TotalEnergies SE (NYSE:TTE) is one of the best commodity stocks to buy for the supercycle.
TotalEnergies SE (NYSE:TTE) announced on May 13 the signing of a Memorandum of Understanding (MoU) with the Egyptian Natural Gas Holding Company (EGAS) on exploration activities, covering a significant area located in the north-western offshore of Egypt
Management stated that the MoU forms a technical cooperation framework, including preliminary exploration and subsurface evaluation activities. Nicola Mavilla, Senior Vice President Exploration at TotalEnergies SE (NYSE:TTE), stated that the agreement will “support the assessment of Egypt’s deep offshore exploration potential”. In a separate development, TD Cowen lifted the price target on TotalEnergies SE (NYSE:TTE) to $106 from $102 on May 1, maintaining a Buy rating on the shares.
The firm stated that fiscal Q1 results benefited from the strong trading, while the company reiterated capex despite a fiscal Q1 miss. It added that TotalEnergies SE (NYSE:TTE) acknowledged the strong operating environment presents upside to previously guided buybacks and an opportunity to get leverage below target. TotalEnergies SE (NYSE:TTE) operates as a global integrated energy company that produces natural gas and green gases, oil and biofuels, as well as renewables and electricity.