Shares of oil and gas company TotalEnergies (NYSE:TTE) continue to see elevated investor interest from a host of key developments.
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Total has agreed to provide over 800,000 tonnes of sustainable aviation fuel to Air France-KLM for a time span of 10 years. The move will help reduce carbon emissions by about 80% for the latter.
Further, Total is slashing its investments in the U.K. North Sea oil and gas projects by about 25% after the government upped the windfall tax on the sector.
Energy companies are continuing to create value for shareholders with strong cash flows, dividends, and share repurchases. Yesterday, the company disclosed it bought back nearly 3.79 million shares between November 28 and December 2.
What’s more, Total shares have been inching upward since it announced an oil discovery in the northwest of Sepia oil field near Brazil. Total holds a nearly one-fifth stake in the project.
Shares of the company have climbed about 19.2% so far this year.
In the meantime, the Street has a Moderate Buy consensus rating on the stock alongside an average price target of $66.72 indicating a nearly 11.6% potential upside.
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