Analyst Martijn Rats from Morgan Stanley maintained a Hold rating on ENI S.p.A. and keeping the price target at €16.00.
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Martijn Rats has given his Hold rating due to a combination of factors that balance Eni’s clear strategic and operational progress against a valuation that already reflects much of this improvement. He notes that Eni has successfully sharpened its focus on gas- and LNG-driven upstream growth, delivered projects largely on or ahead of schedule, and improved financial metrics and shareholder distributions. The company has also advanced its energy transition platforms and restructured weaker downstream and chemical activities, which has contributed to a strong share price performance and a noticeable re-rating. However, after a 32% total return in 2025, the stock now appears fairly valued on several measures, limiting further upside purely from execution gains.
At this stage, the core question for investors is whether Eni can maintain robust free cash flow and attractive payouts as commodity prices normalize and investment needs increase ahead of future production growth. While the restructuring efforts and strategic repositioning enhance the company’s quality, its earnings remain sensitive to macro conditions, leaving it somewhat less defensive compared with certain peers. In Rats’s view, this mix of solid management delivery and already-full valuation justifies a neutral stance rather than a more bullish recommendation. As a result, he concludes that the risk-reward profile is balanced, supporting a Hold (Equal-weight) rating on the shares.
In another report released yesterday, Berenberg Bank also maintained a Hold rating on the stock with a €14.50 price target.
Based on the recent corporate insider activity of 59 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of 0N9S in relation to earlier this year.