Investing.com -- TotalEnergies is set to host its Annual Investor Day on September 29, with the market focused on expected reductions in both buybacks and capital expenditure guidance. “We expect TTE to guide to $4B in ’26 to manage debt levels and even with a relatively benign capex update,” wrote the bank’s analysts. At $65 Brent and $8/mcf gas, TD Cowen estimates 2026 free cash flow of around $8.5 billion, meaning the $4 billion buyback would result in a payout ratio exceeding 40% and gearing approaching a potential 20% ceiling. While the Investor Day could provide clarity, TD Cowen cautioned that it remains “unclear if investors will look past a likely weak FCF year in 2026, after this Analyst Day, or decide to see how 2026 develops before becoming more constructive.”Related articlesTotalEnegies stock: Can the upcoming Investor Day act as a clearing event? Argus cuts Wendy’s to Hold as U.S. sales weaken, outlook loweredShould Disney shut down ABC?