TotalEnergies: UBS confirms buy rating
(CercleFinance.com) - UBS reiterates its buy rating on TotalEnergies shares, along with its target price of E71, following its presentation of key indicators, estimated financial data and items affecting Q3 2023.
"TotalEnergies released its 3Q23 'Main Indicators' this morning, which were overall close to consensus expectations in our view, and slightly below UBSe" the analyst says.
"We see lower realised gas prices, offset by higher refining margins" UBS notes.
The Group reported that hydrocarbon production is expected to be close to 2.5m boe/d, benefiting from the start-up of Absheron in Azerbaijan and the effective entry into the Ratawi field (GGIP) in Iraq. It also said that Downstream results will benefit from higher refining margins in Europe.
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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.
"TotalEnergies released its 3Q23 'Main Indicators' this morning, which were overall close to consensus expectations in our view, and slightly below UBSe" the analyst says.
"We see lower realised gas prices, offset by higher refining margins" UBS notes.
The Group reported that hydrocarbon production is expected to be close to 2.5m boe/d, benefiting from the start-up of Absheron in Azerbaijan and the effective entry into the Ratawi field (GGIP) in Iraq. It also said that Downstream results will benefit from higher refining margins in Europe.
Copyright (c) 2023 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.