Galp Energia stock holds near its yearly high

Published on 09/21/2026 at 13:11 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Galp Energia stock closed at EUR 21.89 on September 18, 2026, with EUR 36.33 million in turnover. Berenberg kept its EUR 22 price target while raising cash-flow and buyback forecasts.

Raffinerieanlage mit Tanks und Kränen am Atlantik bei Sonnenuntergang in Portugal — Galp Energia SGPS SA (PTGAL0AM0009) betreibt eine große Raffinerie an der Atlantikküste Portugals bei Sines, Illustration mit AI erstellt.

Galp Energia stock (ISIN PTGAL0AM0009) closed at EUR 21.89 on September 18, 2026, with EUR 36.33 million in turnover on Euronext Lisbon. The move left the shares 2.9 percent below the yearly peak of EUR 22.54 and close to the PSI's 9,542.21-point close that day.

Berenberg keeps its target

As TradingView reported on September 21, 2026, Berenberg sees a proposed Portuguese solidarity tax on energy profits as a headwind for Galp Energia. The same note says the bank expects the incremental tax exposure to be around EUR 240 million.

According to Finimize on September 21, 2026, Berenberg kept its EUR 22 price target while lifting cash-flow and buyback forecasts. The same report says the bank's third-quarter cash-flow-from-operations forecast is 44 percent higher and 15 percent above the analyst consensus.

Cash flow stays central

That combination matters because Galp's own business mix still leans on refining and upstream output, with Finimize noting firmer refining margins and the Bacalhau field in Brazil as supporting factors. The market is pricing that against the tax risk rather than against the near-term share price alone.

Trading near the high

Galp Energia stock ended September 18, 2026, at EUR 21.89, after a prior close of EUR 22.05 and a daily move of -0.73 percent on Euronext Lisbon. Market wrap data also put the company's market capitalization at about EUR 16.2 billion on that reference date. The stock is still trading within EUR 0.65 of its 52-week high.