TotalEnergies stock hits record high at €81.63, defying CAC 40 decline
The oil company is charting its course at midday, bucking a sharply declining Paris market. The stock is setting a new all-time high, while a broker raised its price target this morning.
All-time high reached during the session despite CAC 40 weakness
TotalEnergies touched €81.63 during the session, an all-time high that surpasses the previous record of €81.35, set on October 15. The current price of €81.04 remains just below this intraday peak. The stock is up 0.41% while the CAC 40 is down 1.34%, placing it among the strongest gainers in the index. The stock has advanced 3.2% over the week and 14.93% over three months.
It is trading above its 20, 50 and 200-day moving averages, with the 200-day moving average 11.61% below the current price. The €81.05 level, a former resistance point, has now been reached. Brent is down 1.32% at $108.41 per barrel, following a gain of 4.8% over seven sessions, leaving oil at elevated levels for the group.
Jefferies raises price target to €90 while maintaining buy rating
Jefferies raised its price target on TotalEnergies on Monday from €88 to €90, while maintaining its buy rating. This target is approximately 11% above the current price. According to the consensus of surveyed analysts, the stock is trading at approximately 7.6 times current year earnings and 8.3 times next year earnings.
The group also launched a €2.1 billion share buyback program at the end of September, which was approximately 18% executed as of October 12. Attention is now turning to whether the €81.05 level, which the stock has just reclaimed, will hold.
