TotalEnergies: Oddo BHF confirms buy rating

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on TotalEnergies shares, with an unchanged target price of E72.


The analyst reviews the strategy presented yesterday by TotalEnergies. The group confirmed its production growth guidance of 4% and extended it to 2030, with excellent visibility and a pipeline of a dozen well-identified projects.

The Group remains selective in its projects, with a breakeven point below $20/bbl, and is fighting to keep its production costs below $5/boe, the lowest in the industry, the broker reports.

Finally, TotalEnergies reassured investors by maintaining its share buyback program for 2024 at $8bn, and promised to maintain this pace in 2015 at $2bn/quarter, under reasonable market conditions.

Thus, the group has reassured on the three key subjects of growth, return to shareholders and profitability, Oddo BHF concludes.


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