TotalEnergies (NYSE: TTE) Anticipates Strong Q3 Results Driven by Refining Margins and Energy Prices

• TotalEnergies expects robust third-quarter performance from its downstream business, fueled by higher refining margins.
• Mizuho Securities has raised its price target for TotalEnergies to $108, suggesting significant upside from its current trading price.
• The company forecasts a surge in third-quarter profit, primarily due to rising energy prices.

TotalEnergies (NYSE: TTE) is a French energy company involved in oil and gas production, refining, and fuel sales. It expects strong third-quarter results from its downstream business, which includes turning crude oil into products such as gasoline and diesel.

Nitin Kumar of Mizuho Securities raises his price target for TotalEnergies to $108 from $103. Shares trade at $91.03 when the update is published, about 18.6% below the new target. A price target is an analyst’s estimate of where a stock could trade, not a guaranteed future price.

Higher refining margins support the outlook, as highlighted by The Wall Street Journal. A refining margin is the difference between the cost of crude oil and the value of the fuel made from it. Reuters also reports that TotalEnergies signals a surge in third-quarter profit as the war in Iran drives up energy prices, but the report provides no profit estimate.

In a separate market snapshot, TotalEnergies trades at $91.33, up $2.84, or 3.21%. Shares have traded between $89.85 and $91.34 today, compared with a 52-week range of $60.58 to $94.17. Its market value is about $203.4 billion, with 2.65 million shares traded.