ENI (NYSE:E) Issues Earnings Results

ENI (NYSE:E) released its earnings results on Thursday. The oil and gas exploration company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.78 by $0.09, Zacks reports. ENI had a return on equity of 8.53% and a net margin of 3.20%.The business had revenue of $24.33 billion for the quarter, compared to the consensus estimate of $19.45 billion.

Here are the key takeaways from ENI’s conference call:

• Eni highlighted strong upstream execution — six major project start-ups in 2025 drove production growth (full-year 1.728 million b/d, ~2% above guidance), a >160% reserves replacement ratio and 500,000 b/d of production under development, plus ~900 million barrels discovered in 2025.
• Financial delivery was robust — CFFO €12.5bn (≈€1.5bn ahead of plan), pro forma net CapEx <€5bn, net debt down ~€3bn with pro forma gearing ~14%, and the share buyback was increased from €1.5bn to €1.8bn.
• Transition businesses gained scale and market validation — Plenitude expanded renewables >40% in 2025, Enilive is adding biorefinery capacity (several FIDs and 2m tpa incremental), and Eni reported ~€2bn EBITDA from planned transition assets with third‑party interest implying significant enterprise value.
• Industrial transformation faces near-term headwinds — weak chemical markets and low refinery utilization pressured results, prompting early cracker closures (Brindisi, Priolo) and a restructuring of Versalis whose benefits are expected to phase in over 12–18 months.
• 2026 guidance emphasizes disciplined capital allocation — gross CapEx ~€7bn, net CapEx ~€5bn, target pro forma gearing 10–15%, and management reiterates a funded, growing dividend with buybacks as a variable distribution tool; full plan to be detailed at the March Capital Markets Update.

ENI Stock Up 2.8%

Shares of NYSE:E traded up $1.27 during trading hours on Friday, hitting $46.81. The company’s stock had a trading volume of 633,015 shares, compared to its average volume of 339,472. The firm’s fifty day moving average price is $40.33 and its 200 day moving average price is $37.52. ENI has a 52 week low of $24.65 and a 52 week high of $46.95. The company has a market capitalization of $79.02 billion, a price-to-earnings ratio of 25.58 and a beta of 0.61. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.16 and a quick ratio of 0.98.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Zacks Research lowered shares of ENI from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of ENI in a report on Wednesday, January 21st. UBS Group upgraded shares of ENI from a “neutral” rating to a “buy” rating in a report on Tuesday, November 25th. Erste Group Bank raised ENI to a “strong-buy” rating in a research report on Wednesday, February 18th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of ENI in a report on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $34.60.

Institutional Trading of ENI

A number of hedge funds have recently bought and sold shares of E. Arosa Capital Management LP bought a new stake in ENI during the 4th quarter valued at $4,173,000. O Shaughnessy Asset Management LLC lifted its stake in shares of ENI by 63.8% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 171,326 shares of the oil and gas exploration company’s stock worth $6,500,000 after purchasing an additional 66,716 shares during the last quarter. Quantinno Capital Management LP boosted its position in ENI by 44.9% during the second quarter. Quantinno Capital Management LP now owns 202,792 shares of the oil and gas exploration company’s stock valued at $6,575,000 after purchasing an additional 62,834 shares in the last quarter. JPMorgan Chase & Co. grew its stake in ENI by 67.0% in the fourth quarter. JPMorgan Chase & Co. now owns 115,808 shares of the oil and gas exploration company’s stock valued at $4,394,000 after purchasing an additional 46,454 shares during the last quarter. Finally, Corient Private Wealth LLC raised its holdings in ENI by 73.9% in the fourth quarter. Corient Private Wealth LLC now owns 91,943 shares of the oil and gas exploration company’s stock worth $3,488,000 after purchasing an additional 39,057 shares in the last quarter. Hedge funds and other institutional investors own 1.18% of the company’s stock.

Key Headlines Impacting ENI

Here are the key news stories impacting ENI this week:

• Positive Sentiment: Q4 beat and strong revenue: Eni reported $0.87 EPS vs. $0.78 expected and revenue of $24.3B vs. $19.45B consensus, signaling upside to analyst estimates and supporting near‑term earnings momentum. MarketBeat Press Release
• Positive Sentiment: Production and profits rising: Adjusted net profit jumped ~35% year/year and oil & gas production rose >7%, driven by six new projects — supports cash generation and upstream outlook. Reuters: 35% rise
• Positive Sentiment: Strategic progress and capital returns: Management highlighted 4% production growth in 2025, >160% reserves replacement, near‑100% exploration success, a major JV with Petronas, Plenitude renewables expansion and increased buybacks funded by capex efficiency — a multi‑pronged value‑creation story. Seeking Alpha: Strategic Progress
• Positive Sentiment: Venezuela exposure eased: With U.S. sanctions relaxed, Eni can now accept oil as payment for gas and is exploring JVs with U.S. firms — this unlocks previously trapped receivables and potential incremental barrels. Reuters: Venezuela payment
• Neutral Sentiment: Earnings call transcript available for detail: The Q4 earnings call transcript provides management color on production drivers, capex guidance and buyback sizing — useful for modeling but not new headline news. Seeking Alpha: Earnings Transcript
• Neutral Sentiment: Local/regulatory watch — Cyprus meeting: Eni’s CEO met Cyprus leadership on the Kronos project decision, a local permit/regulatory outcome to monitor for regional project timing but currently unresolved. Cyprus Mail: Kronos meeting

About ENI

ENI S.p.A. is an integrated energy company headquartered in Rome, Italy, founded in 1953 as a state-established hydrocarbon entity and later transformed into a publicly traded multinational. The firm’s activities span the full hydrocarbon value chain and extend into power generation and low‑carbon energy solutions. ENI maintains a long history in exploration and production, engineering and project development, and downstream operations that include refining, petrochemicals and retail fuel distribution.

Core businesses include upstream exploration and production of oil and natural gas, midstream and liquefied natural gas (LNG) handling, and downstream refining and marketing of petroleum products and lubricants.