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.