11 Most Undervalued Renewable Energy Stocks to Invest In

7. TotalEnergies SE (NYSE:TTE)

Forward P/E: 10.37

On March 12, Piper Sandler analyst Ryan Todd raised the firm’s price target on TotalEnergies SE (NYSE:TTE) to $92 from $74 while maintaining a Neutral rating. The firm revised its forward estimates after increasing its mid-cycle forecast for West Texas Intermediate crude oil prices by $5 per barrel. The adjustment reflects the potential long-term effects of geopolitical tensions involving Iran, which Piper’s commodity strategy team believes could tighten global oil balances by approximately 2 million barrels per day relative to previous expectations.

The same day, TotalEnergies SE (NYSE:TTE) said it had begun shutting down or preparing to shut down certain production operations in Qatar, Iraq, and offshore areas of the United Arab Emirates following requests from shareholders to address the company’s exposure to the Middle East. These facilities represent roughly 15% of TotalEnergies’ total output. However, the company noted that its onshore UAE production remains unaffected because exports from those assets are routed through the Fujairah Oil Terminal.

TotalEnergies SE (NYSE:TTE) also stated that barrels produced in the Middle East generate lower cash flow from operations compared with the company’s broader portfolio due to higher taxation levels. As a result, the 15% of production tied to those assets accounts for only about 10% of upstream cash flow. The company emphasized that most of its production growth in 2026 is expected to come from assets located outside the region. Management noted that an $8 increase in the Brent Crude Oil price would be sufficient to offset the projected 2026 cash flow contributions from the company’s Iraq, Qatar, and offshore UAE assets at an oil price of $60 per barrel.

TotalEnergies SE (NYSE:TTE) is a global integrated energy company headquartered in Courbevoie, France. The company produces oil, natural gas, biofuels, and renewable electricity while operating across exploration, refining, chemicals, and energy marketing businesses.