TotalEnergies, FR0000120271

Jefferies raises target for TotalEnergies stock to EUR 90

Published on 10/20/2026 at 09:40 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Refining margins reached USD 33.20 per barrel in third-quarter guidance. TotalEnergies stock costs EUR 80.94 on October 20, 2026, plus 0.67 percent versus its Xetra close.

Targets and refining margins

On October 19, 2026, Jefferies lifted its TotalEnergies target from EUR 88.00 to EUR 90.00.
On October 15, 2026, the company projected a third-quarter refining margin of USD 33.20 per barrel versus USD 8.40 a year earlier.
TotalEnergies stock trades at EUR 80.94 at 9:34 a.m. CEST on October 20, 2026, 0.67 percent above the Xetra close of October 19, 2026.

Extreme Makroaufnahme schwarzer Rohöltropfen mit irisierende Regenbogenreflexen auf Stahl — TotalEnergies FR0000120271 in extremer Makrofotografie glänzender Rohöl-Tropfen mit Regenbogenreflexen auf poliertem Metall, Illustration mit AI erstellt.

TotalEnergies (ISIN FR0000120271) was trading at EUR 80.94 at Lang & Schwarz on October 20, 2026, at 9:34 a.m. CEST, up 0.67 percent versus the Xetra close of October 19, 2026 at EUR 80.40. On October 19, Jefferies raised its price target from EUR 88.00 to EUR 90.00 while retaining a Buy rating, as MarketScreener reported. The target change puts the analyst view above the German-market euro quote, but the next results remain the sharper test.

Why the target moved

The immediate backdrop is TotalEnergies' October 15 trading update. According to Reuters, the company expected a third-quarter refining margin of USD 33.20 per barrel, compared with USD 13.50 in the second quarter and USD 8.40 in the third quarter of 2025. That progression gives investors a concrete earnings lever before the full report.

What does the margin mean?

The margin figure matters because it connects market conditions with a company-specific earnings driver. A move from USD 8.40 to USD 33.20 per barrel is a USD 24.80 increase, while the comparison with the second quarter shows a USD 19.70 sequential rise. Reuters said TotalEnergies and Shell were scheduled to publish detailed third-quarter results on October 29, 2026.

Three dated signals

On September 28, 2026, TotalEnergies marked 35 years on the New York Stock Exchange in its investor materials, according to TotalEnergies. On October 15, 2026, the refining-margin outlook reached USD 33.20 per barrel, and on October 19, 2026, Jefferies moved its target from EUR 88.00 to EUR 90.00 through the update reported by MarketScreener.

The next two scheduled dates are October 29, 2026, for the third-quarter report, and February 10, 2027, for the fiscal-year 2026 report, according to the company investor calendar and comdirect. The first date will show whether the refining benefit translated into reported earnings.

Stock stays below its yearly high

TotalEnergies stock remains EUR 0.41 below its 52-week high of EUR 81.35, while its market capitalization stood at EUR 178.9 billion on October 19, 2026. The current quote therefore sits near the upper end of its dated trading range, but the margin outlook and the October 29 report are the more direct valuation tests.

TotalEnergies stock was trading at EUR 80.94 at Lang & Schwarz on October 20, 2026, at 9:34 a.m. CEST, plus 0.67 percent versus the Xetra close of October 19, 2026 at EUR 80.40. The further course of trading is shown by the continuously updated real-time quote of TotalEnergies stock.