TotalEnergies shares fall back below their 50-day moving average to €79.41, after a record on October 29
The oil major retreats at midday in a Paris market trending lower. The stock nonetheless remains well above its levels of last year, and an analyst rating is released this morning.
A decline that brings the stock back below its 20-day moving average and close to its 50-day moving average
The TotalEnergies share falls 1.93% to €79.14, slightly better than the CAC 40, which loses 1.47%. The stock nonetheless ranks near the bottom of the index, far from gainers such as STMicroelectronics or Legrand. Over the week, the decline reaches 6.45%, but the quarter remains positive at 7.24%.
The price is now below its 20-day moving average (€81.65, a gap of 3.07%), after having climbed to an all-time high of €84.87 on October 29, following the third-quarter results. It is trading close to its 50-day moving average (€79.41), while the 200-day moving average stands at €74.65, 6% lower.
The RSI at 43 is neutral. Brent, at $97.96, has lost nearly 12% over nine sessions, a movement that historically accompanies the stock's moves.
Morgan Stanley raises its price target to €82 from €78
On November 6, Morgan Stanley raised its price target on TotalEnergies from €78 to €82 and maintains its “equal-weight” rating. This target is 3.6% above the day's price. The stock trades at about 6.9 times current-year earnings, according to the consensus of the analysts surveyed.
The group has multiplied agreements in recent days: a preliminary agreement to deliver 900,000 tonnes of LNG per year to Jiangsu Guoxin Group, signed on November 4. A €2.3 billion share buyback program, announced on October 29, was about 9% executed as of October 30. Above the current price, resistance lies at €85.43, while support is at €74.17.
