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.
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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.
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