Berenberg Forecasts 'Significantly Stronger' Q3 Integrated LNG Performance for TotalEnergies

MT Newswires · 2d ago
06:58 AM EDT, 10/09/2026 (MT Newswires) -- Berenberg expects TotalEnergies' (TTE.PA, TTE.L) integrated liquefied natural gas segment to report "significantly stronger" results in the third quarter following a "weak" second-quarter performance. "The global liquefied natural gas (LNG) market remains extremely tight, and Europe is entering the winter with gas inventory levels that are significantly lower than normal. This leaves the potential for further gas price spikes in the coming months if the weather is cold or if we see any other supply outages. This means that companies that are exposed to European gas or global LNG are well placed to benefit. We increase our European gas forecasts, taking them to $19/mcf in 2026E, $15/mcf in 2027E, and $10/mcf in 2028E," analysts said Friday in a note focused on oil and gas companies. As such, the research firm expects the company's integrated LNG segment to deliver $1.58 billion, compared with the previous quarter's $807 million and the consensus estimate of $1.71 billion. Berenberg also anticipates "materially stronger" refining and chemicals performance for TotalEnergies, projecting a result of $2.90 billion, versus $1.80 billion in the second quarter and the expected $2.22 billion. Analysts rate the stock at hold, with a price target of 84 euros.