Galp Energia, SGPS, S.A. is an integrated energy operator based in Lisbon, Portugal, and active internationally. It operates through four segments: Upstream, Industrial & Midstream, Commercial, and Renewables. The Upstream segment explores, develops, and produces hydrocarbons primarily in Brazil, Mozambique, and Namibia. The company was formerly known as Galp " Petróleos e Gás de Portugal, SGPS, S.A. and changed its name to Galp Energia, SGPS, S.A. in September 2000. It was incorporated in 1999.
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0B67.LSE▲2
UBS Names Five European Energy Stocks to Buy as Refining Margins Jump 83%
UBS rates five of the eight European energy stocks it covers as "buy" in a Q3 earnings preview, saying oil, gas and refining margins have all trended above consensus and refining margins jumped 83% in a quarter. The broker's Q3 net income estimates are 12% above consensus on average, and it raised its Brent forecast to $100/bl for Q4 while making no rating changes. For BP, UBS lifted its price target to 700p from 675p against a 558p share price, forecasting Q3 adjusted net income of $5.70 billion, 6% above consensus, and cash flow ex-working capital of $10.87 billion, 10% above, with net debt down $4.5 billion; BP reports on 30 October. TotalEnergies saw its target rise to €89 from €88 against a €74.5 share price, with UBS expecting Q3 adjusted net income of $8.63 billion, 16% above consensus, and cash flow ex-working capital of $12.36 billion, 25% above, the widest gap in the group, ahead of results on 29 October. Eni's target rose to €30 from €28 against a €24.2 share price, with Q3 net income of €2.42 billion essentially in line with consensus and 2026E EPS 26% above, plus assumed buybacks of €3.8 billion and a special dividend of about €1 billion; Eni reports on 23 October. Galp's €25 target was unchanged against a €21.7 share price, with Q3 net income forecast at €654 million, 22% above consensus, and cash flow of €956 million, 14% above, ahead of its 26 October report. OMV's target rose 13% to €77 from €68 against a €70.5 share price, with Q3 net income expected at €1.07 billion, 3% above consensus, and cash flow 5% above; OMV reports on 29 October.
BP.LSE · Capital · Positive UBS raised BP's price target to 700p from 675p and forecasts Q3 adjusted net income 6% above consensus with net debt down $4.5 billion.
ENI.XETRA · Capital · Positive UBS lifted Eni's target to €30 from €28, with 2026E EPS 26% above consensus plus assumed €3.8 billion buybacks and a ~€1 billion special dividend.
TTE.PA · Capital · Positive UBS lifted TotalEnergies' target to €89 from €88, expecting Q3 adjusted net income 16% above consensus and cash flow 25% above, the widest gap in the group.
0B67.LSE · Capital · Positive UBS keeps €25 target on Galp and forecasts Q3 net income 22% above consensus and cash flow 14% above, ahead of its 26 October report.
OMV.XETRA · Capital · Positive UBS raised OMV's price target 13% to €77 from €68 and expects Q3 net income 3% above consensus ahead of its 29 October report.
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Energy Transition & Power Demand
HSBC Upgrades BP and TotalEnergies to Buy, Lifts Oil Sector Targets
HSBC upgraded BP and TotalEnergies to Buy from Hold on Friday, raising earnings and cash flow estimates across its global oil coverage after lifting its Brent crude, refining margin, and gas price forecasts. Analysts led by Kim Fustier raised their 2026 Brent assumption to approximately $90 per barrel from $80, and their 2027 forecast to $85 from $65, citing a partial, gradual recovery in Strait of Hormuz flows, while also raising the second-half 2026 TTF gas price forecast to $22.5 per million British thermal units from $16.7 and the 2027 forecast to $17 from $12. The revisions lifted HSBC's 2026-28 earnings-per-share estimates across the sector by averages of 19%, 65% and 33%, respectively, with cash flow per share estimates rising by averages of 12%, 30% and 14%, and the largest revisions falling on international majors given their combined upstream, refining and trading exposure. For BP, HSBC raised its price target to 640 pence from 570 pence, implying nearly 18% upside, and for TotalEnergies it raised its target to €93 from €80, implying 18.4% upside. HSBC retained Buy ratings on Shell, Repsol and Chevron, raising Chevron's price target to $250 from $218 and expecting it to lift its annual buyback run rate to $15 billion from $10-12 billion, while Eni, Equinor, Galp and ExxonMobil stayed at Hold and OMV remained at Reduce.
Energy Transition & Power Demand › Natural Gas Value Chain ▲Pricing
BP.LSE · Capital · Positive HSBC upgraded BP to Buy from Hold and raised its price target to 640 pence from 570 pence.
TTE.PA · Capital · Positive HSBC upgraded TotalEnergies to Buy from Hold and raised its price target to €93 from €80, implying 18.4% upside, on higher Brent, refining margin and gas price forecasts.
CVX · Capital · Positive HSBC retained Buy on Chevron and raised its price target to $250 from $218, expecting buyback run rate to rise to $15B.
REP.XETRA · Capital · Positive HSBC retained its Buy rating on Repsol while raising earnings and cash flow estimates across its global oil coverage on higher Brent, refining margin and gas forecasts.
SHEL.LSE · Capital · Positive HSBC retained its Buy rating on Shell amid raised sector earnings and cash flow estimates.
ENI.XETRA · Capital · Neutral HSBC kept Eni at Hold, not upgraded, though sector-wide earnings and cash flow estimates were raised on higher Brent, refining margin and gas forecasts.
TotalEnergies Completes Entry as Operator of Namibia's Mopane Discovery
TotalEnergies has completed its transaction with Galp, acquiring a 40% operated interest in Namibia's PEL83 license, which holds the giant Mopane discovery, while Galp received a 10% participating interest in PEL56 and a 9.39% interest in PEL91. Following the deal, TotalEnergies now operates PEL83 with 40% alongside Galp (40%), Namcor (10%), and Custos (10%), and also operates PEL56 with 35.25% and PEL91 with 33.09%. CEO Patrick Pouyanné called the entry a key milestone toward establishing a major production hub in Namibia, positioning TotalEnergies as operator of the country's two largest oil discoveries. Appraisal of Mopane is set to begin in the second half of 2026, with a final investment decision targeted for 2028 after a three-well campaign.
TTE.PA · Capital · Positive TotalEnergies completed its acquisition of a 40% operated interest in PEL83, becoming operator of Namibia's two largest oil discoveries.
0B67.LSE · Capital · Positive Galp completed a transaction swapping into PEL56 (10%) and PEL91 (9.39%) while retaining 40% of the operated Mopane PEL83 license.
Namibia Pulls Ahead of South Africa in Orange Basin Oil Race
Namibia is rapidly emerging as Africa's next major oil producer while neighboring South Africa, which controls roughly two-thirds of the same Orange Basin petroleum province, remains years behind in developing essentially the same petroleum system. TotalEnergies' deepwater Venus Project in offshore Namibia now targets an initial production capacity of roughly 150,000 barrels of oil per day, with first oil aimed for 2030, and the Venus-1X discovery is estimated to contain 1.5 billion barrels of light crude and 4.8 trillion cubic feet of gas. TotalEnergies has also taken over operations of the massive Mopane discovery from Portugal's Galp Energia. Last month, Shell and its JV partners reported a major oil discovery at the Merlin-1X exploration well within Petroleum Exploration Licence 39, with recoverable reserves estimated at 750 million barrels for Phase 1, marking a critical turnaround after a $400 million impairment earlier in 2025 on older discoveries. Namibia's rapid ascent has been driven by a stable, single-window regulatory model that allows exploration and appraisal permits to be secured within three to nine months, while South Africa's overlapping regulatory authority and prolonged approval processes can stretch permitting timelines to as long as five years, compounded by ongoing environmental litigation that has blocked projects.
Galp Energia reported second-quarter IFRS net income attributable to shareholders of 762 million euros, up from 315 million euros a year earlier. RCA Ebitda reached 1.27 billion euros compared with 840 million euros in the prior year, driven by strong operational delivery across all businesses amid volatile commodity prices. RC net income attributable to shareholders rose 73% to 681 million euros, while turnover increased 35% to 6.80 billion euros. The company also announced a proposed 10% dividend increase to 0.70 euros per share, with a first interim payment of 0.35 euros payable in August 2026.
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