Sector Update: Energy Stocks Softer Late Afternoon
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 28 2024
0mins
Source: NASDAQ.COM
Energy Sector Performance: Energy stocks saw a decline, with the NYSE Energy Sector Index down 0.8% and crude oil prices dropping; US crude oil stocks fell by 100,000 barrels, while natural gas futures rose by 1.4%.
Corporate Developments: Dominion Energy received a 20-year license extension for its North Anna Power Station, TotalEnergies faced a $48 million fine, and Texas Pacific Land completed acquisitions in the Permian Basin, boosting its shares by 1.6%.
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Analyst Views on TTE
Wall Street analysts forecast TTE stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for TTE is 71.67 USD with a low forecast of 60.04 USD and a high forecast of 90.93 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
16 Analyst Rating
8 Buy
8 Hold
0 Sell
Moderate Buy
Current: 73.830
Low
60.04
Averages
71.67
High
90.93
Current: 73.830
Low
60.04
Averages
71.67
High
90.93
About TTE
TotalEnergies SE is a France-based company. The Company is predominantly engaged in the business as a worldwide oil group. Its segment divisions are divided into refining and chemistry such as refining of petroleum products and manufacture of basic chemistry and of specialty chemistry, petroleum products distribution, electricity generation from combined cycle gas plants and renewable energies, gas production, trading, transport and distribution primarily includes liquefied natural gas, natural gas, biogas, hydrogen, liquefied petroleum gas and hydrocarbon operating and production. The group is also operating in trading and sea transport of crude oil and oil products.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
TotalEnergies Signs 1 GW Solar Power Agreements with Google
- Long-term Power Purchase Agreements: TotalEnergies has signed two long-term power purchase agreements with Google to deliver 1 GW of solar capacity, expected to provide 28 TWh of renewable electricity over 15 years for data centers in Texas, showcasing the company's robust position in the renewable energy sector.
- Project Construction Plans: The Wichita (805 MWp) and Mustang Creek (195 MWp) solar projects in Texas are set to begin construction in Q2 2026, which is anticipated to create several hundred jobs locally and generate substantial tax revenues to support public services.
- Strategic Market Significance: This agreement represents the largest renewable power purchase agreement TotalEnergies has signed in the U.S., highlighting the company's strategy to deliver tailored renewable energy solutions that support its clients' decarbonization goals, particularly for digital players.
- Power Supply Assurance: Google stated that this collaboration will add necessary new generation capacity to the local grid, enhancing the availability of affordable and reliable power supply for the entire region, further solidifying TotalEnergies' leadership in the renewable energy market.
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- Project Development Timeline: The power will be generated from the Wichita and Mustang Creek solar farms, which are set to begin construction in Q2 2026, further advancing TotalEnergies' strategic positioning in the renewable energy sector.
- Economic Impact and Job Creation: The development of the Wichita and Mustang Creek solar farms is expected to create several hundred construction jobs in Texas, providing economic benefits and supporting public services through tax revenues, thereby boosting local economies.
- Strategic Alignment and Market Positioning: This PPA complements other agreements secured by Clearway, a company 50% owned by TotalEnergies, which recently locked in 1.2 GW of PPAs, showcasing the company's strategy to provide tailored renewable energy solutions that support the decarbonization goals of digital players like Google.
See More
TotalEnergies Signs 1 GW Solar Power Agreements with Google
- Long-Term Power Purchase Agreements: TotalEnergies has signed two long-term Power Purchase Agreements with Google to deliver 1 GW of solar capacity, expected to provide 28 TWh of renewable electricity over 15 years for data centers in Texas, marking the largest renewable PPA signed by TotalEnergies in the U.S.
- Project Construction Plans: The solar projects will generate power from TotalEnergies' Wichita (805 MWp) and Mustang Creek (195 MWp) sites in Texas, with construction slated to begin in Q2 2026, anticipated to create several hundred jobs during the construction phase.
- Sustainability Support: This agreement not only enhances Google's power supply capabilities in Texas but also supports its decarbonization goals for data centers by providing reliable renewable energy, reflecting TotalEnergies' strategic focus on renewable energy solutions.
- Global Renewable Energy Portfolio: TotalEnergies boasts a renewable energy portfolio of 10 GW in the U.S., including 400 MW in the PJM market and 5 GW in the ERCOT market, with plans to achieve over 100 TWh of net electricity production by 2030, further solidifying its competitive position in the global energy market.
See More
TotalEnergies Signs Long-Term Power Purchase Agreements with Google
- Long-Term Power Purchase Agreements: TotalEnergies has signed two long-term power purchase agreements with Google to deliver 1 GW of solar capacity over 15 years, equating to 28 TWh of renewable electricity, significantly enhancing Google's sustainable energy supply for its data centers in Texas.
- Project Development Progress: The power will be generated from TotalEnergies' two projects under development in Texas: Wichita (805 MWp) and Mustang Creek (195 MWp), with construction set to begin in Q2 2026, further advancing the company's renewable energy footprint in the U.S.
- Asset Portfolio Scale: TotalEnergies boasts a gross capacity portfolio of 10 GW of onshore solar, wind, and battery storage assets in the U.S., including 400 MW in the PJM market and 5 GW in the ERCOT market in Texas, showcasing its robust position in the renewable energy sector.
- Strategic Market Implications: By partnering with Google, TotalEnergies not only solidifies its leadership in the renewable energy market but also lays the groundwork for future sustainability goals, likely attracting more corporate clients to its green energy solutions.
See More
Namibia Government Rejects TTE and PBR Offshore License Transactions
- Legitimacy of Transactions: The Namibian government stated that the offshore license transactions by TotalEnergies and Petrobras will not be recognized until the formal approval process is completed, emphasizing that any unapproved transactions are invalid, which could expose the companies to legal risks.
- Equity Acquisition Details: TotalEnergies and Petrobras agreed to acquire a 42.5% interest in the PEL104 exploration license from Maravilla Oil and Gas and Eight Offshore Investments Holdings, but failed to notify the Namibian Ministry of Energy in advance, violating legal requirements.
- Regulatory Reform Context: The Namibian government is advancing plans for its first oil production while reshaping oversight of its energy sector, with recent amendments to petroleum legislation establishing a new upstream regulatory body and tightening conflict-of-interest rules and fiscal transparency.
- Approval Process Impact: TotalEnergies indicated that the deal remains subject to approval by Namibian authorities, and failure to meet all statutory requirements could hinder its oil and gas development plans in Southern Africa, delaying project progress.
See More
TotalEnergies Signs 1 GW Solar Power Agreements with Google
- Long-term Power Purchase Agreements: TotalEnergies has signed two long-term power purchase agreements with Google to deliver 1 GW of solar capacity, expected to provide 28 TWh of renewable electricity over 15 years for data centers in Texas, showcasing the company's robust position in the renewable energy sector.
- Project Construction Plans: The Wichita (805 MWp) and Mustang Creek (195 MWp) solar projects in Texas are set to begin construction in Q2 2026, which is anticipated to create several hundred jobs locally and generate substantial tax revenues to support public services.
- Strategic Market Significance: This agreement represents the largest renewable power purchase agreement TotalEnergies has signed in the U.S., highlighting the company's strategy to deliver tailored renewable energy solutions that support its clients' decarbonization goals, particularly for digital players.
- Power Supply Assurance: Google stated that this collaboration will add necessary new generation capacity to the local grid, enhancing the availability of affordable and reliable power supply for the entire region, further solidifying TotalEnergies' leadership in the renewable energy market.
See More
High-Volume Earnings Reports This Week from Tech and Consumer Sectors
- Earnings Schedule: This week features a high volume of earnings reports from technology, consumer discretionary, and energy sectors, with RIVN stock showing notable movement ahead of its earnings release, indicating investor sentiment.
- Monday.com and Pagaya Reports: On Monday, work management SaaS provider Monday.com and fintech company Pagaya released their earnings before the market opened, with expectations that their results will reflect broader industry trends.
- Coinbase Earnings Expectations: On Thursday, Coinbase is expected to report earnings of 68 cents per share and quarterly revenue of $1.86 billion, despite facing a projected 33% drop in transaction revenue, raising investor interest in its growing stablecoin and subscription services.
- Nebius Group Forecast: Also on Thursday, Nebius Group is projected to report a loss of $1.14 per share and revenue of $246.05 million, with analysts expressing caution, reflecting concerns over cloud service demand in the current market environment.
See More
TotalEnergies Signs Historic PPA Agreements with Google
- Renewable Energy Milestone: TotalEnergies' two long-term Power Purchase Agreements (PPAs) with Google will supply 1 GW of solar capacity to Texas data centers, providing 28 TWh of renewable electricity over 15 years, marking the largest renewable PPA signed by the company in the U.S.
- Project Development Timeline: The power will be generated from the Wichita and Mustang Creek solar farms, which are set to begin construction in Q2 2026, further advancing TotalEnergies' strategic positioning in the renewable energy sector.
- Economic Impact and Job Creation: The development of the Wichita and Mustang Creek solar farms is expected to create several hundred construction jobs in Texas, providing economic benefits and supporting public services through tax revenues, thereby boosting local economies.
- Strategic Alignment and Market Positioning: This PPA complements other agreements secured by Clearway, a company 50% owned by TotalEnergies, which recently locked in 1.2 GW of PPAs, showcasing the company's strategy to provide tailored renewable energy solutions that support the decarbonization goals of digital players like Google.
See More
TotalEnergies Signs 1 GW Solar Power Agreements with Google
- Long-Term Power Purchase Agreements: TotalEnergies has signed two long-term Power Purchase Agreements with Google to deliver 1 GW of solar capacity, expected to provide 28 TWh of renewable electricity over 15 years for data centers in Texas, marking the largest renewable PPA signed by TotalEnergies in the U.S.
- Project Construction Plans: The solar projects will generate power from TotalEnergies' Wichita (805 MWp) and Mustang Creek (195 MWp) sites in Texas, with construction slated to begin in Q2 2026, anticipated to create several hundred jobs during the construction phase.
- Sustainability Support: This agreement not only enhances Google's power supply capabilities in Texas but also supports its decarbonization goals for data centers by providing reliable renewable energy, reflecting TotalEnergies' strategic focus on renewable energy solutions.
- Global Renewable Energy Portfolio: TotalEnergies boasts a renewable energy portfolio of 10 GW in the U.S., including 400 MW in the PJM market and 5 GW in the ERCOT market, with plans to achieve over 100 TWh of net electricity production by 2030, further solidifying its competitive position in the global energy market.
See More
TotalEnergies Signs Long-Term Power Purchase Agreements with Google
- Long-Term Power Purchase Agreements: TotalEnergies has signed two long-term power purchase agreements with Google to deliver 1 GW of solar capacity over 15 years, equating to 28 TWh of renewable electricity, significantly enhancing Google's sustainable energy supply for its data centers in Texas.
- Project Development Progress: The power will be generated from TotalEnergies' two projects under development in Texas: Wichita (805 MWp) and Mustang Creek (195 MWp), with construction set to begin in Q2 2026, further advancing the company's renewable energy footprint in the U.S.
- Asset Portfolio Scale: TotalEnergies boasts a gross capacity portfolio of 10 GW of onshore solar, wind, and battery storage assets in the U.S., including 400 MW in the PJM market and 5 GW in the ERCOT market in Texas, showcasing its robust position in the renewable energy sector.
- Strategic Market Implications: By partnering with Google, TotalEnergies not only solidifies its leadership in the renewable energy market but also lays the groundwork for future sustainability goals, likely attracting more corporate clients to its green energy solutions.
See More
Namibia Government Rejects TTE and PBR Offshore License Transactions
- Legitimacy of Transactions: The Namibian government stated that the offshore license transactions by TotalEnergies and Petrobras will not be recognized until the formal approval process is completed, emphasizing that any unapproved transactions are invalid, which could expose the companies to legal risks.
- Equity Acquisition Details: TotalEnergies and Petrobras agreed to acquire a 42.5% interest in the PEL104 exploration license from Maravilla Oil and Gas and Eight Offshore Investments Holdings, but failed to notify the Namibian Ministry of Energy in advance, violating legal requirements.
- Regulatory Reform Context: The Namibian government is advancing plans for its first oil production while reshaping oversight of its energy sector, with recent amendments to petroleum legislation establishing a new upstream regulatory body and tightening conflict-of-interest rules and fiscal transparency.
- Approval Process Impact: TotalEnergies indicated that the deal remains subject to approval by Namibian authorities, and failure to meet all statutory requirements could hinder its oil and gas development plans in Southern Africa, delaying project progress.
See More
