TotalEnergies SE (NYSE:TTE) shares are trading higher by almost 1% as the company gave the green light for a new Eastern Mediterranean gas project on Tuesday.
The move is broadly in line with a 0.6% gain in the Energy sector, while the Nasdaq is sharply lower (QQQ -1.74%), keeping the tape mixed despite strong market breadth.
• What should traders watch with TTE?
What Is TotalEnergies’ New Cronos Gas Project?
TotalEnergies and ENI SpA (NYSE:E), both equal partners, took a Final Investment Decision to develop the Cronos gas field in Cyprus’ offshore Block 6.
The companies expect the first production to start in 2028 with a plateau of about 500 million cubic feet per day (about 2.8 million tons of LNG per year).
The gas is slated to flow by subsea pipeline to Egypt for liquefaction at the Damietta LNG terminal and export to Europe, with TotalEnergies set to market 50% of the LNG (about 1.4 Mtpa).
TotalEnergies CEO Patrick Pouyanné added that Cronos aligns with TotalEnergies’ strategy of prioritising low-cost and lower-emission projects by leveraging existing processing capacity. The development is also expected to support the company’s LNG growth strategy, with its LNG portfolio targeted to reach 60 Mtpa by 2030.
Recent Earnings Snapshot
Last week, TotalEnergies reported second-quarter 2026 adjusted EPS of $2.68, missing the consensus of $2.71. Revenue for the quarter came in at $61.77 billion, below the expectations of $69.15 billion.
Oil and gas production reached 2.395 Mboe/d, led by new project ramp-ups in Brazil, the U.S. and Libya, which offset Middle East production disruptions.
Excluding Middle East disruptions, the company projects third quarter production to grow 3% year over year, while regional impacts could reduce total output by 5%–10%. Refinery utilization is expected at 80%–85%, with SATORP operations expected to return to full capacity by quarter-end. The company reaffirmed its 2026 investment plan of $15 billion.
Analyst Consensus & Recent Actions: The stock carries a Hold rating with an average price forecast of $89.50. Recent analyst moves include:
- Piper Sandler: Neutral (Target $85 on July 23)
- Mizuho: Initiated with Outperform (Target $103 on July 20)
- CICC: Initiated with Outperform (June 23)
TotalEnergies Stock: Key Levels to Watch
At $84.62, the stock is trading 5.5% above its 20-day SMA ($80.67) and 10.8% above its 200-day SMA ($76.84), keeping the longer-term uptrend intact after a strong 12-month run (+39.65%). The catch is the shorter-term trend is still a bit choppy, with the 20-day SMA below the 50-day SMA (bearish), while the 50-day SMA remains above the 200-day SMA (a bullish longer-term backdrop).
Momentum looks like it’s trying to improve: MACD is above its signal line and the histogram is positive, which points to fading downside pressure versus the prior downswing. In plain English, when MACD is above its signal line, it often means buyers are starting to regain control even if price hasn’t fully broken into a fresh up-leg yet.
- Key Resistance: $91 — Round-number area just below the $94.17 52-week high where rebounds can stall
- Key Support: $75 — Nearby floor above the $76.84 200-day SMA zone where longer-term buyers may defend trend
TotalEnergies Benzinga Edge Scorecard Breakdown
Below is the Benzinga Edge scorecard for TotalEnergies, highlighting its strengths and weaknesses compared to the broader market:
- Momentum: Bullish (Score: 77.15) — The stock is showing stronger-than-average trend persistence versus the broader market.
- Value: Bullish (Score: 93.11) — Screening as inexpensive versus peers, which can help support pullbacks.
- Growth: Neutral (Score: 32.15) — Growth factors are present but aren’t the main driver of the current profile.
The Verdict: TotalEnergies’ Benzinga Edge signal reveals a value-and-momentum-leaning setup, with valuation doing a lot of the heavy lifting. If momentum holds while price stays above the long-term moving averages, the chart has room to work back toward prior highs, but the $91.00 area is the first spot that needs to clear cleanly.
Top ETFs Holding TotalEnergies (TTE) Stock
- State Street SPDR S&P Global Natural Resources ETF (NYSE:GNR): 3.70% Weight
- Invesco International BuyBack Achievers ETF (NASDAQ:IPKW): 4.65% Weight
- Amplify Energy & Natural Resources Covered Call ETF (NYSE:NDIV): 5.12% Weight
Significance: Because TTE carries significant weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
TotalEnergies Stock Price Movement Today
TTE Stock Price Activity: TotalEnergies shares were down 0.51% at $83.73 at the time of publication on Tuesday, according to Benzinga Pro data.
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