Vallourec: stock leads SBF 120, +4.5% on TotalEnergies contract
The seamless pipe manufacturer dominates the Paris stock exchange mid-session, while the index remains virtually stable. It announced this morning a major order for an offshore gas field. The stock moves back above its short-term moving averages.
An order for over 16,000 tonnes of pipes for an Azerbaijani gas field
Vallourec stock gains 4.67% to €18.72 and holds the top position in the SBF 120, ahead of Genfit and Valneva, while the index advances 0.14%. The movement follows the announcement, on Monday October 12, of TotalEnergies' awarding of a tubular solutions supply contract for the development of an offshore gas field in Azerbaijan. The order covers wellhead pipes (OCTG) and pipeline tubes, for a total of over 16,000 tonnes.
CIC Market Solutions also maintained its price target at €28 today, representing an upside potential of approximately 50% compared to today's price. Analysts follow the security according to the analysts' consensus available on our site.
A rebound that brings the price back above the 20 and 50-day moving averages
The stock now trades above its 20-day MA (€18.53, 1.03% spread) and its 50-day MA (€18.51, 1.13% spread), which it had lost during the decline sessions at the beginning of October. It remains, however, 8.33% below its 200-day MA at €20.42, which leaves the path toward this reference still open. Over the week, gains reach 4.79%, while quarterly performance remains negative at -8.73%. Support at €17.53 and resistance at €19.90 frame the current price, while Brent stands at $105.68 per barrel, up 0.92% in the session.
