Want to see GB:ENQ full AI Analyst Report?
Top Page
Enquest
(LSE:ENQ)
Select Model
Select Model
Rating:68Neutral
Price Target:
33.00 p
▲(34.15% Upside)
Action:Reiterated
Date:09/15/26
The score is driven primarily by a mixed financial base (strong cash generation but weaker recent earnings and elevated leverage). Technicals are supportive with clear uptrend signals, valuation is compelling on low P/E plus dividend yield, and the latest earnings call added optimism via improved operating performance, refinancing, and the Malaysia acquisition—partly tempered by tighter production guidance and operational/fiscal risks.
Positive Factors
Low-cost Malaysian expansion
The Malaysian acquisition should materially expand production while lowering the group cost base and capital intensity. Low-cost barrels and substantial resource potential can improve resilience across commodity cycles, support debt reduction, and provide a durable platform for production growth.
Negative Factors
Elevated leverage
Meaningful leverage remains a core balance-sheet risk for a company exposed to production and commodity-price variability. If earnings or cash flow weaken, debt service and refinancing needs could restrict investment, reduce flexibility, and slow progress on deleveraging.
Read all positive and negative factors
Positive Factors
Negative Factors
Low-cost Malaysian expansion
The Malaysian acquisition should materially expand production while lowering the group cost base and capital intensity. Low-cost barrels and substantial resource potential can improve resilience across commodity cycles, support debt reduction, and provide a durable platform for production growth.
Read all positive factors
Enquest (ENQ) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£552.74M
Dividend Yield2.62%
Average Volume (3M)6.04M
Price to Earnings (P/E)5.6
Beta (1Y)0.40
Revenue Growth3.33%
EPS GrowthN/A
CountryUK
Employees719
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)0.07
Shares Outstanding1,865,029,500
10 Day Avg. Volume5,007,481
30 Day Avg. Volume6,044,491
Financial Highlights & Ratios
PEG Ratio-1.81
Price to Book (P/B)0.50
Price to Sales (P/S)0.24
P/FCF Ratio2.71
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)0.05
Revenue Forecast (FY)£1.21B
Enquest Business Overview & Revenue Model
Company Description
EnQuest PLC is an independent energy company specializing in the exploration, development, and production of hydrocarbons. Its operations are geographically diverse, covering the United Kingdom, the North Sea, and Malaysia. The company holds key i...
How the Company Makes Money
EnQuest makes money primarily by producing and selling crude oil, natural gas, and associated liquids from its upstream fields. Revenue is largely driven by (1) production volumes attributable to its working interests and (2) realized commodity pr...
Enquest Earnings Call Summary
Earnings Call Date:Sep 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Apr 01, 2027
Earnings Call Sentiment Positive
The call was strongly positive, led by 9% first-half production growth, higher cash revenue and EBITDA, a 31% increase in operating cash flow, balance sheet simplification, strong liquidity and the pending completion of a transformational Malaysia acquisition. Management also highlighted substantial reserve, resource, low-cost production and recovery-factor opportunities. The main negatives were Magnus infrastructure disruption, a $60 million cash impact, higher diesel costs, narrowed 2026 production guidance and continuing UK fiscal constraints and NAV discount. Highlights significantly outweighed the lowlights.Positive Updates
Strong Operating Capability and Safety Focus
Safety remains EnQuest's first priority. The company operates 97% of its 2P reserves, with approximately 90% production efficiency despite many assets being more than 40 years old. First-half production efficiency was 89% excluding third-party impacts and 83% including the unplanned Ninian South Central infrastructure impact, compared with a 76% sector average for 2025.
Negative Updates
Magnus Production Disruption
Third-party infrastructure disruption reduced Magnus production by more than 4,000 barrels per day during the first half of 2026. A cargo was deferred out of the first half, creating an approximately $60 million cash impact and reducing first-half cash flow figures by the same amount.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Operating Capability and Safety Focus
Safety remains EnQuest's first priority. The company operates 97% of its 2P reserves, with approximately 90% production efficiency despite many assets being more than 40 years old. First-half production efficiency was 89% excluding third-party impacts and 83% including the unplanned Ninian South Central infrastructure impact, compared with a 76% sector average for 2025.
Read all positive updates
Company Guidance
For 2026, EnQuest narrowed expected production to 41,000 to 43,000 barrels a day, the lower half of its original 41,000 to 45,000, with cost guidance at $670 million; Seligi production is 4,500 barrels a day following a 50% increase. Offshore execution of the NCP bypass is expected to commence in the fourth quarter of 2026, with first oil for the export solution delivered by next half of the year, while Kraken Phase 1 is expected to add approximately 5 million barrels of recoverable reserves and Phase 2 is currently estimated to add from 30 million to 40 million barrels gross, with delivery challenged into early 2027. Following the Malaysia acquisition, enlarged group production is expected to remain above 100,000 barrels a day through to the end of the decade, with production from the new interest carrying a unit operating cost around $10 a barrel, new 2P volumes requiring a very low CapEx of about $170 million, less than $2 a barrel, and overall group OpEx at $16 a barrel; based on trailing 2025 numbers, revenues are expected to reach around $1.8 billion, with more than $900 million of EBITDA and net debt-to-EBITDA of 1.1x.Enquest Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
44
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.18B | 1.09B | 1.18B | 1.49B | 1.85B | 1.27B |
| Gross Profit | 207.84M | 280.76M | 393.33M | 540.67M | 652.92M | 358.18M |
| EBITDA | 499.00M | 950.10M | 568.27M | 807.16M | 1.02B | 696.03M |
| Net Income | 136.75M | 1.59M | 93.77M | -30.83M | -41.23M | 376.99M |
Balance Sheet | ||||||
| Total Assets | 3.54B | 3.60B | 3.56B | 3.77B | 4.02B | 4.37B |
| Cash, Cash Equivalents and Short-Term Investments | 227.28M | 328.46M | 226.32M | 313.57M | 301.61M | 286.66M |
| Total Debt | 1.09B | 1.08B | 1.00B | 1.20B | 1.48B | 2.05B |
| Total Liabilities | 3.07B | 3.07B | 3.02B | 3.31B | 3.54B | 3.84B |
| Stockholders Equity | 471.22M | 528.25M | 542.47M | 456.73M | 484.24M | 520.76M |
Cash Flow | ||||||
| Free Cash Flow | 168.05M | 98.00M | 254.78M | 612.50M | 823.88M | 630.43M |
| Operating Cash Flow | 334.27M | 276.70M | 508.77M | 754.24M | 931.55M | 674.14M |
| Investing Cash Flow | -274.18M | -203.71M | -183.57M | -262.69M | -161.25M | -321.23M |
| Financing Cash Flow | -178.57M | -98.00M | -352.89M | -478.63M | -731.16M | -285.47M |
Enquest Technical Analysis
Positive
24.60
Price Trends
26.11
Positive
24.57
Positive
20.24
Positive
Market Momentum
0.86
Negative
69.67
Neutral
95.48
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ENQ, the sentiment is Positive. The current price of 24.6 is below the 20-day moving average (MA) of 27.22, below the 50-day MA of 26.11, and above the 200-day MA of 20.24, indicating a bullish trend. The MACD of 0.86 indicates Negative momentum. The RSI at 69.67 is Neutral, neither overbought nor oversold. The STOCH value of 95.48 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:ENQ.
Enquest Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | £121.70M | -37.85 | -1.49% | 4.53% | -7.76% | -176.77% | |
70 Outperform | £301.90M | 7.90 | 12.85% | 66.67% | 33.61% | ― | |
68 Neutral | £552.74M | 5.60 | 27.37% | 2.62% | 3.33% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
56 Neutral | £148.96M | -7.43 | -7.79% | 10.50% | -38.72% | 52.39% | |
50 Neutral | £154.54M | -10.65 | -4.94% | ― | ― | 69.79% | |
49 Neutral | £249.35M | 13.39 | 49.35% | ― | 70.01% | ― |
* Energy Sector Average
GB:ENQ
Enquest
30.60
20.74
210.47%
GB:GENL
Genel Energy
54.50
-10.70
-16.41%
GB:CNE
Capricorn Energy PLC
429.00
235.00
121.13%
GB:PANR
Pantheon Resources
10.60
-17.00
-61.59%
GB:PHAR
Pharos Energy
29.40
9.44
47.27%
GB:KIST
Kistos PLC
303.00
149.00
96.75%
Enquest Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
EnQuest Sets Up Transformational Malaysian Expansion as H1 Output and Cash Flow Rise
Positive
Sep 3, 2026
EnQuest reported that the first half of 2026 marked a turning point as it advanced transformational growth plans, notably through acquiring interests in four Malaysian production sharing contracts. The deal, set to complete at year-end with an eff...
Business Operations and StrategyDelistings and Listing ChangesM&A Transactions
EnQuest Clears Key Hurdles for Malaysian PSC Acquisitions and Main-Market Readmission
Positive
Aug 12, 2026
EnQuest PLC, an independent energy producer listed in London, focuses on operating mature and underinvested oil and gas assets in the UK North Sea and South East Asia. Its strategy centres on safely extending the lives of existing fields and extra...
Business Operations and StrategyDelistings and Listing ChangesM&A TransactionsShareholder Meetings
EnQuest Wins Shareholder Backing for US$833m Malaysian Asset Deal
Positive
Aug 11, 2026
EnQuest PLC shareholders have overwhelmingly approved a resolution at a general meeting to acquire participating interests in four offshore production sharing contracts in Malaysia from PETRONAS CARIGALI SDN. BHD. for a maximum consideration of US...
Business Operations and StrategyDelistings and Listing ChangesM&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
EnQuest Sets Shareholder Vote on $833 Million Malaysian Asset Deal
Positive
Jul 24, 2026
EnQuest has published a combined prospectus and shareholder circular for its proposed acquisition of participating interests in four Malaysian production sharing contracts from Petronas Carigali, for up to $833 million. The documents, approved by ...
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.