TotalEnergies Sells Malaysia Gas Stake For $350 Million

TotalEnergies SE (NYSE: TTE ) stock rose nearly 1% in Thursday’s premarket trading after the energy company announced the sale of a minority stake in a Malaysian gas project as it continues to streamline its upstream portfolio. 5% net interest in the Marjoram gas field under development, for $350 million. The company said the transaction “crystallizes” the value of a minority, non-operated asset while allowing it to focus on operated projects and other growth opportunities in Malaysia. Management also highlighted the recent startup of the Jerun gas field and reaffirmed Malaysia’s role as a strategic hub for “low-cost, low-emission” growth across Southeast Asia.

The announcement follows last week’s acquisition of a 10% interest in the Bab Gas Cap Concession in Abu Dhabi. 5 billion cubic feet of gas per day. Technical Picture Remains Weak Despite Thursday’s gain, TotalEnergies remains under pressure from a technical standpoint. 8% below its 50-day moving average.

However, it sits just above its 200-day moving average, a level that could provide long-term support. 92, indicating the shares are deeply oversold. That may increase the likelihood of a short-term rebound, although the broader trend remains negative. Immediate resistance sits near $82, close to the 20-day exponential moving average.

50. Earnings Due Later This Month TotalEnergies is scheduled to report second-quarter results on July 23. 63 billion last year. 1 times earnings and carries a consensus Hold rating with an average analyst price forecast of $83.

48 during premarket trading on Thursday, according to Pro data. Photo via Shutterstock