TotalEnergies: UBS confirms buy recommendation
(CercleFinance.com) - UBS believes that the company's new-quarter results were mixed.
However, it confirms its Buy recommendation on the stock, with an unchanged target price of E67, representing 17% upside potential.
We do not consider the underperformance after the earnings release to be fully justified. The shares remain attractive with an FCF yield of around 10% and a distribution yield of around 11%, UBS says.
TotalEnergies reported adjusted net income of $4.07bn for Q3 2024, compared with $6.45bn a year ago, in a bearish oil environment, with refining margins down sharply.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
However, it confirms its Buy recommendation on the stock, with an unchanged target price of E67, representing 17% upside potential.
We do not consider the underperformance after the earnings release to be fully justified. The shares remain attractive with an FCF yield of around 10% and a distribution yield of around 11%, UBS says.
TotalEnergies reported adjusted net income of $4.07bn for Q3 2024, compared with $6.45bn a year ago, in a bearish oil environment, with refining margins down sharply.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.