The energy supply arm of TotalEnergies (TTE), Lampiris, and Air Liquide have signed a Corporate Power Purchase Agreement for renewable energy. Air Liquide is a French multinational company, which supplies industrial gases and services to various industries.
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As per the terms of the deal, Air Liquide will source 50 Gigawatt hours (GWh) per year of renewable electricity from TotalEnergies for 15 years to run its industrial and medical gas production sites in Belgium.
This partnership highlights the efforts of TotalEnergies to fast-track Belgium’s energy transition, while promoting solutions with reduced carbon footprint. (See TotalEnergies stock chart on TipRanks)
The Senior Vice-President of Renewables at TotalEnergies, Julien Pouget, said, “A growing number of companies are shifting to renewable energy, and we want to support them on their path towards carbon neutrality. There is a dynamic market for corporate PPAs in Europe, and we want TotalEnergies to take a strong leadership position.”
On July 23, Piper Sandler analyst Ryan Todd reiterated a Buy rating on the stock, while raising the price target to $66 from $60, implying a 53% upside potential to current levels.
Todd believes that the crunch in crude oil supply is boosting the strong free cash flow outlook for integrated oils sector for the second quarter of 2021. This is expected to bode well for TotalEnergies.
Consensus among analysts is a Strong Buy based on 4 Buys and 1 Hold. The average TotalEnergies price target of $60.03 implies 39.2% upside potential to current levels.
Furthermore, TipRanks’ Stock Investors tool shows a Very Positive stance on TotalEnergies with 3.6% of investors, who have their portfolio on TipRanks, increasing their exposure to the stock over the past 30 days.
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