TotalEnergies (NYSE:TTE) Shares Gap Up – Here’s Why

TotalEnergies SE (NYSE:TTE) shares gapped up prior to trading on Tuesday . The stock had previously closed at $62.12, but opened at $63.52. TotalEnergies shares last traded at $63.88, with a volume of 247,751 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TTE. Royal Bank of Canada upgraded shares of TotalEnergies from a “sector perform” rating to an “outperform” rating in a report on Thursday, December 5th. Piper Sandler reduced their target price on TotalEnergies from $77.00 to $62.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. BNP Paribas downgraded TotalEnergies from an “outperform” rating to a “neutral” rating in a report on Wednesday, November 27th. Morgan Stanley reissued an “equal weight” rating and issued a $64.10 price objective (down from $70.40) on shares of TotalEnergies in a research note on Tuesday, January 7th. Finally, Redburn Atlantic raised TotalEnergies from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 23rd. Six analysts have rated the stock with a hold rating, two have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.42.

TotalEnergies Stock Performance

The company has a market capitalization of $151.61 billion, a price-to-earnings ratio of 9.49, a price-to-earnings-growth ratio of 0.98 and a beta of 0.56. The firm has a 50-day simple moving average of $60.48 and a two-hundred day simple moving average of $61.12. The company has a current ratio of 1.10, a quick ratio of 0.88 and a debt-to-equity ratio of 0.36.

TotalEnergies (NYSE:TTE) last announced its quarterly earnings results on Wednesday, February 5th. The company reported $1.90 EPS for the quarter, topping the consensus estimate of $1.74 by $0.16. TotalEnergies had a net margin of 7.34% and a return on equity of 15.22%. As a group, sell-side analysts forecast that TotalEnergies SE will post 8.02 earnings per share for the current fiscal year.

Institutional Trading of TotalEnergies

Institutional investors and hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its holdings in TotalEnergies by 1.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 53,410 shares of the company’s stock valued at $2,911,000 after acquiring an additional 832 shares during the period. Anchor Pointe Wealth Management LLC bought a new stake in TotalEnergies during the 4th quarter valued at approximately $200,000. Brucke Financial Inc. acquired a new stake in TotalEnergies in the 4th quarter valued at approximately $253,000. Jefferies Financial Group Inc. acquired a new stake in TotalEnergies in the 4th quarter valued at approximately $257,000. Finally, Bernard Wealth Management Corp. bought a new position in TotalEnergies in the 4th quarter worth approximately $32,000. 16.53% of the stock is currently owned by institutional investors and hedge funds.

About TotalEnergies

TotalEnergies SE, a multi-energy company, produces and markets oil and biofuels, natural gas, green gases, renewables, and electricity in France, rest of Europe, North America, Africa, and internationally. It operates through five segments: Exploration & Production, Integrated LNG, Integrated Power, Refining & Chemicals, and Marketing & Services.