TotalEnergies (TTE) to Post Q4 Earnings: What's in the Offing?
TotalEnergies SE TTE is set to report fourth-quarter 2023 earnings on Feb 7, before the opening bell. The company delivered a negative earnings surprise of 5.20% in the last reported quarter.
Let’s focus on the factors that might have impacted its fourth-quarter performance.
Factors at Play
TotalEnergies has been benefiting from contributions from acquired assets and the expansion of LNG operations. Share repurchases during 2023 are likely to have had a positive impact on fourth-quarter earnings.
Its fourth-quarter utilization rate in the refineries is expected to be above 80%, along with the Port Arthur refinery resuming operation during mid-November. The company’s low-cost production volumes, global recovery in air travel and the increasing demand for petroleum in emerging countries are expected to have boosted the company’s fourth-quarter performance.
Expectation
The Zacks Consensus Estimate for TotalEnergies’ fourth-quarter earnings per share is $2.44, which indicates a 17.8% decline from the year-ago reported figure.
The Zacks Consensus Estimate for fourth-quarter 2023 hydrocarbon production is pegged at 2,453.6 thousand barrels of oil equivalent per day, down 12.7% year over year.
TotalEnergies expects its total production volume to be in the range of 2.4-2.5 Mboe/d in the fourth quarter, which takes into consideration the impact of the sale of its oil sail assets in Canada.
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.
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 -10.27%. 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.
Stocks to Consider
Investors can also 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.
Energy Transfer LP ET is set to release fourth-quarter 2023 results on Feb 14. ET has an Earnings ESP of +0.69% 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 2024 earnings of Energy Transfer is $1.22 per unit, which indicates a 5.2% increase in the past sixty days.
Cheniere Energy LNG is set to release fourth-quarter 2023 results on Feb 22. LNG has an Earnings ESP of +5.55% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for 2024 earnings of LNG is $9.92, which indicates a decline of 3.6% in the past sixty days.
Oceaneering International OII is set to release fourth-quarter 2023 results on Feb 22. OII has an Earnings ESP of +5.88% and currently sports a Zacks Rank #1.
The Zacks Consensus Estimate for 2024 earnings of OII is $1.52, which indicates growth of 1.3% in the past sixty days.
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Oceaneering International, Inc. (OII) : Free Stock Analysis Report
Cheniere Energy, Inc. (LNG) : Free Stock Analysis Report
Energy Transfer LP (ET) : Free Stock Analysis Report
TotalEnergies SE Sponsored ADR (TTE) : Free Stock Analysis Report
