TotalEnergies (TTE - Free Report) is set to report second-quarter 2023 earnings on Jul 27, before the opening bell. The company reported a positive earnings surprise of 7.41% in the last reported quarter.
Let’s focus on the factors that might have impacted its second-quarter performance.
Factors at Play
The gradual suspension of TotalEnergies’ operations in Russia and the drop in commodity prices from the year-ago quarter levels are likely to have adversely impacted earnings in the second quarter. A natural decline in the production field is expected to have reduced production volumes.
TotalEnergies’ second-quarter production volume is expected to have declined year-over-year as some OPEC+ countries have lowered their production quotas to stabilize the market, which has been operating cautiously due to fear of a financial crisis and inflation.
Contributions from the acquired assets and expansion of LNG operations are likely to have boosted earnings. Share repurchases during the first half of 2023 are likely to have had a positive impact on earnings.
Expectation
The Zacks Consensus Estimate for TotalEnergies’ second-quarter earnings per share is $2.30, which indicates a 38.7% decline from the year-ago reported figure.
The Zacks Consensus Estimate for second-quarter average production volume is 2,499.32 thousand barrels of oil equivalent per day (kboe/d). TotalEnergies expects second-quarter 2023 hydrocarbon production to be nearly 2,500 kboe/d.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for TotalEnergies this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you will see below.
Earnings ESP: The company has an Earnings ESP of -5.88%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: TotalEnergies currently carries a Zacks Rank #5 (Strong Sell).
Stocks to Consider
Investors can consider the following players from the same sector that have the right combination of elements to post an earnings beat in the to-be-reported quarter.
TC Energy Corporation (TRP - Free Report) is set to release second-quarter 2023 results on Jul 28. TRP has an Earnings ESP of +11.76% and currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for 2023 earnings of TC Energy is $3.13 per share, which indicates a 0.6% increase in the past sixty days.
Crestwood Equity Partners LP is set to release second-quarter 2023 results on Aug 1. CEQP has an Earnings ESP of +111.28% and a Zacks Rank #2.
The Zacks Consensus Estimate for 2023 earnings of CEQP is $1.19 per unit, which indicates growth of 52.6% in the past sixty days.
Murphy USA (MUSA - Free Report) is set to release second-quarter 2023 results on Aug 2. MUSA has an Earnings ESP of +0.20% and a Zacks Rank #2.
The Zacks Consensus Estimate for 2023 earnings of Murphy USA is $20.83 per share, which indicates an increase of 8.5% in the past sixty days.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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TotalEnergies (TTE - Free Report) is set to report second-quarter 2023 earnings on Jul 27, before the opening bell. The company reported a positive earnings surprise of 7.41% in the last reported quarter.
Let’s focus on the factors that might have impacted its second-quarter performance.
Factors at Play
The gradual suspension of TotalEnergies’ operations in Russia and the drop in commodity prices from the year-ago quarter levels are likely to have adversely impacted earnings in the second quarter. A natural decline in the production field is expected to have reduced production volumes.
TotalEnergies’ second-quarter production volume is expected to have declined year-over-year as some OPEC+ countries have lowered their production quotas to stabilize the market, which has been operating cautiously due to fear of a financial crisis and inflation.
Contributions from the acquired assets and expansion of LNG operations are likely to have boosted earnings. Share repurchases during the first half of 2023 are likely to have had a positive impact on earnings.
Expectation
The Zacks Consensus Estimate for TotalEnergies’ second-quarter earnings per share is $2.30, which indicates a 38.7% decline from the year-ago reported figure.
The Zacks Consensus Estimate for second-quarter average production volume is 2,499.32 thousand barrels of oil equivalent per day (kboe/d). TotalEnergies expects second-quarter 2023 hydrocarbon production to be nearly 2,500 kboe/d.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for TotalEnergies this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you will see below.
Earnings ESP: The company has an Earnings ESP of -5.88%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: TotalEnergies currently carries a Zacks Rank #5 (Strong Sell).
Stocks to Consider
Investors can consider the following players from the same sector that have the right combination of elements to post an earnings beat in the to-be-reported quarter.
TC Energy Corporation (TRP - Free Report) is set to release second-quarter 2023 results on Jul 28. TRP has an Earnings ESP of +11.76% and currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for 2023 earnings of TC Energy is $3.13 per share, which indicates a 0.6% increase in the past sixty days.
Crestwood Equity Partners LP is set to release second-quarter 2023 results on Aug 1. CEQP has an Earnings ESP of +111.28% and a Zacks Rank #2.
The Zacks Consensus Estimate for 2023 earnings of CEQP is $1.19 per unit, which indicates growth of 52.6% in the past sixty days.
Murphy USA (MUSA - Free Report) is set to release second-quarter 2023 results on Aug 2. MUSA has an Earnings ESP of +0.20% and a Zacks Rank #2.
The Zacks Consensus Estimate for 2023 earnings of Murphy USA is $20.83 per share, which indicates an increase of 8.5% in the past sixty days.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How To Profit From Trillions On Spending For Infrastructure >>
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