PNC Financial Services Group Inc. Cuts Stock Position in TotalEnergies SE Sponsored ADR (NYSE:TTE)

Key Points

• PNC Financial Services Group Inc. has decreased its stake in TotalEnergies SE by 7.5% after selling 41,713 shares, now holding a total of 516,095 shares valued at approximately $33.39 million.
• TotalEnergies reported Q2 earnings of $1.57 EPS, missing estimates, while its revenue reached $44.68 billion, exceeding expectations.
• Several brokerages have adjusted their price targets for TotalEnergies, with Piper Sandler lowering it to $66.00 while Morgan Stanley upgraded to $60.80, indicating shifting analyst sentiment.

PNC Financial Services Group Inc. reduced its holdings in TotalEnergies SE Sponsored ADR (NYSE:TTE - Free Report) by 7.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 516,095 shares of the company's stock after selling 41,713 shares during the period. PNC Financial Services Group Inc.'s holdings in TotalEnergies were worth $33,386,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Financial Management Professionals Inc. boosted its holdings in TotalEnergies by 65.8% during the first quarter. Financial Management Professionals Inc. now owns 484 shares of the company's stock valued at $31,000 after acquiring an additional 192 shares during the period. Inlight Wealth Management LLC acquired a new position in TotalEnergies during the first quarter worth $32,000. Bernard Wealth Management Corp. bought a new stake in TotalEnergies during the fourth quarter worth about $32,000. Arlington Trust Co LLC acquired a new stake in shares of TotalEnergies in the first quarter valued at $39,000. Finally, Brentview Investment Management LLC acquired a new position in TotalEnergies during the 1st quarter worth about $45,000. 16.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Piper Sandler cut their price target on TotalEnergies from $68.00 to $66.00 and set a "neutral" rating on the stock in a research note on Friday, July 18th. Morgan Stanley raised shares of TotalEnergies from an "equal weight" rating to an "overweight" rating and set a $60.80 price target on the stock in a research report on Monday, May 12th. Sanford C. Bernstein upgraded shares of TotalEnergies from a "market perform" rating to an "outperform" rating in a report on Monday, June 16th. BNP Paribas upgraded TotalEnergies from a "neutral" rating to an "outperform" rating in a report on Tuesday, April 15th. Finally, HSBC reaffirmed a "buy" rating on shares of TotalEnergies in a research report on Tuesday, May 13th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $66.45.

TotalEnergies Stock Up 1.1%

TotalEnergies stock traded up $0.67 during midday trading on Thursday, hitting $60.87. 1,414,474 shares of the stock were exchanged, compared to its average volume of 1,707,984. TotalEnergies SE Sponsored ADR has a 52-week low of $52.78 and a 52-week high of $70.50. The stock has a market capitalization of $145.96 billion, a price-to-earnings ratio of 11.05, a price-to-earnings-growth ratio of 1.05 and a beta of 0.59. The business's 50-day moving average price is $61.29 and its 200-day moving average price is $60.28. The company has a quick ratio of 0.81, a current ratio of 1.00 and a debt-to-equity ratio of 0.40.

TotalEnergies (NYSE:TTE - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $1.57 earnings per share for the quarter, missing analysts' consensus estimates of $1.62 by ($0.05). The company had revenue of $44.68 billion during the quarter, compared to analysts' expectations of $42.44 billion. TotalEnergies had a net margin of 6.20% and a return on equity of 13.59%. On average, research analysts expect that TotalEnergies SE Sponsored ADR will post 8.02 EPS for the current fiscal year.

TotalEnergies Cuts Dividend

The company also recently announced a dividend, which was paid on Friday, July 11th. Stockholders of record on Thursday, June 19th were paid a $0.7108 dividend. This represents a dividend yield of 454.0%. The ex-dividend date was Wednesday, June 18th. TotalEnergies's dividend payout ratio is currently 53.72%.

About TotalEnergies

TotalEnergies SE, a multi-energy company, produces and markets oil and biofuels, natural gas, green gases, renewables, and electricity in France, rest of Europe, North America, Africa, and internationally. It operates through five segments: Exploration & Production, Integrated LNG, Integrated Power, Refining & Chemicals, and Marketing & Services.