05:13 PM EDT, 09/25/2024 (MT Newswires) -- TotalEnergies (TTE) has enjoyed plenty of forward momentum recently, analysts at RBC Capital Markets said in new research note Wednesday, with higher oil prices playing a big role in boosting its financial and operating performance in recent quarters.

Although the oil major will likely lose some of those tailwinds starting in 2025 and beyond, it should continue to outperform many of its peers due to the depth in its portfolio, justifying the premium for TotalEnergies' share price.

TotalEnergies is scheduled to host its yearly meeting with analysts on Friday. The RBC analysts said while the company probably won't disclose any major new initiatives at the event, it likely will highlight many of the more positive aspects of its business, like relatively consistent earnings and growth, RBC analysts said.

RBC raised their price target for Total to 80 euros ($89) from 75 euros per share previously and reiterated sector perform rating.

Price: 66.88, Change: +0.07, Percent Change: +0.10