TotalEnergies, FR0000120271

TotalEnergies stock slips after JPMorgan downgrade

Published on 09/23/2026 at 14:23 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

JPMorgan cut TotalEnergies to Neutral on September 23, 2026, while keeping its EUR 83 target. Paris shares traded at EUR 78.15, with Q2 revenue at EUR 57.1 billion.

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TotalEnergies stock traded at EUR 78.15 on the Paris exchange as of September 22, 2026, down 0.52 percent from the previous close. The immediate catalyst arrived on September 23, 2026, when JPMorgan cut its rating from Overweight to Neutral while leaving its price target at EUR 83, according to Investing.com.

Valuation limits the upside

JPMorgan's EUR 83 target stood 6.21 percent above the EUR 78.15 Paris quotation cited by Investing.com on September 22, 2026. The same report said the stock traded at a price-to-earnings ratio of 11.18 and carried a free-cash-flow yield of 9 percent, figures that help explain why the bank viewed much of the company's industrial strength as already reflected in the valuation.

The rating change was not based on a deterioration in the long-term business case. According to Investing.com, JPMorgan said multi-year growth remained supported by the balance sheet and expected TotalEnergies to reaffirm a distribution ratio above 40 percent of operating cash flow for fiscal year 2026.

Operations still show growth

The latest reported release listed by Investing.com was dated July 23, 2026. TotalEnergies recorded second-quarter revenue of EUR 57.1 billion against a EUR 54.28 billion forecast, while earnings per share reached EUR 2.68 versus EUR 2.85 expected, according to Investing.com.

The operating picture also contains a measurable slowdown. Underlying exploration and production volumes increased 3 percent year over year in the current fiscal year, compared with 4 percent in the first half, according to Investing.com. That comparison matters because slower volume growth reduces the margin for error if oil and gas prices weaken.

Stock remains near yearly high

Paris trading data showed a 52-week range of EUR 49.24 to EUR 81.34 as of September 22, 2026, placing the EUR 78.15 share price EUR 3.19 below the yearly high. Market capitalization was EUR 174.61 billion and reported volume was 3.24 million shares on the same data snapshot.

JPMorgan also identified direct Middle East asset exposure and possible Strait of Hormuz disruption as risks to cash conversion, while noting potential French debate over energy windfall taxes. The next earnings date listed for TotalEnergies is October 29, 2026, giving the market a defined checkpoint for testing revenue, earnings and operating-volume trends.