02:39 AM EDT, 10/30/2026 (MT Newswires) -- RBC Capital Markets revised its forecasts for TotalEnergies (TTE.PA, TTE.L) to reflect the oil and gas giant's third-quarter performance and the research firm's latest commodity price deck. "As highlighted at the CMD, TTE's integration across the upstream and downstream continued to be beneficial in a supportive 3Q26 macro environment. Refining strength and strong gas trading results were a feature of 3Q results, and look set to repeat into the fourth quarter. Elsewhere, in the upstream, the Middle East impacts on TTE, while fluid, have notably moved much lower compared to the start of the conflict (~15% of production at 1Q26 results, currently <5%) meaning the negative earnings impact is minimal at the group level," according to a Thursday note. Even with the fourth-quarter 2026 and first-quarter 2027 buybacks already pre-announced, the research firm noted management's willingness to provide additional distributions toward the end of 2026 to ensure total payouts reach the target ratio of 40% of cash flow from operations. "We incorporate a special dividend announcement in 4Q26 (EUR0.2/sh, $507m), to be paid in 1Q27, which brings our payout ratio to in line with guidance by 1Q27 (rolling 12m). With gearing moving below 10%, TTE has breathing room to maintain elevated distributions given the supportive FCF outlook and we forecast $9bn worth of buybacks in 2027 ($6.3bn in 2026)," RBC wrote. Accordingly, analysts raised the price target to 90 euros from 85 euros, while reiterating their outperform rating on the stock. The research firm also revised its diluted operating EPS projection for full-year 2026 to 2028, and ticked up the dividend-per-share forecast for 2026.

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