TotalEnergies shares among the biggest gainers on the CAC 40 after a Jefferies note
The oil major is among the stocks driving the Paris market at midday, while the index remains virtually flat. The group, which published its third-quarter accounts at the end of October, benefits from an oil environment that remains tense.
A stock that gains 1.28% and extends its positive streak over a quarter
The TotalEnergies share gains 1.28% in intraday trading at €81.66, ranking among the biggest gainers on the CAC 40, whose index rises by a mere 0.02%.
The stock has risen 8.12% over three months and remains well above its moving averages: it is 2.46% above its 50-day moving average (€79.70) and 8.69% above its 200-day moving average (€75.13). This performance follows the record high of €84.87 reached on October 29, the day the third-quarter accounts were published, with adjusted earnings up 51% compared with the second quarter.
Brent, at $96.04 a barrel, remains close to its high levels of recent months, amid tensions in the Middle East, although this link alone does not explain the move of the day.
Jefferies raises its price target to €92, 12.7% above the current share price
Jefferies raised its price target from €90 to €92 on Wednesday, November 11, maintaining a buy rating. The target is 12.7% above the share price of the day. To put the valuation into perspective, the consensus of the analysts covered gives a P/E ratio of about 7.1 for the current fiscal year and 7.9 for the following one.
On the shareholder return side, TotalEnergies launched a €2.3 billion share buyback programme on October 29, which was about 17% executed as of November 6. Shell, another major name in the sector, gains 1.12% this Friday and is up 15.57% over three months, compared with +8.12% for TotalEnergies.
