TotalEnergies share slides below €74.17 in trading, then recovers ground
The stock broke through a technical support level during the session before moving away from it again, within a CAC 40 that closes the week higher. A new analyst opinion has just been published on the security, while oil remains above 100 dollars.
A support breached then reclaimed, under pressure from a weekly decline of 8%
TotalEnergies closes at €74.46, nearly flat on the session (-0.07%) while the CAC 40 gains 0.79%. During the session, the stock broke through its support at €74.17 down to a low of €73.45, before bouncing back above it. Over the week, it has fallen 8.13%, and it now stands below its 20-day moving average (down 5.21%) as well as below its 50-day moving average (down 3.16%).
The 200-day moving average, at €71.39, remains 4.30% below the current price. The group nevertheless detailed on September 28 its objectives through 2035, with a dividend increase of more than 5% per year through 2030. The stock had subsequently broken through its resistance at €81.05 before losing it, which explains the magnitude of the weekly decline.
Rothschild & Co Redburn raises its target to €97 as Brent remains above 100 dollars
Rothschild & Co Redburn published yesterday a analyst opinion with a buy rating, with a price target raised from €92 to €97. This target represents approximately 30% of potential compared to the current price. Based on the consensus of surveyed analysts, the stock trades at approximately 7.4 times the earnings of the current fiscal year. On the oil side, Brent is trading at $102.17 per barrel (-0.14% on the session) and is up 2.4% since September 22.
TotalEnergies' stock price is historically sensitive to Brent movements, a relationship observed in the past that indicates nothing about the future. At the end of the session, Shell advances 0.38%. The support at €74.17 is the level that the stock tested today.
