TotalEnergies (TTE) has signed a deal with the Iraqi government under which it will invest about $27 billion to increase oil and gas output and reduce power outages in the country. The oil and gas company produces and markets fuels, natural gas and low-carbon electricity.
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According to a Bloomberg report, the company will invest $10 billion in the projects over seven years. The work on the projects will start in southern Iraq by the end of the year. TotalEnergies will invest in the large Ratawi oil field in the southern province of Basra and bring expertise in seawater injection to the region’s oil wells to maintain their production. (See TotalEnergies stock charts on TipRanks)
The company will be supporting Iraq in acquiring natural gas from the oil fields in the region and build a large solar plant. Meanwhile, the projects will help the company expand its presence in Iraq and make strides across the Middle East and North Africa.
Last month, Kepler Capital analyst Bertrand Hodee maintained a Buy rating on TotalEnergies with a price target of $61.77 (upside potential of 39%). Hodee expects the company to break even in the third quarter of 2021.
Consensus among analysts is a Strong Buy based on 5 unanimous Buys. The average TotalEnergies price target stands at $62.58, implying upside potential of 40.8% to current levels.
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in TotalEnergies is currently Very Positive, as the cumulative change in holdings across all eight hedge funds that were active in the last quarter was an increase of 1.3 million shares.
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