On that basis, the bank kept an overweight on Shell and Galp Energia SGPS SA, upgraded Eni SpA to overweight, and raised TotalEnergies to overweight from neutral. The bank’s new targets imply upside for oil majors including Shell (17%), Galp (15%), Eni (12%) and TotalEnergies (11%) versus their Friday closing prices, alongside dividend yields of roughly 4% to 6%.
