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TotalEnergies (TTE) to Post Q3 Earnings: What's in the Offing?
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TotalEnergies (TTE - Free Report) is set to report third-quarter 2023 earnings on Oct 26, before the opening bell. The company reported a negative earnings surprise of 9.95% in the last reported quarter.
Let’s focus on the factors that might have impacted its third-quarter performance.
Factors at Play
TotalEnergies’ third-quarter results are expected to have benefited from the strong demand for petroleum products, boosted by the summer driving season and global recovery in air travel. Its earnings in the third quarter are likely to have benefited from the production of low-cost hydrocarbons from its assets spread across the globe.
Contributions from acquired assets and the expansion of LNG operations are likely to have boosted earnings. Share repurchases during the first nine months of 2023 are likely to have had a positive impact on earnings.
Expectation
The Zacks Consensus Estimate for TotalEnergies’ third-quarter earnings per share is $2.44, which indicates a 36.3% decline from the year-ago reported figure.
The company expects third-quarter 2023 hydrocarbon production to be 2.5 Mboe/d, with support from the start-up of the Absheron field in Azerbaijan. The company projects LNG prices in the range of $9-$10/MBtu.
What Our Quantitative Model Predicts
Our proven model predicts 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 the case here, as you will see below.
TotalEnergies SE Sponsored ADR Price and EPS Surprise
Earnings ESP: The company has an Earnings ESP of +2.97%. 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 #3.
Other Stocks to Consider
Investors can also consider the following players from the same sector that also have the right combination of elements to post an earnings beat in the to-be-reported quarter.
The Zacks Consensus Estimate for 2023 earnings of Constellation Energy is $5.53 per share, which indicates a 2.02% increase in the past sixty days.
Chevron Corporation (CVX - Free Report) is set to release third-quarter 2023 results on Oct 27. CVX has an Earnings ESP of +0.96% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for 2023 earnings of CVX is $13.75, which indicates growth of 4.3% in the past sixty days.
Devon Energy Corporation (DVN - Free Report) is set to release third-quarter 2023 results on Nov 7. DVN has an Earnings ESP of +2.27% and currently carries a Zacks Rank #2.
The Zacks Consensus Estimate for 2023 earnings of DVN is $5.87, which indicates growth of 5.8% in the past sixty days.
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TotalEnergies (TTE) to Post Q3 Earnings: What's in the Offing?
TotalEnergies (TTE - Free Report) is set to report third-quarter 2023 earnings on Oct 26, before the opening bell. The company reported a negative earnings surprise of 9.95% in the last reported quarter.
Let’s focus on the factors that might have impacted its third-quarter performance.
Factors at Play
TotalEnergies’ third-quarter results are expected to have benefited from the strong demand for petroleum products, boosted by the summer driving season and global recovery in air travel. Its earnings in the third quarter are likely to have benefited from the production of low-cost hydrocarbons from its assets spread across the globe.
Contributions from acquired assets and the expansion of LNG operations are likely to have boosted earnings. Share repurchases during the first nine months of 2023 are likely to have had a positive impact on earnings.
Expectation
The Zacks Consensus Estimate for TotalEnergies’ third-quarter earnings per share is $2.44, which indicates a 36.3% decline from the year-ago reported figure.
The company expects third-quarter 2023 hydrocarbon production to be 2.5 Mboe/d, with support from the start-up of the Absheron field in Azerbaijan. The company projects LNG prices in the range of $9-$10/MBtu.
What Our Quantitative Model Predicts
Our proven model predicts 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 the case here, as you will see below.
TotalEnergies SE Sponsored ADR Price and EPS Surprise
TotalEnergies SE Sponsored ADR price-eps-surprise | TotalEnergies SE Sponsored ADR Quote
Earnings ESP: The company has an Earnings ESP of +2.97%. 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 #3.
Other Stocks to Consider
Investors can also consider the following players from the same sector that also have the right combination of elements to post an earnings beat in the to-be-reported quarter.
Constellation Energy Corporation (CEG - Free Report) is set to release third-quarter 2023 results on Nov 6. CEG has an Earnings ESP of +2.42% and currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for 2023 earnings of Constellation Energy is $5.53 per share, which indicates a 2.02% increase in the past sixty days.
Chevron Corporation (CVX - Free Report) is set to release third-quarter 2023 results on Oct 27. CVX has an Earnings ESP of +0.96% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for 2023 earnings of CVX is $13.75, which indicates growth of 4.3% in the past sixty days.
Devon Energy Corporation (DVN - Free Report) is set to release third-quarter 2023 results on Nov 7. DVN has an Earnings ESP of +2.27% and currently carries a Zacks Rank #2.
The Zacks Consensus Estimate for 2023 earnings of DVN is $5.87, which indicates growth of 5.8% in the past sixty days.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.