HSBC upgrades TotalEnergies stock rating on commodity price outlook

HSBC upgraded BP's rating, raised Shell's price target, and upgraded TotalEnergies' rating in a research note. The bank expects further growth for these European energy giants, though specific targets and rationale were not disclosed.

TotalEnergies and AMNI International approved the Ima gas field development in Nigeria, targeting 350 million cubic feet of gas per day by 2028. The project, with TotalEnergies holding 40%, will supply Nigeria LNG's Train 7 expansion and feature low-carbon operations. Nicolas Terraz highlighted the project's role in the company's gas strategy and Nigeria's energy supply.

HSBC upgraded BP and TotalEnergies to Buy, raising earnings and cash flow estimates due to higher oil, refining, and gas price forecasts. BP's price target increased to 640p, TotalEnergies to €93. Chevron's target rose to $250. HSBC expects higher shareholder distributions, with 21% upside for Buy-rated stocks.

TotalEnergies and AMNI approved the Ima gas field project in Nigeria, with production starting in 2028. The field will supply 350 MMcf/d, aiding the Nigeria LNG Train 7 expansion. TotalEnergies calls it a low-cost, low-emissions development, part of its integrated gas strategy in Nigeria.

TotalEnergies plans to propose the renewal of Patrick Pouyanné as CEO. The company's board will vote on the proposal at its meeting on May 25, 2023. Pouyanné has been CEO since 2015.

TotalEnergies' board approved CEO Patrick Pouyanne's mandate renewal. The decision was made during a board meeting, ensuring Pouyanne's continued leadership. According to the company, this renewal is a vote of confidence in Pouyanne's strategic direction.