Total initiated with a Buy at Jefferies » 06:3201/2101/21/21
Jefferies analyst Giacomo…
Jefferies analyst Giacomo Romeo initiated coverage of Total with a Buy rating and EUR 42 price target. Romeo notes Total is trading at a 27% discount to peers, making it "the cheapest of the supermajors," and that it is also one of the lowest cost upstream operators. He also sees the company's low post-dividend cash flow break-even, potential for near-term growth, and 7.1% dividend yield as attractive, Romeo said.
Fly Intel: Top five analyst downgrades » 09:5301/1901/19/21
VIAC, DISCA, PTON, TTWO, TOT
Catch up on today's…
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. ViacomCBS (VIAC) double downgraded to Underweight from Overweight at Barclays with analyst Kannan Venkateshwar saying that even if he assumes "significant acceleration" in growth in the coming five years for ViacomCBS's streaming service and uses Netflix's (NFLX) multiple, there isn't much upside versus present stock levels. 2. Discovery (DISCA) downgraded to Underweight from Equal Weight at Barclays with analyst Kannan Venkateshwar saying he finds the optimism around some of these streaming launches like Discovery+ to be premature. 3. Peloton (PTON) downgraded to Sell from Neutral at UBS with analyst Eric Sheridan saying the stock is "emblematic of a market that values growth over any semblance of valuation that can be justified" on a multiple year view based on fundamentals. 4. Take-Two (TTWO) downgraded to Neutral from Buy at UBS with analyst Eric Sheridan saying that while he makes no changes to his operating estimates or multiples, he downgrades the stock to reflect a "more balanced risk/reward" after a 37% run-up in the stock price over the past six months. 5. Total (TOT) downgraded to Market Perform from Outperform at Cowen with analyst Jason Gabelman downgraded saying he sees a multi-year patch of in-line performance while the stock trades at an elevated premium to peers. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Cowen downgrades Total to Market Perform, In line performance seen » 07:4301/1901/19/21
As reported previously,…
As reported previously, Cowen analyst Jason Gabelman downgraded Total to Market Perform from Outperform with a price target of $48, up from $40. The analyst said he sees a multi-year patch of in-line performance while the stock trades at an elevated premium to peers.
Total downgraded to Market Perform from Outperform at Cowen » 06:4101/1901/19/21
Cowen analyst Jason…
Cowen analyst Jason Gabelman downgraded Total to Market Perform from Outperform with a $48 price target.
Total to acquire 20% interest in Adani Green Energy from Adani Group » 06:3201/1901/19/21
Total announced the…
Total announced the acquisition of a 20% minority interest in Adani Green Energy Limited from Adani Group. The investment in AGEL is another step in the strategic alliance between Adani Group and Total, which covers investments in LNG terminals, gas utility business, and renewable assets across India, Total said in a statement. During the development of this partnership, it was further agreed that Total and Adani shall continue this alliance into the wider renewable energy space. Total and Adani agreed the acquisition of a 50% stake in a 2.35 GWac portfolio of operating solar assets owned by AGEL and a 20% stake in AGEL for a global investment of USD 2.5 Billion. Along with this 20% minority interest in AGEL, Total will have a seat on the Board of Directors of the company. Patrick Pouyanne, Chairman and CEO of Total, said: "This agreement is an important step in our alliance with the Adani Group in India and our common vision and goals with respect to the importance of access to low carbon energy in India. Our entry into AGEL is a major milestone in our strategy in the renewable energy business in India put in place by both parties. Given the size of the market, India is the right place to put into action our energy transition strategy based on two pillars: renewables and natural gas."
|Over a week ago|
Total opts not to renew API membership for 2021 » 15:3801/1501/15/21
Following a detailed…
Following a detailed analysis of the climate positions of the American Petroleum Institute, France's Total announced its decision not to renew its membership for 2021. Following the 2019 and 2020 reviews, API's positions were assessed as "partially aligned" with those of the Group. Certain divergences, which have been discussed within the association, remain today: regarding the role of natural gas, API maintains its support for the rollback of U.S. regulation on methane emissions, which the Group opposed in November 2019; regarding transport decarbonization, API is part of the Transportation Fairness Alliance, which is opposed to subsidies for electric vehicles; regarding the carbon pricing principle, API expresses differing positions to those of Total. Moreover, API gave its support during the recent elections to candidates who argued against the United States' participation in the Paris Agreement.
Total price target raised to EUR 46 from EUR 44 at JPMorgan » 12:2301/1501/15/21
JPMorgan analyst Christyan Malek raised the firm's price target on Total to EUR 46 from EUR 44 and keeps a Neutral rating on the shares.
Societe Generale downgrades three EU oil & gas names after strong performances » 12:3401/1401/14/21
EQNR, RDS.A, GLPEY, TOT, REPYY, BP, OMVKY, E
As previously reported,…
As previously reported, Societe Generale analyst Yoann Charenton downgraded Equinor (EQNR) to Hold from Buy, Irene Himona downgraded Royal Dutch Shell (RDS.A) to Hold from Buy and Raphael Dubois downgraded Galp Energia (GLPEY) to Hold from Buy as the firm reset its preferences in the EU oil & gas sector following those three stocks' "exceptionally strong performances." The firm, which is raising its 2021 Brent assumption by 15% to $46 from $40 per barrel, calling that "a deliberately conservative level," keeps Buy ratings on Total (TOT), Repsol (REPYY), BP (BP), OMV AG (OMVKY) and Eni SpA (E).
Apache announces fourth oil discovery at Keskesi East-1 Well » 07:1101/1401/14/21
Apache Corporation (APA)…
Apache Corporation (APA) and Total S.A. (TOT) announced an oil discovery at the Keskesi East-1 exploration well in Block 58 offshore Suriname. Keskesi East-1 encountered targets in the upper Cretaceous-aged Campanian and Santonian intervals. The shallower Campanian interval contains 58 meters of net oil, volatile oil and condensate pay and the Santonian interval contains 5 meters of net oil and volatile oil pay. Fluid samples indicate API oil gravities of approximately 27 to 28 degrees in the Campanian and 35 to 37 degrees in the Santonian. The Keskesi East-1 well is continuing to drill to deeper Neocomian-aged targets. Upon completion of operations at Keskesi East-1, the Noble Sam Croft drillship will be released as planned. Pursuant to the terms of its joint venture agreement, Apache transferred operatorship of Block 58 to Total S.A. on Jan. 1, 2021. Apache will continue to operate the Keskesi exploration well until release of the Noble Sam Croft drillship.
Total price target raised to EUR 41.50 from EUR 39 at Credit Suisse » 14:2601/1301/13/21
Credit Suisse analyst…
Credit Suisse analyst Thomas Adolff raised the firm's price target on Total to EUR 41.50 from EUR 39 and keeps a Neutral rating on the shares.