Key highlights from earnings report:
European refining margins more than doubled to $38.20 a metric ton in the second quarter, up from $16.30 a ton in the same period a year ago, and $20.90 a ton in the first quarter of this year.
The company raised its quarterly dividend for the first time since 2008, up 3.5% to 0.59 euros per share.
The company's CFO also said mgmt prefers dividend increases versus stock repurchases (refreshing).
Total said it remained confident about the second half of the year.
Four additional reasons Total is a solid pick for value and income investors at $46 a share:
The stock is selling at the bottom of its five year valuation range based on P/E, P/B, P/CF and P/S.
With the payout increase, Total now yields close to 6% and the company seems committed to raise payouts as warranted in the future.
The stock is cheap especially for a high yielder. TOT is selling for less than 7 times forward earnings and just over 4 times operating cash flow.
Analysts have a median price target of $58 on the shares. S&P has a "Buy" rating and a $61 price target on the stock.
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