Lowest since Covid: Française de l'Énergie stock plummets to €14.12
The mine gas producer is diving in trading and hits a floor that the security has not touched in six years. The decline follows an update on its gas portfolio hedging and analyst target adjustments published the same day.
Six-year low at €14.12 and a lagging security on the market
The Française de l'Énergie stock touched €14.12 during trading, its lowest level in six years. The previous floor, €16.88, dated from 2020, the year marked by the Covid-19 pandemic. The current price, at €15.04, is down 15.79% compared to the previous day (€17.86). The security is the second-to-last value of the CAC All Shares, in a market that is also losing ground: the CAC 40 is down 1.11% and the SBF 120 down 1.05%.
The movement extends a long-standing slide: -28.63% over the week and -64.06% over three months. The RSI has fallen to 23, and the price is 26.81% below its 20-day moving average. The €17.84 support has given way.
Gas over-hedging, latent loss of €25.8 million and downward analyst views
In an update dated October 6, Française de l'Énergie confirmed it is continuing to reduce the over-hedging of its gas portfolio, an incident it had reported on July 16. The over-hedging on gas results in a latent loss of €25.8 million. The group, based in Pontpierre in Moselle, also detailed an overhaul of its control system and an action plan designed to preserve its cash position. On the analyst views side, Oddo BHF has lowered its target from €42 to €35 while maintaining its outperform rating.
CIC Market Solutions maintains its buy rating with a target of €45, three times the current price. The next benchmark to watch remains the €17.84 support, now above the current price.
