Analyst Note| Allen Good, CFA |
Total rode the increasing oil and gas prices during the quarter to deliver another round of strong results, putting a poor 2020 further in its rearview. The quarter held little new information, outside of a $1.5 billion fourth-quarter planned buyback, as the company held its annual analyst update in late September. The strategy update then only reiterated the existing strategy of near-term hydrocarbon investment while investing in low-carbon businesses for long-term growth. As such our fair value estimate and moat rating are unchanged at this time, leaving shares still modestly undervalued.