This article was originally published on TipRanks.com.
Global oil and gas company TotalEnergies SE (TTE) has partnered with France-based Plastic Omnium to design and develop new plastic materials (to be made from recycled polypropylene) for the automotive industry.
Based out of France, TotalEnergies is engaged in the exploration and production of oil and gas, refining, petrochemicals and the distribution of energy.
Plastic Omnium is an automotive supplier, which specializes in the manufacturing and commercialization of plastics. (See Insiders’ Hot Stocks on TipRanks)
As part of the partnership, TotalEnergies and Plastic Omnium will work together to design new types of recycled materials that are environmentally friendly and provide improved performance, along with addressing the challenges presented by end-of-life plastics.
These new materials will contain 20% to 100% recycled materials that have been sourced from industrial and domestic waste streams. Further, they will have up to six times lower CO2 impact on the environment than virgin materials.
The Senior Vice-President of Polymers at TotalEnergies, Valérie Goff, said, “This project will also contribute to addressing the challenge of the circular economy and to our ambition of producing 30% recycled and renewable polymers by 2030.”
The President and CEO of Plastic Omnium Intelligent Exterior Systems, Stéphane Noël, said, “This exciting partnership paves the way to providing responses that are better integrated and more environmentally friendly, reflecting our customers’ and suppliers’ carbon neutrality goals.”
Overall, the stock has a Moderate Buy consensus rating based on 4 Buys and 2 Holds. The average TotalEnergies price target of $62.34 implies 24.3% upside potential. Shares have gained nearly 27% year-to-date.
According to TipRanks’ Smart Score rating system, TotalEnergies scores a “Perfect 10,” suggesting that the stock is likely to outperform market averages.
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