TotalEnergies Keeps Buy Rating, $102 Target After 15% Shutdown and Congo Discovery
Cowen & Co. reaffirmed its Buy rating on TotalEnergies, cutting the 12-month price target to $102 from $105 due to worker strikes and a 15% production shutdown. Management expects first-quarter earnings to climb sharply on higher upstream prices and a new hydrocarbon discovery offshore Republic of Congo.
1. Rating Update
On April 20, 2026, Cowen & Co. reaffirmed its Buy rating for TotalEnergies, signaling confidence in the company’s ability to deliver shareholder value amid current market conditions.
2. Price Target Adjustment
The firm lowered its 12-month price target to $102 from $105, attributing the revision to ongoing worker strikes at French service stations and a temporary 15% shut-in of production capacity.
3. First-Quarter Earnings Outlook
TotalEnergies projects a strong rise in first-quarter earnings driven by elevated upstream production prices, reflecting tighter global supply and ongoing geopolitical tensions.
4. Congo Discovery and Production Impact
The company announced a new hydrocarbon discovery offshore Republic of Congo, enhancing its resource base even as operational disruptions temporarily curb output by 15%.