Shares of energy giant TotalEnergies (NYSE:TTE) are trending marginally higher today after it partnered with offshore wind developer Corio Generation and electricity producer Rise Light & Power to develop a wind project off the coast of New York and New Jersey.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
The project, named the Attentive Energy project, aims to generate over three gigawatts of green electricity, catering to over a million homes. Corio and Rise have picked up stakes of 27.7% and 16.3% in Attentive, respectively. TTE will retain the remaining 56% and has received $420 million in consideration from the two partners.
Impressively, TTE has a total offshore wind capacity of more than 13 gigawatts. The company aims to become net zero by 2050. Recently, TTE signed a 27-year LNG (Liquified Natural Gas) supply deal with QatarEnergy. The transaction will involve the supply of up to 3.5 million metric tons of LNG to a receiving terminal in southern France, with deliveries anticipated to begin in 2026.
Separately, TTE’s third-quarter numbers are anticipated on October 26. Analysts expect the company to post an EPS of $2.51 on revenue of $53.2 billion for the quarter. In the comparable year-ago period, TTE had delivered an EPS of $3.83, outperforming estimates by $0.02.
What is the Target Price for TTE?
Overall, the Street has a Moderate Buy consensus rating on TTE. The average TotalEnergies price target of $70.67 implies a modest 7.1% potential upside.
Read full Disclosure
