BofA: TotalEnergies to Post 'Better-than-Feared' Q2 Results; Estimates Revised

BofA Global Research on Friday revised its earnings estimates for TotalEnergies (TTE.PA, TTE.L) following the French energy company's second-quarter trading update.

"TTE's 2Q26 trading indicators yesterday confirmed our below-consensus stance on earnings - although we believe TTE's 2Q26 performance will be better than we feared: We raise our clean net income estimate for 2Q26 from <$6.1bn to ~$6.5bn (and narrow the gap to VA consensus at ~$7bn). Our upgrade comprises TTE's indication of stronger oil trading and higher Upstream production - more than offsetting weaker gas trading," analysts wrote in a note.

The adjusted EPS estimates for 2026 and 2028 were bumped down to $11.05 and $12.20, respectively, from $11.26 and $12.21. For 2027, the adjusted EPS forecast remains as it was.

"TTE remains our top Big Oil pick with ~20% upside potential to our unchanged [price objective] of EUR82 - compared to average 3% downside across our Big Oil coverage ... We expect TTE's CMD in September to add visibility on TTE's organic growth advantages into 2030 (and beyond)," BofA added, reiterating the stock's buy rating.

TotalEnergies is due to publish its half-year results on July 23.

Market Chatter: UK's Burnham Said He Plans North Sea Drilling, Thames Water Nationalization

Incoming UK Prime Minister Andy Burnham is preparing to announce support for new North Sea oil and gas drilling and plans to bring Thames Water under public control shortly after taking office, Bloomberg reported Thursday, citing people familiar with the matter.Burnham, who is due to succeed Keir Starmer on Monday, has asked civil servants to prepare energy and water policy proposals that could be announced as early as next week, according to the report.Options under consideration include backing development of the Jackdaw gas and Rosebank oil fields and expanding drilling tied to existing North Sea projects.Government officials expect Burnham ultimately to support at least the Jackdaw project, though formal approval may be delayed while public consultations continue, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

US to Impose 25% Section 301 Tariff on Certain Brazilian Imports

The Office of the US Trade Representative said late Wednesday it will impose a 25% tariff on certain imports from Brazil following the conclusion of a Section 301 investigation that found Brazil's trade practices unreasonable and restrictive to U.S. commerce.The action targets issues including digital trade, electronic payment services, preferential tariff treatment, intellectual property protection, ethanol market access, anti-corruption enforcement and illegal deforestation.The tariff will apply to most Brazilian imports, though products including beef, orange juice, aircraft and aircraft parts, and energy products are excluded.

BofA: TotalEnergies to Post 'Better-than-Feared' Q2 Results; Estimates Revised

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