Total’s plans impress investors
RISING oil and gas output at Total, France’s biggest-listed company, could begin to erase its discount against its energy peers and lift its USlisted American depository receipts to the mid $60- range, financial newsweekly Barron’s reported in its March 19 edition.
Investors are impressed with plans to raise output 2.5 percent per year and encouraged by Total exploration work, such as an offshore project off the coast of Angola and a liquified-natural gas project in Australia, in which Total has a minority stake, Barron’s said.
Total’s 5.4 percent dividend, although higher than peers, could rise further, Barron’s said, though it noted the company’s heavy spending on exploration could limit dividend increases.
Total ADRs closed at $55.35 on Friday.