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Eni SPA
(NYSE:E)
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Rating:71Outperform
Price Target:
$61.00
â–²(20.48% Upside)
Action:Upgraded
Date:07/31/26
The score is driven primarily by solid financial stability with an earnings rebound (though margins and cash conversion remain weaker than prior-cycle peaks), supported by a constructive technical trend (price above major moving averages) and a very strong earnings-call read-through with raised guidance and increased shareholder returns. Valuation is a mild headwind due to the higher P/E despite the supportive dividend yield.
Positive Factors
Balance-sheet resilience
Eni’s improved leverage and stronger equity provide durable financial flexibility to fund sanctioned projects, sustain dividends and buybacks, and withstand commodity swings. A lower gearing position reduces refinancing risk and supports multi-year capital allocation toward growth and transition investments.
Negative Factors
Compressed margins & weaker cash conversion
Profitability has materially compressed versus prior cycles and free cash flow is a smaller share of earnings, signaling structural margin pressure and lower cash conversion. This limits ability to fund growth from internal cash and makes returns more sensitive to commodity and refining spread shifts.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet resilience
Eni’s improved leverage and stronger equity provide durable financial flexibility to fund sanctioned projects, sustain dividends and buybacks, and withstand commodity swings. A lower gearing position reduces refinancing risk and supports multi-year capital allocation toward growth and transition investments.
Read all positive factors
Eni SPA (E) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$81.98B
Dividend Yield4.36%
Average Volume (3M)449.82K
Price to Earnings (P/E)13.5
Beta (1Y)0.05
Revenue Growth4.18%
EPS Growth139.58%
CountryUS
Employees32,349
SectorEnergy
Sector Strength52
IndustryOil & Gas Integrated
Share Statistics
EPS (TTM)3.50
Shares Outstanding1,513,991,100
10 Day Avg. Volume329,330
30 Day Avg. Volume449,824
Financial Highlights & Ratios
PEG Ratio2.12
Price to Book (P/B)1.14
Price to Sales (P/S)0.59
P/FCF Ratio10.55
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)6.01
Revenue Forecast (FY)$107.07B
Eni SPA Business Overview & Revenue Model
Company Description
Eni S.p.A. is an international energy company primarily engaged in the discovery, development, and extraction of crude oil and natural gas resources. Its operations are organized into distinct divisions: Exploration & Production; Global Gas & LNG ...
How the Company Makes Money
Eni primarily makes money by producing and selling hydrocarbons and energy products, complemented by midstream gas activities and downstream manufacturing/retail operations.
1) Upstream (Exploration & Production): A major portion of Eni’s earning...
Eni SPA Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 23, 2026
Earnings Call Sentiment Positive
The call emphasized strong, broad‑based financial and operational outperformance: double‑digit improvements in EBIT and cash flow, upgraded guidance across upstream and transition businesses, major exploration gains and a clear pipeline of 54 organic projects. Management highlighted robust balance sheet metrics (pro forma gearing 10%), higher shareholder returns (EUR 3.4bn buyback) and continued capital discipline (net CapEx below EUR 5bn). Lowlights principally reflect external risks — geopolitical volatility (Hormuz/Middle East), an ongoing legal dispute in Kazakhstan, remaining recovery needs in chemicals/Versalis, and limits in fully capturing downstream margin spikes due to logistics and hedging. Overall, positive operating execution and upgraded guidance materially outweigh the challenges, though key macro and legal risks require monitoring.Positive Updates
Strong Q2 and H1 Financial Performance
Q2 pro forma EBIT of EUR 5.4 billion and net income of EUR 2.3 billion (both doubled year‑on‑year); cash flow from operations (CFFO) of EUR 4.5 billion in Q2, up over 60% YoY; first half pro forma EBIT up ~40% YoY.
Negative Updates
Heightened Geopolitical Volatility
A new crisis in the Gulf and Hormuz disruptions created extraordinary market volatility and fragile gas market dynamics; company notes potential upside to prices but also increased uncertainty and supply/replenishment delays in Europe.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Q2 and H1 Financial Performance
Q2 pro forma EBIT of EUR 5.4 billion and net income of EUR 2.3 billion (both doubled year‑on‑year); cash flow from operations (CFFO) of EUR 4.5 billion in Q2, up over 60% YoY; first half pro forma EBIT up ~40% YoY.
Read all positive updates
Company Guidance
Eni raised guidance across the board and gave a metric‑heavy update: Q2 delivered EUR 5.4bn pro‑forma EBIT, EUR 2.3bn net income and EUR 4.5bn cash flow from operations (up >60% y/y), H1 pro‑forma EBIT was +40% y/y, Q2 upstream production rose 8% y/y (11% H1 underlying) and exploration added >1bn barrels; pro‑forma gearing fell to 10% (expect reported gearing to converge by year‑end); CapEx was EUR 1.8bn in Q2 with full‑year gross CapEx ~EUR 7bn (net <EUR 5bn); CFFO guidance was raised to EUR 15bn at $85/bl Brent enabling a EUR 3.4bn buyback (vs. initial EUR 1.5bn) and a potential special dividend if Brent > $90/bl; Plenitude/Enilive posted EUR 670m pro‑forma EBITDA in Q2 (EUR 1.13bn H1), Plenitude FY guide raised to EUR 2.6bn and Enilive adj. EBITDA revised to EUR 1.3bn (+18%); GGP pro‑forma EBIT raised to >EUR 1.4bn (+40%); Eni reiterated ~4% CAGR production to 2030 (with underlying oil & gas growth now seen materially above prior ranges), targets >50% growth in upstream free cash flow per barrel by 2030, and highlighted Searah (>300kbd initial, 3bn bbl upside, path to ~800kbd by 2030), Argentina 25 Tcf (~4.3bn boe) +500m bbl condensate (4.8bn bbl) and Venezuela >5.5bn bbl recoverable.Eni SPA Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 83.23B | 82.15B | 88.80B | 93.72B | 132.51B | 76.58B |
| Gross Profit | 8.30B | 7.75B | 11.54B | 13.47B | 26.92B | 14.85B |
| EBITDA | 10.95B | 21.30B | 15.63B | 19.09B | 30.36B | 18.77B |
| Net Income | 5.34B | 2.61B | 2.62B | 4.77B | 13.89B | 5.82B |
Balance Sheet | ||||||
| Total Assets | 147.00B | 139.20B | 150.08B | 146.37B | 156.35B | 143.60B |
| Cash, Cash Equivalents and Short-Term Investments | 15.09B | 15.09B | 14.98B | 16.98B | 18.41B | 14.55B |
| Total Debt | 36.99B | 39.20B | 41.84B | 39.14B | 36.87B | 38.13B |
| Total Liabilities | 90.08B | 91.41B | 99.43B | 97.80B | 106.12B | 104.08B |
| Stockholders Equity | 52.00B | 42.94B | 47.78B | 48.10B | 49.76B | 39.44B |
Cash Flow | ||||||
| Free Cash Flow | 3.81B | 4.63B | 5.09B | 6.38B | 9.76B | 7.91B |
| Operating Cash Flow | 13.32B | 13.33B | 13.09B | 15.12B | 17.46B | 12.86B |
| Investing Cash Flow | -10.61B | -8.59B | -9.23B | -9.38B | -6.93B | -12.02B |
| Financing Cash Flow | -3.37B | -4.30B | -5.97B | -5.65B | -8.63B | -2.04B |
Eni SPA Technical Analysis
Positive
50.63
Price Trends
51.11
Positive
52.98
Positive
46.90
Positive
Market Momentum
1.38
Negative
62.91
Neutral
91.91
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For E, the sentiment is Positive. The current price of 50.63 is below the 20-day moving average (MA) of 53.87, below the 50-day MA of 51.11, and above the 200-day MA of 46.90, indicating a bullish trend. The MACD of 1.38 indicates Negative momentum. The RSI at 62.91 is Neutral, neither overbought nor oversold. The STOCH value of 91.91 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for E.
Eni SPA Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $254.80B | 10.18 | 14.66% | 3.35% | 7.37% | 103.01% | |
72 Outperform | $112.00B | 6.15 | 27.02% | 6.18% | 20.82% | 86.33% | |
71 Outperform | $81.98B | 13.52 | 10.93% | 4.66% | 4.18% | 139.58% | |
66 Neutral | $101.07B | 11.57 | 21.61% | 3.72% | 6.81% | 21.88% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
58 Neutral | $112.21B | 21.28 | 9.53% | 4.56% | 15.84% | 791.90% |
* Energy Sector Average
E
Eni SPA
55.97
21.84
63.99%
BP
BP
43.73
11.49
35.66%
PBR
Petroleo Brasileiro SA- Petrobras
18.54
7.38
66.17%
SHEL
Shell
92.77
23.27
33.47%
EQNR
Equinor ASA
42.03
18.52
78.80%
TTE
TotalEnergies SE
90.07
30.31
50.71%
Eni SPA Corporate Events
Eni Advances May 2026 Treasury Share Buyback for Long-Term Incentive Plan
May 20, 2026
On 11 May 2026, Eni bought 861,111 of its own shares on Euronext Milan, equal to 0.03% of its share capital, at a weighted average price of €23.2258 per share for a total outlay of about €20 million. The purchases form part of the firs...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.