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Energean
(LSE:ENOG)
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Rating:58Neutral
Price Target:
823.00 p
▲(13.83% Upside)
Action:Reiterated
Date:09/15/26
The score is held back primarily by financial risk—high leverage and a sharply weakened equity position alongside a recent net loss—despite strong operating cash flow. Offsetting this, the earnings call reinforced confidence in guidance and project execution (Katlan) with improving working-capital dynamics, while technicals are moderately constructive and the high dividend yield supports valuation appeal but is tempered by the negative P/E.
Positive Factors
Contracted revenue visibility
Long-term gas contracts with floor-price and take-or-pay protections provide meaningful revenue visibility across commodity cycles. This supports cash-flow planning, helps underpin debt service and project funding, and reduces reliance on fully exposed spot-market pricing over the next several years.
Negative Factors
High leverage and thin equity
Rising debt alongside a sharply reduced equity cushion leaves Energean financially less resilient if commodity prices, production or project execution weaken. Higher leverage can constrain capital allocation, increase refinancing dependence and limit the company’s ability to absorb prolonged operational disruption.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted revenue visibility
Long-term gas contracts with floor-price and take-or-pay protections provide meaningful revenue visibility across commodity cycles. This supports cash-flow planning, helps underpin debt service and project funding, and reduces reliance on fully exposed spot-market pricing over the next several years.
Read all positive factors
Energean (ENOG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.33B
Dividend Yield8.15%
Average Volume (3M)570.56K
Price to Earnings (P/E)―
Beta (1Y)0.66
Revenue Growth8.94%
EPS Growth-196.02%
CountryUK
Employees583
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)-1.16
Shares Outstanding184,715,960
10 Day Avg. Volume582,795
30 Day Avg. Volume570,559
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)15.49
Price to Sales (P/S)1.27
P/FCF Ratio12.85
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£780.33Price Target Upside7.93% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)2.23
Revenue Forecast (FY)£1.73B
Energean Business Overview & Revenue Model
Company Description
Energean plc is an energy company primarily focused on discovering, developing, and extracting oil and natural gas. Its operations are structured across four principal segments: Europe, Israel, Egypt, and emerging markets (New Ventures), with a no...
How the Company Makes Money
Energean primarily makes money by producing and selling hydrocarbons (natural gas, crude oil, and condensate) from its operated and non-operated upstream assets. Revenue is generated when produced volumes are delivered to customers and priced unde...
Energean Earnings Call Summary
Earnings Call Date:Sep 09, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 25, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Management emphasized higher profit after tax, robust operating and free cash flow, reduced receivables and debt, production recovery, progress on Katlan, improved Egypt terms and substantial exploration and M&A opportunities. The main negatives were the 12% production decline and 8% top-line decline caused largely by the 41-day Karish shutdown, lower first-half gas prices, peak net debt and leverage, uncertainty around the timing of higher shareholder returns, the failed Angola transaction and ongoing geopolitical and execution risks.Positive Updates
Strong First-Half Profitability and Cash Flow
Management described the first half as very strong. Free cash flow was reported as up 36% in the opening remarks and later quantified at over $350 million, 35% higher than the same period last year. Profit after tax increased 45% to $160 million, while operating cash flow rose to over $500 million, or approximately $550 million.
Negative Updates
Production Declined Year Over Year
First-half production was down 12% compared with last year, mainly because the Karish asset experienced a 41-day shutdown.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong First-Half Profitability and Cash Flow
Management described the first half as very strong. Free cash flow was reported as up 36% in the opening remarks and later quantified at over $350 million, 35% higher than the same period last year. Profit after tax increased 45% to $160 million, while operating cash flow rose to over $500 million, or approximately $550 million.
Read all positive updates
Company Guidance
For full-year 2026, Energean reiterated production guidance of 130,000 bpd-140,000 bpd, with cost base around $300 million, $200 million of royalties, G&A at the usual $35 million range, development CapEx around the $800 million-$850 million mark, and net debt around the $3.3 billion mark; exploration decommissioning expenditure was revised, with scope for even further reductions by the end of 2026. The company expects 2026 gas revenues to catch up, if not surpass, the equivalence of 2025, leverage to stay around the 2.5x-3x range, and its medium-term leverage target is two times after completion of Katlan. Katlan remains on budget and on schedule, with first gas from Athena and Zeus targeted in the first half of 2027; Egypt includes a new investment program of $150 million, with production targeted to double, while the investment program was also described as $50 million committed over the next five years, and its terms are hoped to become effective from January 1, 2027. Block 2 in Greece is targeting to spot the well in early second quarter of 2027, Croatia’s Irena project expects first gas in H1 2027, and the 2028 notes are expected to be refinanced within the next three to six months with the usual type of seven to 10-year tenure, pushing that out to the late 2030s.Energean Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
34
Negative
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.65B | 1.73B | 1.78B | 978.50M | 737.08M | 496.99M |
| Gross Profit | 526.40M | 583.22M | 791.13M | 469.21M | 376.94M | 151.29M |
| EBITDA | 1.07B | 1.11B | 1.09B | 637.51M | 376.49M | 198.89M |
| Net Income | -211.58M | -257.58M | 127.45M | 184.94M | 17.27M | -96.05M |
Balance Sheet | ||||||
| Total Assets | 5.60B | 5.59B | 5.92B | 5.78B | 5.73B | 5.24B |
| Cash, Cash Equivalents and Short-Term Investments | 319.30M | 326.73M | 182.25M | 365.95M | 442.97M | 747.98M |
| Total Debt | 3.58B | 3.63B | 3.28B | 3.29B | 3.05B | 2.99B |
| Total Liabilities | 5.38B | 5.45B | 5.29B | 5.10B | 5.08B | 4.52B |
| Stockholders Equity | 227.82M | 141.67M | 638.09M | 686.12M | 650.20M | 717.12M |
Cash Flow | ||||||
| Free Cash Flow | 185.17M | 170.77M | 356.43M | 115.12M | -123.60M | -271.00M |
| Operating Cash Flow | 811.96M | 937.52M | 1.12B | 656.19M | 272.15M | 132.50M |
| Investing Cash Flow | -796.78M | -976.34M | -809.42M | -416.46M | -307.94M | -642.78M |
| Financing Cash Flow | -102.24M | 18.48M | -426.04M | -327.35M | -267.48M | 1.06B |
Energean Technical Analysis
Negative
723.00
Price Trends
759.46
Negative
754.20
Negative
800.24
Negative
Market Momentum
-3.35
Positive
43.62
Neutral
5.88
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ENOG, the sentiment is Negative. The current price of 723 is below the 20-day moving average (MA) of 775.80, below the 50-day MA of 759.46, and below the 200-day MA of 800.24, indicating a bearish trend. The MACD of -3.35 indicates Positive momentum. The RSI at 43.62 is Neutral, neither overbought nor oversold. The STOCH value of 5.88 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:ENOG.
Energean Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | £5.22B | 22.52 | 16.13% | 1.72% | 44.51% | 104.04% | |
67 Neutral | £1.05B | -1,015.82 | -0.62% | 6.24% | 64.39% | 97.39% | |
67 Neutral | £4.72B | 24.12 | 10.32% | 0.09% | 28.04% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
58 Neutral | £1.33B | -8.37 | -114.52% | 8.15% | 8.94% | -196.02% | |
56 Neutral | £170.43M | -8.65 | -7.79% | 10.50% | -38.72% | 52.39% | |
56 Neutral | £705.21M | -12.59 | -15.54% | ― | ― | ― |
* Energy Sector Average
GB:ENOG
Energean
733.50
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-3.71%
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Energean Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Energean Israel posts steady H1 profit as cash rises and leverage stays high
Neutral
Sep 9, 2026
Energean Israel Limited reported stable operational performance for the six months to 30 June 2026, with revenue of $481.3 million broadly flat year on year and gross profit rising slightly to $231.5 million. Net profit edged up to $101.0 million ...
Business Operations and StrategyFinancial Disclosures
Energean Boosts Profit and Cash Flow as Mediterranean Growth Plans Accelerate
Positive
Sep 9, 2026
Energean reported a robust rebound in the first half of 2026, as the restart of production in Israel and higher liquids prices helped lift profit after tax by 45% to $160 million and free cash flow by 35% to $250 million, despite lower volumes and...
Business Operations and StrategyDividendsFinancial Disclosures
Energean Declares 2Q 2026 Interim Dividend of 10 Cents a Share
Positive
Sep 9, 2026
Energean has declared an interim dividend of 10 U.S. cents per share for the second quarter of 2026, reinforcing its capital-return strategy to investors across its London and Tel Aviv listings. The payout will be made in U.S. dollars and applies ...
Other
Energean Director Boosts Stake with Share Purchase
Positive
Aug 4, 2026
Energean plc has disclosed a share purchase by independent non-executive director Andreas Persianis, who acquired 5,000 ordinary shares of 1 pence each in the company. The transaction took place on 4 August 2026 on the London Stock Exchange at a p...
Business Operations and StrategyFinancial Disclosures
Energean Boosts Brent-Linked Output With Second FPSO Oil Train
Positive
Jul 22, 2026
Energean has completed commissioning of a second oil processing train on its Energean Power FPSO, lifting total liquids capacity from 18,000 to 31,000 barrels per day and successfully testing output at rates up to 21,000 barrels per day. Liquids p...
Other
Energean CEO-Linked Entity Increases Stake with Share Purchase
Positive
Jul 9, 2026
Energean plc disclosed that Growthy Holdings Co. Limited, a company owned by CEO Mathios Rigas and classified as a person closely associated with him, has purchased 26,299 ordinary shares of Energean at a price of £7.0310 per share. The trans...
Other
Energean Insider-Linked Entity Buys Additional Stake on London Market
Positive
Jul 9, 2026
Energean plc disclosed a share purchase by OilCo Investments Limited, a company closely associated with board member Efstathios Topouzoglou through a family trust structure. OilCo acquired 26,195 ordinary shares of Energean at a price of £7.0...
Other
Energean insider-linked vehicle increases stake with 50,000-share purchase
Positive
Jun 23, 2026
Energean plc disclosed a purchase of 50,000 ordinary shares by OilCo Investments Limited, a company closely associated with board member Efstathios Topouzoglou. The shares, bought on 19 June 2026 on the London Stock Exchange at an average price of...
Business Operations and StrategyRegulatory Filings and Compliance
Energean retains EY as auditor after competitive tender
Positive
Jun 18, 2026
Energean has confirmed that, following a formal competitive tender, its Audit Risk Committee has recommended and the board has approved the reappointment of Ernst Young LLP as external auditor for the financial year ending 31 December 2027, subj...
Regulatory Filings and Compliance
Energean discloses share purchase by Group General Counsel
Positive
Jun 15, 2026
Energean has disclosed a share transaction by Group General Counsel Ciaran Boyle, in line with regulatory requirements for reporting dealings by persons discharging managerial responsibilities. The notification details his purchase of 4,074 ordina...
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.