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TotalEnergies SE shares are trading higher during Thursday’s premarket session, up by 1.62%. The company reported progress on a major French offshore wind development, helping the stock buck a softer premarket tone in the major index ETFs.

TotalEnergies says its wholly owned project company, Centre Manche Energies, has applied for the Single Authorization for a 1.5 GW offshore wind farm off the coast of Normandy, eight months after being awarded the project by the French State.

The company calls it France's largest renewables project, targeting about 6 TWh of annual generation. It is enough to supply renewable power to nearly one million French homes.

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The 4.5 billion euros ($5.23 billion) investment is projected to deliver strong local economic impact, creating up to jobs during its three-year construction period.

The initiative will further support European supply chains by prioritizing local sourcing, especially for wind turbines and subsea cables.

Yesterday, the company reported an extension of its fuel-price cap in France, a consumer-facing move that can help steady volumes and sentiment even with U.S. index ETFs pointing lower before the bell.

TotalEnergies says it will keep capping fuel prices across its roughly 3,300 service stations in France "as long as the crisis in the Middle East lasts," maintaining June caps of 1.99 euros per liter ($2.31) for gasoline and 2.25 euros ($2.62) per liter for diesel.

It also renewed a "single price" weekend promotion tied to Mother's Day (May 30-31) and Father's Day (June 20-21), setting gasoline at 1.99 euros per liter and diesel at 2.09 euros per liter across its network.

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U.S. index ETFs are pointing lower in premarket trading, with the Nasdaq (QQQ) down 0.49% and the S&P 500 (SPY) down 0.23%, while the Russell 2000 (IWM) is down 0.47% and the Dow (DIA) is down 0.17%. Against that backdrop, TTE's early strength reads as more stock-specific, with traders leaning into the visibility that comes from a clear permitting milestone.

From a longer-term trend view, the stock is still in an uptrend—up 48.67% over the last 12 months—and it remains well above its longer moving averages, trading 7.3% above the 100-day SMA ($82.01) and 21.6% above the 200-day SMA ($72.37). The catch is the nearer-term tape has cooled, with shares trading 3.7% below the 20-day SMA ($91.39) and 2.7% below the 50-day SMA ($90.43), which puts the burden on bulls to reclaim those levels to restart the recent upswing.

Momentum is best explained by MACD right now: it's below its signal line and the histogram is negative, which points to upside pressure fading versus the prior push higher unless buyers can reassert control. In plain English, MACD compares shorter- and longer-term trend pressure, and being below the signal line often shows the rally is losing steam even if the bigger trend is still up.

Key Resistance: $93.50 — a nearby ceiling close to the upper end of the recent range and not far from the $94.17 52-week high zone where rallies can stall

Key Support: $87.50 — a near-term floor just below the current price where buyers have recently shown up, making it a key "line in the sand" if weakness returns

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Looking further out, the next major catalyst for the stock arrives with the July 23, 2026 (estimated) earnings report.

EPS Estimate: $2.80 (Up from $1.57 YoY)

Revenue Estimate: $53.77 Billion (Up from $49.63 Billion YoY)

Valuation: P/E of 12.9x (Indicates value opportunity relative to peers)

Analyst Consensus & Recent Actions: The stock carries a Hold rating with an average price target of $83.00. Recent analyst moves include:

Scotiabank: Sector Perform (Raises Target to $97.00) (April 22)

Piper Sandler: Neutral (Raises Target to $92.00) (March 12)

JP Morgan: Upgraded to Overweight (March 2)

SPDR DJ Euro STOXX 50 Etf (NYSE:FEZ): 2.86% Weight

State Street SPDR S&P Global Natural Resources ETF (NYSE:GNR): 3.68% Weight

SPDR S&P Global Natural Resources ETF (NYSE:GNR): 2.77% Weight

Significance: Because TTE carries significant weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.

Photo via Shutterstock 

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