In a report released today, Jason Gabelman from TD Cowen maintained a Hold rating on TotalEnergies SE, with a price target of €58.00.
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Jason Gabelman has given his Hold rating due to a combination of factors including TotalEnergies SE’s current financial positioning and future projections. The company’s capital expenditure trends in the third quarter offer reassurance that the full-year spending will align with guidance, alleviating previous concerns. The balance sheet has shown improvement quarter over quarter, with expectations that gearing will end the year at the midpoint of guidance, around 15.5%.
However, despite these positive indicators, TotalEnergies SE is still seen as being in a transitional phase, particularly in fiscal year 2026, where free cash flow growth is anticipated to improve in the latter half of the year. The reinvestment rate is expected to decrease by 2027, but it remains uncertain if the second half of 2026 will reflect significant improvements. The forecast for free cash flow yield and gearing suggests some caution, supporting the decision to maintain a Hold rating.
According to TipRanks, Gabelman is a 4-star analyst with an average return of 6.7% and a 56.54% success rate. Gabelman covers the Energy sector, focusing on stocks such as Chevron, TotalEnergies, and Exxon Mobil.
In another report released on November 4, Berenberg Bank also maintained a Hold rating on the stock with a €57.00 price target.