TotalEnergies SE (TotalEnergies (TTE)) shares edged up nearly 1% in premarket trading Thursday after the energy giant said it would sell a minority stake in a Malaysian gas project for $350 million. The move is part of a broader effort to streamline its upstream portfolio and focus on operated assets.
The company is selling an 85% interest in Block 2E offshore Malaysia to INPEX, which represents an 8.5% net interest in the Marjoram gas field under development. TotalEnergies said the deal “crystallizes” the value of a non-operated minority stake while allowing it to concentrate on operated projects and other growth opportunities in Malaysia.
Management also highlighted the recent startup of the Jerun gas field and reiterated Malaysia’s role as a strategic hub for “low-cost, low-emission” growth across Southeast Asia.
The sale follows last week’s acquisition of a 10% interest in the Bab Gas Cap Concession in Abu Dhabi, operated by ADNOC Onshore, which targets production capacity of 1.5 billion cubic feet of gas per day.
Technical Picture Remains Weak
Despite Thursday’s gain, TotalEnergies stock is under technical pressure. It trades about 9.3% below its 20-day simple moving average and 13.8% below its 50-day moving average, though it sits just above its 200-day moving average, which could provide long-term support.
The relative strength index (RSI) stands at 19.92, indicating deeply oversold conditions. That could increase the likelihood of a short-term bounce, but the broader trend remains negative. Immediate resistance is near $82, close to the 20-day exponential moving average, while support is around $63.50.
Earnings Due Later This Month
TotalEnergies is scheduled to report second-quarter results on July 23. Analysts expect earnings of $2.91 per share, up from $1.57 a year earlier, on revenue of $53.77 billion versus $49.63 billion last year.
The stock trades at about 11.1 times earnings and carries a consensus Hold rating with an average analyst price target of $83.
Price Action
TotalEnergies shares were up 0.91% at $75.48 during premarket trading on Thursday.
