Eni is engaged in the oil and gas exploration and production, gas marketing operations, management of gas infrastructures, power generation, petrochemicals, oil field services and engineering industries. Co.'s operations are divided into three segments; Exploration and Production (oil and natural gas exploration and field development and production, as well as LNG operations), Gas and Power (supply, trading and marketing of gas and electricity, managing gas infrastructures for transport, distribution, storage, re-gasification, and LNG supply and marketing), and Refining and Marketing (supply of crude oil, refining and marketing of refined products). Co. maintains operations in 73 countries.
  • TickerENI
  • ISINIT0003132476
  • SectorOil & Gas Producers
  • CountryItaly

Analysts

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/03/2020

Our new production scenario (-12%, of which -32% of H1) prompts us to a further marked downward revision to our estimates (~-60% since January, -40% vs 2020 consensus estimates). Whilst valuations might now suggest that a large portion is already factored in, despite the recent rebound, visibility remains too low for us to be more constructive and we maintain our strict stock picking strategy. Michelin, Volkswagen, Peugeot and Plastic Omnium remain our preferred stocks whilst we are s...

Ahmed Ben Salem ...
  • Anis Zgaya
  • Christophe-Raphaël Ganet

ODDO BHF Small & MIDCAP MORNING NEWS - Date1

The health crisis and prospect of a recession are pushing ESG themes to the side-lines, for both companies and the public authorities. Yet they might come roaring back in an environment transformed by the experience of falling growth. For companies with exposure to energy- and climate-related issues, their decisions whether or not to maintain their decarbonisation budgets will be a sign of how serious their commitments are. In these straitened times, the choice to persevere might pay ...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/04/2020

Notre nouveau scénario de production (-12% dont -32% au S1) nous conduit à réduire encore fortement nos estimations (~-60% depuis janvier) qui se situent ~40% sous le consensus (2020). Si les valorisations peuvent désormais laisser espérer qu’une partie est déjà intégrée malgré le rebond récent, la visibilité manque encore pour devenir plus constructif et nous maintenons notre stratégie de stock picking. Michelin, VW, Peugeot et Plastic Omnium restent nos valeurs préférées alors que n...

Ahmed Ben Salem ...
  • Anis Zgaya
  • Christophe-Raphaël Ganet

ODDO BHF Small & MIDCAP MORNING NEWS - 03/04/2020

La crise sanitaire et la perspective d’une récession font passer les thématiques ESG au second plan, pour les sociétés comme pour les pouvoirs publics. Elles pourraient revenir en force dans un environnement transformé par l’expérience de la décroissance. Pour les entreprises exposées aux enjeux énergie-climat, le maintien des budgets alloués à la décarbonation sera un révélateur du sérieux des ambitions. Dans cet environnement contraint, le choix de la persévérance pourrait être paya...

Ahmed Ben Salem

ODDO : Donald Trump’s tweet on production cut of 10-15 mb/d lacks details

>Cutting production by 10-15 mb/d will not be easy - Oil rallied after Donald Trump announced that he had talked with the Saudi Crown Prince MBS and Vladimir Putin on how to curb production by 10 to 15 mb/d. Saudi Arabia immediately called for an OPEC meeting but did not commit to a cut while Russia denied any conversation between Mr Putin and MBS. This move signals that Saudi Arabia is keen to accept a deal for a cut while it is facing the US threat of tariffs on it...

Matthieu DRIOL

Short term view - ENI : Prices recovered.

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. The next resistance is at €16.668.

Matthieu DRIOL

Analyse court terme - ENI : Les cours se sont repris.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. La prochaine résistance est à 16,668 €.

Matthieu DRIOL

Short term view - ENI : Falling prices.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €14.713.

Matthieu DRIOL

Analyse court terme - ENI : Les cours baissent.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 14,713 €.

Matthieu DRIOL

Medium term view - ENI : The background trend is clearly bullish.

The background trend is clearly bullish. The correction is gaining traction. It is too early to qualify this action as a bearish reversal. The trend would be invalidated below the support at €14.243.

Ahmed Ben Salem

ODDO : Donald Trump’s tweet on production cut of 10-15 mb/d lacks details

>Cutting production by 10-15 mb/d will not be easy - Oil rallied after Donald Trump announced that he had talked with the Saudi Crown Prince MBS and Vladimir Putin on how to curb production by 10 to 15 mb/d. Saudi Arabia immediately called for an OPEC meeting but did not commit to a cut while Russia denied any conversation between Mr Putin and MBS. This move signals that Saudi Arabia is keen to accept a deal for a cut while it is facing the US threat of tariffs on it...

Ahmed Ben Salem

ODDO : Donald Trump’s tweet on production cut of 10-15 mb/d lacks details

>Cutting production by 10-15 mb/d will not be easy - Oil rallied after Donald Trump announced that he had talked with the Saudi Crown Prince MBS and Vladimir Putin on how to curb production by 10 to 15 mb/d. Saudi Arabia immediately called for an OPEC meeting but did not commit to a cut while Russia denied any conversation between Mr Putin and MBS. This move signals that Saudi Arabia is keen to accept a deal for a cut while it is facing the US threat of tariffs on it...

Ahmed Ben Salem

ENI SpA : Eni cuts capex by 25% in 2020 in a move to protect dividends

>Eni will cut capex by 25% this year and 30-35% next year - In the wake of the spread of COVID-19 and the fall in oil prices, Eni has announced that it will cut capex by 25%, or $ 2bn, this year and by 30-35%, equivalent to $ 2.5bn-3bn, next year (previous guidance was $ 8bn/year). At the same time, the group will cut Opex by $ 400m. The cut will impact mainly upstream activities, as Eni’s activities are more focused on this business, with lower investments in produc...

Ahmed Ben Salem

ENI SpA : Eni cuts capex by 25% in 2020 in a move to protect dividends

>Eni will cut capex by 25% this year and 30-35% next year - In the wake of the spread of COVID-19 and the fall in oil prices, Eni has announced that it will cut capex by 25%, or $ 2bn, this year and by 30-35%, equivalent to $ 2.5bn-3bn, next year (previous guidance was $ 8bn/year). At the same time, the group will cut Opex by $ 400m. The cut will impact mainly upstream activities, as Eni’s activities are more focused on this business, with lower investments in produc...

Research Department

INFORME DIARIO 26 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, AMADEUS, FERROVIAL, GRIFOLS, INDRA, MELIA, NATURGY, PRISA, REPSOL, SECTOR FINANCIERO. EUROPA: AIRBUS, ENI, INTESA SAN PAOLO, LVMH, UNICREDIT Continúa el rebote de mercado Ganancias en las bolsas europeas del orden del +3%/+4% que recibieron con entusiasmo el acuerdo del programa de estímulo fiscal estadounidense por 2 billones de dólares, aprobado ayer en el Senado y que debería ser ratificado por el Congreso mañana. Las miradas estarán centradas hoy en el Eurogrupo ya la aprobación de un paquete fiscal paneuropeo. En el Euro STOXX con todos...

Eni S.p.A. - September 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Eni S.p.A.: Update to credit analysis

Our credit view of Eni S.p.A., reflecting its stronger upstream performance and conservative financial policy, counterbalanced by its links with the Government of Italy.

Eni S.p.A. - March 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Eni S.p.A. - December 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Eni S.p.A.: Update to credit analysis

Stronger upstream performance and conservative financial policy support Eni's Baa1 rating, but links with Italy limit the differential with the Baa3 Italian sovereign rating to two notches

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/03/2020

Our new production scenario (-12%, of which -32% of H1) prompts us to a further marked downward revision to our estimates (~-60% since January, -40% vs 2020 consensus estimates). Whilst valuations might now suggest that a large portion is already factored in, despite the recent rebound, visibility remains too low for us to be more constructive and we maintain our strict stock picking strategy. Michelin, Volkswagen, Peugeot and Plastic Omnium remain our preferred stocks whilst we are s...

Ahmed Ben Salem ...
  • Anis Zgaya
  • Christophe-Raphaël Ganet

ODDO BHF Small & MIDCAP MORNING NEWS - Date1

The health crisis and prospect of a recession are pushing ESG themes to the side-lines, for both companies and the public authorities. Yet they might come roaring back in an environment transformed by the experience of falling growth. For companies with exposure to energy- and climate-related issues, their decisions whether or not to maintain their decarbonisation budgets will be a sign of how serious their commitments are. In these straitened times, the choice to persevere might pay ...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/04/2020

Notre nouveau scénario de production (-12% dont -32% au S1) nous conduit à réduire encore fortement nos estimations (~-60% depuis janvier) qui se situent ~40% sous le consensus (2020). Si les valorisations peuvent désormais laisser espérer qu’une partie est déjà intégrée malgré le rebond récent, la visibilité manque encore pour devenir plus constructif et nous maintenons notre stratégie de stock picking. Michelin, VW, Peugeot et Plastic Omnium restent nos valeurs préférées alors que n...

Ahmed Ben Salem ...
  • Anis Zgaya
  • Christophe-Raphaël Ganet

ODDO BHF Small & MIDCAP MORNING NEWS - 03/04/2020

La crise sanitaire et la perspective d’une récession font passer les thématiques ESG au second plan, pour les sociétés comme pour les pouvoirs publics. Elles pourraient revenir en force dans un environnement transformé par l’expérience de la décroissance. Pour les entreprises exposées aux enjeux énergie-climat, le maintien des budgets alloués à la décarbonation sera un révélateur du sérieux des ambitions. Dans cet environnement contraint, le choix de la persévérance pourrait être paya...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Delphine Brault
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/26/2020

...

ENI sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ENI (IT), a company active in the Integrated Oil & Gas industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 3, 2020, the closing price was EUR 14.11 and its potential was estimated at EUR 15.04.

Eni S.p.A.

Expert Corporate Governance Service (ECGS)

Eni - AGM 14 May 2019

In item 3, the Board asks the authorization to repurchase up to 67 million own shares (1.8%). The proposal is made in accordance with Eni's 2019-2022 shareholder remuneration policy, providing for a share buyback program capped at an aggregate value of € 400 million, if oil prices are in the range from USD 60 to USD 65 per barrel, or € 800 million in a scenario of oil prices above USD 65 per barrel. At the 2020 AGM, the Board will ask for the authorization to cancel the shares repurchased under the current authorization. The terms of the authorization are in line with our guidelines (maximum 1...

Eni SPA – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 10/05/2018

In item 3, shareholders are called to an advisory vote on the remuneration policy adopted by the Company for executive Directors and other executives with strategic responsibilities. The level of disclosure is high, as all performance conditions are disclosed, including the ex-post disclosure of the level of achievement of targets, and targets related to the performance share plan are quantified. We regret that the maximum variable remuneration exceeds out voting policy limit of 300% of the base salary (the CEO's variable remuneration is capped at 477% of his base salary, of which 146% linked ...

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