TTE

TotalEnergies SE

52.34
USD
4.35%
52.34
USD
4.35%
40.33 61.14
52 weeks
52 weeks

Mkt Cap 138.20B

Shares Out 2.64B

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TotalEnergies upped to Buy at Berenberg on growth outlook, cash generation

TotalEnergies (NYSE:TTE) +3.1% in Friday's trading as Berenberg upgrades shares to Buy from Hold, saying the company's ability to generate cash and its growth opportunities are attractive, outweighing material Russia-related risk the firm says is largely priced into the stock price. TotalEnergies (TTE) has upgraded its H1 stock buyback to $3B, and Berenberg says the company's high cash flow and the current environment make it sustainable to continue buybacks at this pace, adding that its dividend yield is one of the highest offered in the sector. The company has potential to grow in Brazil, Mozambique, the U.S. and Suriname, the brokerage also says. Energy stocks are scoring broad gains in Friday's trading as crude oil prices rebound, up ~3.5% over $110/BBL. Separately, TotalEnergies (TTE) and Engie (OTCPK:ENGIY) reportedly are considering a potential acquisition of the renewable energy unit of French retailer Casino, valued at ~€1.5B. Also, TotalEnergies (TTE) said it was named a winner in the U.S. Interior Department's auction earlier this week for two leases to develop wind power projects off the coast of North Carolina; Duke Energy also was a winning bidder. TotalEnergies (TTE) also teamed with Ørsted (OTCPK:DNNGY) to jointly submit bids for two Dutch offshore wind tenders.

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