Berenberg adjusted its earnings forecasts for TotalEnergies (TTE.PA, TTE.L) after the French energy giant's latest trading statement pointed to a weaker-than-expected result for the second quarter.
"TotalEnergies has released its Q2 trading statement (16 July), which pointed to a weaker result than we expected across the upstream divisions, driven by lower realisations for Exploration & Production (E&P) and weak trading results within Integrated Gas. The downstream results will be very strong, helped by high margins and profitable oil trading, as has been the case for other peers," the research firm wrote in a note published Friday.
"The drivers of the weakness do not appear to be persistent, however, and should start to normalise in H2. If this happens, investor focus will switch back to delivery of energy production growth and FCF generation, which should get a lift from the integration of EPH into the power business."
As such, analysts lowered their 2026 adjusted EPS estimate by 8.5%, while the projected EBIT was reduced by 9.2%. For 2027 and 2028, the forecasts for both metrics were upwardly revised.
The hold recommendation on the stock was retained, along with the price target of 78 euros. TotalEnergies is set to release its half-year results on July 23.