Oddo BHF points out that TotalEnergies' Q4 2023 results are 1.4% below expectations.

Following this publication, the analyst confirms his recommendation to Outperform with a price target of 72 E.

' Adjusted Group net income came to $5,226 million, 1.4% below consensus and 1.6% below our estimates (Oddo BHF: $5,309 million, consensus: $5,300 million). Production came out at 2,462 kboe/d, down 0.6% quarter-on-quarter and down 10% year-on-year' says Oddo BHF.

' Gearing decreased from 12.3% to 5%, below expectations. Return on capital employed remains strong at 19% (vs. 20.1% in Q3), the best in its category, and the Group is raising its quarterly dividend by 6.8% from E0.74 to E0.79 per quarter' adds the research firm.

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