12:45 PM EDT, 10/30/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target price for TTE to USD54 (USD49), based on a rolled-forward 2026 P/E of 8.4x, which reflects a 0.5 standard deviation below its 10-year forward P/E of 10.4x given the expected 2026 earnings decline on lower crude oil prices. TTE's 9M 2025 adjusted net income of USD11.8B (-15% Y/Y) was within market expectations, but exceeded our 2025 forecast as Q3 increased 11% to USD4B despite a 2% decline in sales to USD48.7B. The sequential Q3 improvement was primarily driven by accretive hydrocarbon production growth and enhanced downstream performance, with hydrocarbon production remaining stable while benefiting from higher-margin new projects. We raise our EPS forecasts to USD6.70 (USD5.80) for 2025 and to USD6.40 (USD5.60) for 2026, mainly due to higher refining and downstream margin assumptions. We maintain our Sell rating given TTE's fair 64% correlation to crude oil price movements over the past five years.