Some of the world's biggest energy companies are expected to post record annual profits this earnings season.
European energy giants are expected to post record annual profits this earnings season, despite multi-billion-dollar windfall taxes . On Thursday, Europe's largest energy company Shell is due to report earnings. Britain's BP and France's TotalEnergies are also due to report the following week. It comes after Exxon , the biggest oil & gas company in North America, posted earnings and revenue that beat analyst expectations Tuesday.
7 Bank of America – Hold, price target £5 Analysts led by Christopher Kuplent told clients that the oil and gas sector would "end the year on a let-down," thanks to a drop in wholesale oil and gas prices over the last quarter. "We expect 4Q22 clean net income at $5.3bn - vs. company-collected consensus of $5.04bn and down from $8.15bn in 3Q22. We are above consensus in Upstream and below in Downstream. UBS – Buy, price target £5.
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