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Eni SPA
(NYSE:E)
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Rating:70Outperform
Price Target:
$65.00
â–²(23.08% Upside)
Action:Reiterated
Date:10/23/26
The score is driven primarily by stable but cyclical financial performance (rebounding earnings but weaker margins and softer cash conversion) and a very constructive earnings-call backdrop (raised guidance, low gearing, and higher payouts). Technicals are supportive with an established uptrend, though momentum is stretched, while valuation and yield look reasonable but not exceptionally cheap.
Positive Factors
Upstream production growth
Rising production and upgraded guidance indicate expanding operating capacity across several geographic hubs. This supports revenue and cash-flow growth over the next several quarters, while the broad project pipeline can refresh Eni’s upstream base and strengthen its integrated energy position.
Negative Factors
Compressed profitability margins
Although earnings have recovered, sharply lower gross and net margins show that profitability remains highly cyclical and below prior peaks. This weaker margin structure can limit earnings durability when commodity, refining, or petrochemical conditions soften across Eni’s integrated portfolio.
Read all positive and negative factors
Positive Factors
Negative Factors
Upstream production growth
Rising production and upgraded guidance indicate expanding operating capacity across several geographic hubs. This supports revenue and cash-flow growth over the next several quarters, while the broad project pipeline can refresh Eni’s upstream base and strengthen its integrated energy position.
Read all positive factors
Eni SPA (E) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$85.23B
Dividend Yield4.12%
Average Volume (3M)340.60K
Price to Earnings (P/E)15.1
Beta (1Y)-0.04
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. Volume374,346
30 Day Avg. Volume340,604
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 Cap1.27
Enterprise Value/Revenue1.30
Enterprise Value/Gross Profit13.00
Enterprise Value/Ebitda9.79
Forecast
1Y Price Target
$57.27Price Target Upside8.44% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)6.51
Revenue Forecast (FY)$109.30B
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 makes money primarily by producing, transforming, trading, and selling energy commodities and related products/services across several segments:
1) Upstream (Exploration & Production)
- Revenue generation: Eni explores for and produces crude ...
Eni SPA Earnings Call Summary
Earnings Call Date:Oct 23, 2026
(Q3-2026)
| Next Earnings Date:Mar 04, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Eni reported robust production, exploration, cash flow, balance-sheet, LNG, transition-business, and shareholder-return performance, while raising production and cash-flow guidance and lowering gearing to record levels. The main challenges were competitive pressure at Plenitude, continued weakness at Versalis, the financial impact of fuel price caps, and execution and approval requirements for Venezuela projects.Positive Updates
Upstream Production Growth and Raised Guidance
E&P production grew 4.2% in Q3, and Eni raised full-year underlying production guidance to 6-7%. Growth is primarily expected from Congo, Libya, Côte d’Ivoire, Mexico, Ghana, and the Searah business combination in Indonesia and Malaysia, despite a complex Middle East operating environment and constraints on Kazakh exports.
Negative Updates
Plenitude EBITDA Guidance Reduced
Plenitude’s EBITDA guidance was lowered to EUR 1.2 billion from EUR 1.3 billion. Management cited aggressive policies from new retail-market entrants, competitive pressure in the retail space, weaker renewable conditions, and a one-off summer power-demand spike that required spot-market energy purchases.
Read all updates
Q3-2026 Updates
Positive
Negative
Upstream Production Growth and Raised Guidance
E&P production grew 4.2% in Q3, and Eni raised full-year underlying production guidance to 6-7%. Growth is primarily expected from Congo, Libya, Côte d’Ivoire, Mexico, Ghana, and the Searah business combination in Indonesia and Malaysia, despite a complex Middle East operating environment and constraints on Kazakh exports.
Read all positive updates
Company Guidance
Eni raised full-year underlying production guidance to 6-7%, expects full-year 2026 cash flow from operation at EUR 16.5 billion and a full-year charge of between 36% and 37%, and said capital expenditure of EUR 1.35 billion is consistent with the EUR 7 billion guidance; it expects LNG equity production of more than 20 million tonnes per year by 2030 and 2026 full-year pro forma EBIT of around EUR 1.5 billion, while projects sanctioned in FY 2026 will deliver at around 600,000 bpd of new production at 2030. Management said future CapEx could remain in the range of what we have seen this year and also last year, Argentina financing is targeted at 65%-70%, JunÃn 5 Phase 1 is expected in 18 and 24 months, 400,000 bpd by end of 2029 and 1 million barrels per day in mid, let us say, 2032, 2033, and Perla’s export phase is about 3.4, 3.5 million tons per annum, expected three and a half year after FID; the 2026 share buyback was raised to EUR 3.8 billion from EUR 3.4 billion, with an exceptional dividend of EUR 1.3 billion, total cash dividend of EUR 4.4 billion, total payout of EUR 8.2 billion or 50% of cash flow from operation, and a yield on the share price of more than 11%.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 | 11.02B | 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
52.81
Price Trends
55.38
Positive
52.99
Positive
50.65
Positive
Market Momentum
1.25
Negative
70.55
Negative
84.22
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 52.81 is below the 20-day moving average (MA) of 56.40, below the 50-day MA of 55.38, and above the 200-day MA of 50.65, indicating a bullish trend. The MACD of 1.25 indicates Negative momentum. The RSI at 70.55 is Negative, neither overbought nor oversold. The STOCH value of 84.22 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $445.95B | 21.66 | 10.98% | 3.11% | 12.71% | 34.53% | |
75 Outperform | $731.34B | 22.92 | 12.68% | 2.31% | 10.58% | 9.80% | |
75 Outperform | $296.96B | 11.46 | 14.66% | 2.87% | 7.37% | 103.01% | |
70 Outperform | $85.23B | 15.09 | 10.93% | 3.98% | 4.18% | 139.58% | |
66 Neutral | $110.82B | 12.64 | 21.61% | 3.16% | 6.81% | 21.88% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
58 Neutral | $127.64B | 23.98 | 9.53% | 4.05% | 15.84% | 791.90% |
* Energy Sector Average
E
Eni SPA
59.53
24.57
70.30%
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Eni SPA Corporate Events
Eni Files Interim Consolidated Report for First Half of 2026
Aug 6, 2026
On July 31, 2026, Eni S.p.A. filed a Form 6-K with the U.S. Securities and Exchange Commission for July 2026, submitting its interim consolidated report as of June 30, 2026. The filing packages the company’s half-year operating review, finan...
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.