TotalEnergies SE TTE is set to report its third-quarter 2024 earnings on Oct. 31, before the opening bell. The company reported a negative earnings surprise of 6.16% in the last reported quarter.
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What does our Model Predict for TTE
Per our proven model, stocks with a combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) are likely to beat on earnings. But that is not the case here.
At present, TotalEnergies has an Earnings ESP of -2.35% and a Zacks Rank of 4 (Sell).
TotalEnergies SE Sponsored ADR Price and EPS Surprise
TotalEnergies SE Sponsored ADR price-eps-surprise | TotalEnergies SE Sponsored ADR Quote
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TTE’s Q3 Expectation
TotalEnergies expects third-quarter 2024 production volume in the range of 2.4-2.45 thousand barrels of oil equivalents per day. The guidance takes into consideration the contribution from the start-up of Anchor in the Gulf of Mexico region.
The Zacks Consensus Estimate for earnings and revenues is pegged at $1.84 per share and $57.03 billion, respectively. The bottom and the top-line estimates suggest a decline of 30.04% and 3.37%, respectively, from the year-ago quarter.
Factors Acting in Favor of TotalEnergy
TotalEnergies is a multi-energy company that continues to make strategic acquisitions and agreements with existing operators in high-potential areas and divest non-core assets that are not in sync with its long-term objectives. In the to-be-reported quarter, the company has continued to streamline its operations through acquisitions and divestments. Contribution from the acquired assets and the organic assets are likely to have boosted third-quarter performance.
The new oil and gas projects, that are scheduled to start in 2024, are expected to aid the company. The existing low-cost operation is anticipated to have boosted TotalEnergies' cash margins. TTE has been utilizing modern technology in drilling and efforts to lower breakeven costs.
TTE has been strengthening its position in natural gas, liquefied natural gas, low-carbon electricity and continues to supply an increasing volume of clean energy, which is likely to have boosted earnings.
Headwinds for TTE Stock
TotalEnergies’ global presence exposes it to the competition from national and international oil and gas majors. It has to compete with the likes of ExxonMobil XOM, Shell Plc SHEL and Chevron Corporation CVX for acquiring hydro-carbon assets and licenses for the exploration and production of oil and natural gas, as well as for the sales of manufactured products based on crude and refined oil. These operators are also getting involved in the renewable energy space making the energy industry even more competitive.
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