negative gap of about 4.5% and 3.4% respectively. The RSI at 44 remains neutral, with no sign of seller exhaustion. The support at €194.50 is now within immediate reach: its holding conditions the continuation of the short-term movement. In the longer term, the price remains 10.4% above the MM200 at €177.86, which preserves the annual trend (+20.5% over one year).
CIC Market Solutions Issues a 'Buy' Recommendation with a Target Price of €238, Indicating a Potential of About 21%
On the analyst front, CIC Market Solutions upgraded its recommendation to 'buy' yesterday, with a target price of €238. At the current price, the target offers a theoretical potential of 21%. The company's order book has continued to grow in recent weeks, with a selection by HD Korea Shipbuilding for four BW LNG carriers announced on May 21, and an FSRU order placed by Samsung Heavy Industries mentioned on May 13. However, the stock's sensitivity to the oil barrel remains the dominant short-term factor: the correlation with Brent has been observed over several sessions and continues to dictate the intraday dynamics.
