Energy Giant TotalEnergies Misses On Q2 Bottomline: Details
Portfolio Pulse from Lekha Gupta
TotalEnergies SE (NYSE:TTE) reported Q2 adjusted EPS of $1.98, missing the consensus of $2.09, but sales of $53.74 billion topped the consensus of $46.35 billion. Hydrocarbon production fell 1% Y/Y, while the company saw a 4% decline in Exploration & Production and a 14% increase in Integrated LNG businesses. The Board decided to keep the second interim dividend at €0.79 per share for fiscal year 2024, a nearly 7% increase from 2023. TotalEnergies repurchased 28.1 million shares in Q2 2024 for $2 billion and approved a $2 billion share buyback for Q3 2024. The company anticipates hydrocarbon production of 2.4-2.45 Mboe/d and a refinery utilization rate above 85% in Q3 2024. Investors can gain exposure to the stock via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX) and First Trust Exchange-Traded Fund VIII FT Energy Income Partners Enhanced Income ETF (NYSE:EIPI).
July 25, 2024 | 10:55 am
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NEUTRAL IMPACT
Investors can gain exposure to TotalEnergies via First Trust Exchange-Traded Fund VIII FT Energy Income Partners Enhanced Income ETF (NYSE:EIPI).
EIPI provides exposure to TotalEnergies, but the direct impact on the ETF will be moderated by its diversified holdings.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Investors can gain exposure to TotalEnergies via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX).
EIPX provides exposure to TotalEnergies, but the direct impact on the ETF will be moderated by its diversified holdings.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
TotalEnergies reported Q2 adjusted EPS of $1.98, missing the consensus of $2.09, but sales of $53.74 billion topped the consensus of $46.35 billion. Hydrocarbon production fell 1% Y/Y. The Board decided to keep the second interim dividend at €0.79 per share for fiscal year 2024, a nearly 7% increase from 2023. TotalEnergies repurchased 28.1 million shares in Q2 2024 for $2 billion and approved a $2 billion share buyback for Q3 2024.
The mixed earnings report, with an EPS miss but sales beat, along with a slight decline in hydrocarbon production, suggests a neutral short-term impact. However, the dividend increase and share buyback could provide some support to the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100