Eni S.p.A. (E) is listed on NYSE and operates in the Oil & Gas Integrated industry (Energy sector).
Eni S.p.A. engages in the exploration, development, and production of crude oil and natural gas. It operates through Exploration & Production; Global Gas & LNG Portfolio; Refining & Marketing and Chemicals; Plenitude and Power; and Corporate and Other activities segments. The Exploration & Production segment is involved in the research, development, and production of oil, condensates and natural gas; and forestry conservation and CO2 capture and storage projects. The Global Gas & LNG Portfolio segment engages in the supply and wholesale of natural gas by pipeline, international transport; and purchase and marketing of LNG. The Refining & Marketing and Chemicals segment is involved in the processing, supply, distribution, and marketing of fuels and chemicals. The Eni gas e luce, Power & Renewables segment engages in the retail sales of gas, electricity, and related activities, as well as in the production and wholesale of electricity produced by thermoelectric and renewable plants. As of December 31, 2021, it had net proved reserves of 6,628 million barrels of oil equivalent; and installed operational capacity of 4.5 GW. The company was founded in 1953 and is headquartered in Rome, Italy.
| Rating | Analysts |
|---|---|
| Strong Buy | 0 |
| Buy | 9 |
| Hold | 16 |
| Sell | 1 |
| Strong Sell | 0 |
Eni S.p.A., founded in 1953 and headquartered in Rome, Italy, operates in the energy sector, specifically within the integrated oil and gas industry. The company is involved in the exploration, development, and production of crude oil and natural gas. Its operations are divided into several segments: Exploration & Production, Global Gas & LNG Portfolio, Refining & Marketing and Chemicals, Plenitude and Power, and Corporate and Other activities. The Exploration & Production segment focuses on oil, condensates, and natural gas production, along with forestry conservation and CO2 capture and storage projects. The Global Gas & LNG Portfolio segment manages the supply, wholesale, and international transport of natural gas and LNG. The Refining & Marketing and Chemicals segment handles the processing, distribution, and marketing of fuels and chemicals. The Plenitude and Power segment deals with retail gas and electricity sales, as well as electricity production from thermoelectric and renewable sources. As of December 31, 2021, Eni reported net proved reserves of 6,628 million barrels of oil equivalent and an installed operational capacity of 4.5 GW.
Over the past three fiscal years, the company has faced a challenging environment, marked by a consistent decrease in revenue, which fell at a CAGR of -8.2% from €93.7 billion in 2023 to €78.9 billion in 2025. This decline in revenue has been accompanied by a significant contraction in profitability, as evidenced by the gross margin decreasing by 7.7pp from 13.2% to 5.5%. Operating and net margins also experienced declines, albeit more inconsistently, with operating margin falling by 1.5pp to 7.3% and net margin by 1.9pp to 3.2%. Despite these challenges, the company has maintained positive cash flow, although both operating cash flow and free cash flow have decreased, with FCF dropping from €5.9 billion to €4.4 billion, reflecting a consistent decline in FCF margin by 0.7pp. The company's cash conversion ratio, however, improved to 5.1, indicating that earnings are increasingly backed by actual cash. Additionally, the company has reduced its share count by 7.2% through buybacks, which has helped to amplify per-share value amidst declining earnings per share, which fell from €2.8 to €1.5. On the balance sheet, net debt has increased consistently, rising from €23.1 billion to €30.5 billion, while interest coverage has deteriorated to 0.7x, highlighting potential concerns over debt servicing capacity. Despite these financial pressures, the company has managed to improve its working capital efficiency, as evidenced by a reduction in the cash conversion cycle to nearly zero days, suggesting enhanced operational efficiency.
Recent developments for Eni SpA (NYSE:E) highlight significant analyst and institutional activity. On May 4, Zacks Investment Research posed the question of whether value investors should consider buying Eni stock, indicating potential interest in the company's valuation. In institutional trading, Farther Finance Advisors LLC increased its holdings in Eni by $735,000, while Capital Wealth Advisors LLC and Venturi Wealth Management LLC acquired new stakes worth $546,000 and $284,000, respectively, during the fourth quarter. These investments suggest a growing institutional interest in Eni's stock. Additionally, Eni has signed an agreement to relaunch a heavy oil project in Venezuela, as reported on April 28, which could signal strategic expansion in the region. Furthermore, Eni restarted oil lifting in Venezuela in April as a payment-in-kind for gas, indicating ongoing operational activities in the country. Lastly, Eni is reportedly considering the sale of a cracking plant, with JPMorgan advising on the potential transaction. These developments reflect a mix of strategic initiatives and institutional confidence in Eni's future prospects.