RBC Tweaks Model for TotalEnergies Post-Trading Update

12:55 AM EDT, 10/16/2026 (MT Newswires) -- RBC Capital Markets revised its model for TotalEnergies (TTE.PA, TTE.L), making minor changes to its estimates after the energy group's recent trading update. "TTE's trading update highlighted strong operational performance in the downstream, coupled with improved trading on the LNG side and a continuation of strong oil trading. Most of the parameters were well flagged to the market at TTE's recent CMD, and so we make minor changes to our estimates, but we expect consensus numbers to move closer to ours," analysts said Thursday. As such, the research firm trimmed its adjusted net income to $9.2 billion from $9.3 billion, while increasing its underlying cash flow from operations projection to $12.3 billion from $12.2 billion. Both figures surpass respective consensus estimates of $7.8 billion and $10.5 billion. "These numbers, coupled with an expected $3bn working capital release, should drive TTE's gearing <10% this quarter," analysts added. TotalEnergies is scheduled to publish its third-quarter earnings report on Oct. 29. RBC has an outperform rating and a price target of 85 euros on the stock.