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Eni SPA
(NYSE:E)
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Rating:65Neutral
Price Target:
$50.00
▼(-4.31% Downside)
Action:Reiterated
Date:04/28/26
The score is driven primarily by softer underlying financial performance (compressed margins and weaker free cash flow) balanced by a constructive earnings-call outlook (upgraded 2026 cash flow guidance and a materially higher buyback plan). Technicals are neutral-to-slightly positive, while valuation is only moderately supportive given a ~19.5 P/E and ~2.67% yield.
Positive Factors
Exploration Success / Reserves
Adding ~1bn BOE materially lengthens the reserve runway and supports low-cost, near‑infrastructure production. These sizeable, diversified discoveries improve long‑term resource visibility, lower future finding costs per barrel, and underpin sustainable production and cash generation.
Negative Factors
Compressed Margins & Weak FCF
Significantly compressed margins and a sharp fall in free cash flow reduce the company's ability to self‑fund growth, shore up the balance sheet, or sustain distributions during down cycles. Lower cash conversion raises sensitivity to sustained price or margin pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Exploration Success / Reserves
Adding ~1bn BOE materially lengthens the reserve runway and supports low-cost, near‑infrastructure production. These sizeable, diversified discoveries improve long‑term resource visibility, lower future finding costs per barrel, and underpin sustainable production and cash generation.
Read all positive factors
Eni SPA (E) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$68.02B
Dividend Yield5.41%
Average Volume (3M)437.89K
Price to Earnings (P/E)25.6
Beta (1Y)0.12
Revenue Growth-3.06%
EPS Growth9.20%
CountryUS
Employees32,492
SectorEnergy
Sector Strength52
IndustryOil & Gas Integrated
Share Statistics
EPS (TTM)1.60
Shares Outstanding1,513,991,100
10 Day Avg. Volume654,957
30 Day Avg. Volume437,889
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 Cap1.36
Enterprise Value/Revenue1.16
Enterprise Value/Gross Profit20.70
Enterprise Value/Ebitda6.30
Forecast
1Y Price Target
$64.30Price Target Upside23.06% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)5.91
Revenue Forecast (FY)$107.97B
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 primarily makes money by producing and selling hydrocarbons and energy products, complemented by midstream gas activities and downstream manufacturing/retail operations.
1) Upstream (Exploration & Production): A major portion of Eni’s earning...
Eni SPA Earnings Call Summary
Earnings Call Date:Apr 24, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive strategic and financial picture: strong exploration results (adding roughly 1 billion BOE of resources), solid pro forma EBIT (EUR 3.5bn), upgraded 2026 cash flow guidance (pre-working capital EUR 13.8bn, +20%) and a materially enhanced shareholder distribution plan (buyback ~EUR 2.8bn). These positives were balanced against near-term headwinds — Q1 refinery maintenance reducing downstream capture, a large working capital drag from March price spikes, cost inflation and some non-commercial exploration outcomes — but management provided clear mitigation plans (CapEx discipline, transformation of chemicals, Plenitude deconsolidation) and expects many impacts to reverse or improve over the year.Positive Updates
Strong Pro Forma EBIT and Operating Cash Flow
Reported pro forma EBIT of EUR 3.5 billion and cash flow from operations of EUR 2.9 billion in Q1 2026.
Negative Updates
Downstream/Refinery Underperformance in Q1
Downstream and biorefineries were under major planned maintenance/turnaround in Q1, resulting in lower utilization and reduced capture of upside in the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Pro Forma EBIT and Operating Cash Flow
Reported pro forma EBIT of EUR 3.5 billion and cash flow from operations of EUR 2.9 billion in Q1 2026.
Read all positive updates
Company Guidance
Eni updated 2026 guidance and near‑term targets with a host of metrics: Q1 reported pro‑forma EBIT €3.5bn, cash from operations €2.9bn and pro‑forma gearing 15% (12% if Plenitude deconsolidation fully reflected; Plenitude net debt ~€2.6bn, deconsolidation expected Q3), Q1 E&P production +9% YoY; Q1 CapEx €1.9bn (FY CapEx €7bn, net ≈ gross), tax rate guided at 42% with cash tax ~25%, working capital hit cash flow in Q1 but is expected to reverse in coming quarters. Management raised its market assumptions to Brent $83/bbl (from $70), TTF €50/MWh (from €36) and refining margin $8/bbl (from $6), and now sees cash flow from operations pre‑working capital €13.8bn (vs €11.5bn prior, +20%) — underpinning a proposed share buyback of ~€2.8bn (about +90%, floor for 2026) to be put to shareholders at the AGM on 6 May; other FY guidance includes E&P production growth 3–4%, GGP pro‑forma EBIT €1.3bn, transition pro‑forma EBITDA €2.4bn, Plenitude gross EBITDA €1.3bn (+20%) and Enilive EBITDA €1.1bn (+16% y/y).Eni SPA Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
68
Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 79.33B | 82.15B | 88.80B | 93.72B | 132.51B | 76.58B |
| Gross Profit | 4.46B | 7.75B | 11.54B | 13.47B | 26.92B | 14.85B |
| EBITDA | 14.64B | 21.30B | 15.63B | 19.09B | 30.36B | 18.77B |
| Net Income | 2.51B | 2.61B | 2.62B | 4.77B | 13.89B | 5.82B |
Balance Sheet | ||||||
| Total Assets | 147.71B | 139.20B | 150.08B | 146.37B | 156.35B | 143.60B |
| Cash, Cash Equivalents and Short-Term Investments | 14.78B | 15.09B | 14.98B | 16.98B | 18.41B | 14.55B |
| Total Debt | 36.57B | 39.20B | 41.84B | 39.14B | 36.87B | 38.13B |
| Total Liabilities | 93.42B | 91.41B | 99.43B | 97.80B | 106.12B | 104.08B |
| Stockholders Equity | 49.19B | 42.94B | 47.78B | 48.10B | 49.76B | 39.44B |
Cash Flow | ||||||
| Free Cash Flow | 3.00B | 4.63B | 5.09B | 6.38B | 9.76B | 7.91B |
| Operating Cash Flow | 12.38B | 13.33B | 13.09B | 15.12B | 17.46B | 12.86B |
| Investing Cash Flow | -9.97B | -8.59B | -9.23B | -9.38B | -6.93B | -12.02B |
| Financing Cash Flow | -2.54B | -4.30B | -5.97B | -5.65B | -8.63B | -2.04B |
Eni SPA Technical Analysis
Neutral
52.25
Price Trends
52.53
Negative
51.60
Negative
44.26
Positive
Market Momentum
-1.88
Positive
39.03
Neutral
50.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For E, the sentiment is Neutral. The current price of 52.25 is above the 20-day moving average (MA) of 49.43, below the 50-day MA of 52.53, and above the 200-day MA of 44.26, indicating a neutral trend. The MACD of -1.88 indicates Positive momentum. The RSI at 39.03 is Neutral, neither overbought nor oversold. The STOCH value of 50.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $99.00B | 6.15 | 27.02% | 14.10% | 3.35% | 133.76% | |
66 Neutral | $215.78B | 12.56 | 10.58% | 3.92% | -5.34% | 47.93% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $68.02B | 25.63 | 5.25% | 5.41% | -3.06% | 9.20% | |
63 Neutral | $96.49B | 32.54 | 5.52% | 5.62% | 4.29% | ― | |
60 Neutral | $76.55B | 14.98 | 13.33% | 7.43% | -1.94% | -30.62% |
* Energy Sector Average
E
Eni SPA
47.47
15.26
47.37%
BP
BP
38.61
8.93
30.07%
PBR
Petroleo Brasileiro SA- Petrobras
16.66
4.37
35.56%
SHEL
Shell
81.99
13.37
19.48%
EQNR
Equinor ASA
33.91
8.85
35.30%
TTE
TotalEnergies SE
77.96
18.93
32.07%
Eni SPA Corporate Events
Eni Advances May 2026 Treasury Share Buyback for Long-Term Incentive Plan
May 20, 2026
On 11 May 2026, Eni bought 861,111 of its own shares on Euronext Milan, equal to 0.03% of its share capital, at a weighted average price of €23.2258 per share for a total outlay of about €20 million. The purchases form part of the firs...
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.