TotalEnergies: UBS confirms its buy recommendation

(CercleFinance.com) - UBS believes that the company's new-quarter results were mixed.
It confirms its Buy recommendation on the stock, with an unchanged target price of E67. This target represents a potential upside of 17%.

'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%' says UBS.

TotalEnergies reported adjusted net income of $4.07 billion for the third quarter of 2024, compared with $6.45 billion a year earlier, 'in a bearish oil environment, with refining margins in sharp decline'.

Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.