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Capricorn Energy PLC
(LSE:CNE)
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Rating:70Outperform
Price Target:
403.00 p
â–²(17.49% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by improving financial quality (profitability restored, strong cash generation, and low leverage) and supportive technical strength (price above key moving averages with positive MACD). This is tempered by mixed valuation (P/E ~18.6 with no dividend yield provided) and execution/risk factors highlighted on the earnings call, including receivables concentration, dependence on concession ratification, and 2026 operational downtime from planned turnarounds.
Positive Factors
Net cash and low leverage
The shift to approximately $103m of net cash and near repayment of debt gives Capricorn meaningful financial flexibility. This supports ongoing development investment, improves resilience against commodity or operational volatility, and reduces financing pressure over the next several quarters.
Negative Factors
Declining revenue and modest margins
Two consecutive years of revenue decline and low operating profitability show that the earnings recovery is not yet supported by consistently strong core operating momentum. This leaves future earnings more exposed to production variability, commodity conditions and cost movements.
Read all positive and negative factors
Positive Factors
Negative Factors
Net cash and low leverage
The shift to approximately $103m of net cash and near repayment of debt gives Capricorn meaningful financial flexibility. This supports ongoing development investment, improves resilience against commodity or operational volatility, and reduces financing pressure over the next several quarters.
Read all positive factors
Capricorn Energy PLC (CNE) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£270.09M
Dividend Yield66.67%
Average Volume (3M)162.74K
Price to Earnings (P/E)19.5
Beta (1Y)1.05
Revenue Growth-11.74%
EPS GrowthN/A
CountryUK
Employees41
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)0.27
Shares Outstanding71,403,650
10 Day Avg. Volume145,763
30 Day Avg. Volume162,736
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)0.48
Price to Sales (P/S)1.33
P/FCF Ratio2.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.64
Revenue Forecast (FY)£178.10M
Capricorn Energy PLC Business Overview & Revenue Model
Company Description
Capricorn Energy PLC operates as an autonomous entity in the petroleum sector, managing the entire lifecycle of oil and gas operations from discovery to extraction. Its asset portfolio encompasses a range of exploration prospects, development proj...
How the Company Makes Money
Capricorn Energy makes money primarily through upstream oil and gas activities and the contractual and commercial structures tied to those assets. Key revenue and cash-generation mechanisms include: (1) Hydrocarbon production and sales: Where Capr...
Capricorn Energy PLC Earnings Call Summary
Earnings Call Date:Mar 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 24, 2026
Earnings Call Sentiment Positive
Overall the call communicated a clear operational and financial turnaround: strong production performance, substantial reserve replacement (277%), significant collections ($217M) and a materially improved balance sheet with net cash of $103M. Key positives include EGPC Board approval for concession consolidation (awaiting ratification), disciplined capex and a path to grow liquids exposure. Main concerns are concentrated receivables exposure to EGPC ($86M outstanding), dependency on ratification to unlock full value, near‑term production interruptions from two planned turnarounds and external risks (geopolitics and takeover speculation). On balance, the positives — notably cash recovery, near debt‑free position and strong reserve replacement — outweigh the operational and political risks.Positive Updates
Strong Production Performance
Average production of just over 20,000 BOE/d (working interest basis) in 2025, achieving the higher end of management's guidance and setting a solid exit rate supported by development drilling and reservoir management.
Negative Updates
Receivables Concentration and Ongoing Collection Risk
Despite material collections, outstanding receivables remain $86 million and the company has a single customer for oil/gas (EGPC) — ongoing reliance on timely EGPC payments is a principal financial risk and key to sustaining investment.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Production Performance
Average production of just over 20,000 BOE/d (working interest basis) in 2025, achieving the higher end of management's guidance and setting a solid exit rate supported by development drilling and reservoir management.
Read all positive updates
Company Guidance
Capricorn’s 2026 guidance calls for OpEx of $5–$7/boe, production of 18,000–22,000 boe/d with a slightly higher liquids weighting of ~43% (up from ~40% in 2025), and capital investment of $85–$95m focused on liquids (after investing $77m in 2025); management cautioned two planned turnarounds will affect full‑year volumes and said ratification of the merged concession is critical to unlock acreage and further development. For context the business exited 2025 at just over 20,000 boe/d, with 40% liquids, recorded $217m of collections in 2025 leaving $86m receivables and ~$81m Egypt net cash flow, finished the year with ~$103m net cash (YOY cash up $80m) and only ~$30m outstanding on a ring‑fenced junior facility after early repayment of the senior facility. Operational highlights underpinning the guidance include a ~277% reserves replacement ratio (replacement of >250% of 2025 production), ~332mm boe unrisked 2C resources (≈80mm boe GLJ‑evaluated), an estimated ~$5/boe netback uplift at $80/bbl Brent, and a stated M&A return hurdle of roughly 25%.Capricorn Energy PLC Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
78
Positive
Cash Flow
71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 135.80M | 177.90M | 255.10M | 229.60M | 57.10M |
| Gross Profit | 45.60M | 51.20M | 75.10M | 149.20M | 20.80M |
| EBITDA | 59.60M | 116.30M | 41.70M | 3.30M | 950.40M |
| Net Income | 19.00M | 10.60M | -144.00M | -67.10M | 894.50M |
Balance Sheet | |||||
| Total Assets | 513.19M | 619.70M | 667.60M | 1.53B | 2.25B |
| Cash, Cash Equivalents and Short-Term Investments | 132.75M | 123.40M | 189.50M | 891.20M | 400.70M |
| Total Debt | 46.00M | 105.40M | 119.20M | 162.90M | 180.70M |
| Total Liabilities | 139.75M | 270.40M | 261.10M | 341.40M | 447.80M |
| Stockholders Equity | 373.44M | 349.30M | 406.50M | 1.12B | 1.80B |
Cash Flow | |||||
| Free Cash Flow | 60.40M | 44.50M | -100.80M | -10.40M | 153.00M |
| Operating Cash Flow | 149.90M | 86.10M | -39.90M | 63.50M | 179.90M |
| Investing Cash Flow | -55.80M | -51.30M | 120.80M | 963.90M | -296.00M |
| Financing Cash Flow | -85.30M | -97.30M | -646.20M | -579.60M | -147.90M |
Capricorn Energy PLC Technical Analysis
Positive
343.00
Price Trends
349.66
Positive
331.09
Positive
285.60
Positive
Market Momentum
6.30
Negative
73.15
Negative
90.05
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CNE, the sentiment is Positive. The current price of 343 is below the 20-day moving average (MA) of 353.00, below the 50-day MA of 349.66, and above the 200-day MA of 285.60, indicating a bullish trend. The MACD of 6.30 indicates Negative momentum. The RSI at 73.15 is Negative, neither overbought nor oversold. The STOCH value of 90.05 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:CNE.
Capricorn Energy PLC Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | £122.52M | -24.48 | -2.30% | 4.48% | -18.06% | -127.50% | |
70 Outperform | £270.09M | 19.47 | 5.30% | 66.67% | -11.74% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
54 Neutral | £462.48M | 4.63 | 27.37% | 3.22% | 3.33% | ― | |
53 Neutral | £251.43M | -204.44 | -6.64% | ― | -4.86% | 95.89% | |
50 Neutral | £152.54M | -7.70 | -7.79% | 10.50% | -38.72% | 52.39% | |
49 Neutral | £315.12M | 70.29 | -2.23% | 2.73% | -47.84% | -277.39% |
* Energy Sector Average
GB:CNE
Capricorn Energy PLC
382.00
175.00
84.54%
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Capricorn Energy PLC Corporate Events
Business Operations and StrategyDividendsM&A Transactions
DNO lifts bid for Capricorn Energy with richer cash offer and special dividend
Positive
Sep 1, 2026
Capricorn Energy PLC, an oil and gas exploration and production company with predominantly U.S. dollar–denominated activities, has agreed to a recommended cash acquisition by DNO Bidco AS, a wholly owned subsidiary of Norway’s DNO ASA,...
Regulatory Filings and Compliance
Capricorn Energy Confirms Updated Total Voting Rights and Share Capital
Positive
Aug 28, 2026
Capricorn Energy PLC has confirmed that, as of 28 August 2026, it has 71,403,652 ordinary shares in issue, each carrying one voting right, and that it holds no shares in treasury. This updated share capital and voting rights figure provides the de...
Business Operations and StrategyM&A TransactionsShareholder Meetings
Capricorn Shareholders Approve Recommended Cash Takeover by Genel Energy
Positive
Aug 18, 2026
Capricorn Energy shareholders have overwhelmingly backed a recommended cash takeover by Genel Energy’s bid vehicle, with more than 99% of votes cast in favour of the court‑sanctioned scheme of arrangement at both the Court Meeting and ...
M&A TransactionsShareholder Meetings
Capricorn urges support for Genel takeover as rival suitors walk away
Positive
Aug 11, 2026
Capricorn Energy PLC said potential bidders Samos Energy Ltd and Alamadiyaf al-Masiyyah for Trading LLC have formally ruled out making an offer, leaving them restricted under Rule 2.8 of the U.K. Takeover Code. The board reiterated that it remains...
Regulatory Filings and Compliance
Capricorn Energy Confirms Share Capital and Voting Rights Update
Positive
Jul 31, 2026
Capricorn Energy PLC has confirmed that its total number of ordinary shares in issue as of 31 July 2026 stands at 71,403,652, with each share carrying one voting right and none held in treasury. This updated share count provides the reference figu...
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and Compliance
Capricorn Energy Corrects Admission Date as New Shares Begin Trading in London
Neutral
Jul 24, 2026
Capricorn Energy PLC has admitted an additional 845,313 ordinary shares to trading on the London Stock Exchange’s Main Market, bringing its total number of ordinary shares in issue to 71,403,652. The newly admitted shares are fully fungible ...
Financial DisclosuresRegulatory Filings and Compliance
Capricorn Energy Updates Share Capital and Voting Rights After New Allotment
Neutral
Jul 24, 2026
Capricorn Energy PLC has updated its total voting rights disclosure after allotting 845,313 new ordinary shares on 24 July 2026, bringing its issued share capital to 71,403,652 ordinary shares, each carrying one vote. The company confirmed it hold...
Regulatory Filings and Compliance
Capricorn Energy Updates Total Voting Rights After Share Allotment
Neutral
Jul 24, 2026
Capricorn Energy PLC has updated the market on its capital structure, confirming that its issued share capital now comprises 71,403,652 ordinary shares, each carrying one voting right and with no shares held in treasury. This revised total voting ...
Private Placements and FinancingRegulatory Filings and Compliance
Capricorn Energy Expands Share Capital on London Stock Exchange
Positive
Jul 24, 2026
Capricorn Energy PLC has admitted 845,313 additional ordinary shares to trading on the London Stock Exchange’s Main Market, increasing its total number of ordinary shares in issue to 71,403,652. The newly admitted shares are fully fungible w...
Business Operations and StrategyM&A Transactions
Capricorn Energy Draws Rival Interest as Samos Mulls 381p Cash Bid
Positive
Jul 22, 2026
Capricorn Energy PLC has confirmed it received a proposal from Samos Energy Ltd for a possible cash offer at 381 pence per share, amid heightened takeover interest in the U.K. oil and gas sector. The potential bid, which is subject to due diligenc...
Private Placements and FinancingRegulatory Filings and Compliance
Capricorn Energy Boosts Share Capital to Support Employee Incentive Plans
Positive
Jul 22, 2026
Capricorn Energy PLC has applied for a block admission of 5,316,739 ordinary shares to the London Stock Exchange’s Main Market. The new shares are designated to satisfy the exercise of options and the vesting of awards under the company̵...
Business Operations and StrategyDividendsM&A TransactionsShareholder Meetings
Capricorn Publishes Scheme Document for Cash Takeover by Genel
Positive
Jul 21, 2026
Capricorn Energy PLC has confirmed the publication and posting of the formal scheme document for its recommended cash acquisition by Genel Energy No.9 Limited, an indirect subsidiary of Genel Energy plc. Under the offer terms, Capricorn shareholde...
Business Operations and StrategyDividendsM&A Transactions
Genel Energy Launches $360m Cash Bid for Capricorn
Positive
Jul 2, 2026
Genel Energy, via its subsidiary Genel Energy No.9 Limited, has agreed a recommended cash acquisition of Capricorn Energy PLC, valuing the company at about $360 million, or 357 pence per share including a planned special dividend. The offer repres...
M&A TransactionsRegulatory Filings and Compliance
Capricorn Energy Extends Deadline for Potential Cafani-Backed Takeover Bid
Neutral
Jul 1, 2026
Capricorn Energy has secured a further extension to the deadline for Alamadiyaf al-Masiyyah for Trading, a member of the Cafani Group, to decide on a possible all-cash takeover offer for the company. The so-called put-up-or-shut-up deadline has be...
Regulatory Filings and Compliance
Capricorn Energy Confirms Total Voting Rights and Share Capital Structure
Neutral
Jun 30, 2026
Capricorn Energy PLC reported that, as of 30 June 2026, it has 70,558,339 ordinary shares in issue, each carrying one voting right, and confirmed that it holds no shares in treasury. This disclosure clarifies the company’s total voting right...
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.