Moody's Ratings (Moody's) has affirmed at Baa1 the long-term issuer rating, senior unsecured debt ratings at Baa1, senior unsecured EMTN program rating at (P)Baa1, (P)Baa3 subordinated EMTN program rating, the Baseline Credit Assessment (BCA) at baa1, the junior subordinated debt at Baa3 of Eni S.p....
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Eni S.p.A. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 13 September 2024 in which we reassessed the appropriateness of the ratings in the context of th...
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
Recent years have been unkind to Eni shareholders. Oil-price declines and disruptions in key producing areas have taken a toll on an otherwise low-cost, high-return upstream business. Meanwhile, poor results from its downstream and gas and power business have further weighed on returns. We think the worst is behind it, with performance across all three of its key segments set to improve, lifting returns from recently depressed levels. Eni has differentiated itself from peers with an ability to c...
Our fair value estimate and moat rating for Eni is unchanged after first-quarter results were largely in line with our expectations and management reiterated its previous full-year guidance items. We continue to appreciate the improvements management has driven across the portfolio, particularly in the upstream and gas and power segments, as demonstrated during the quarter. However, we view this improvement along with the expectation of continued progress is largely already reflected in the shar...
Our fair value estimate and moat rating for Eni is unchanged after first-quarter results were largely in line with our expectations and management reiterated its previous full-year guidance items. We continue to appreciate the improvements management has driven across the portfolio, particularly in the upstream and gas and power segments, as demonstrated during the quarter. However, we view this improvement along with the expectation of continued progress is largely already reflected in the shar...
Our fair value estimate and moat rating for Eni is unchanged after first-quarter results were largely in line with our expectations and management reiterated its previous full-year guidance items. We continue to appreciate the improvements management has driven across the portfolio, particularly in the upstream and gas and power segments, as demonstrated during the quarter. However, we view this improvement along with the expectation of continued progress is largely already reflected in the shar...
Eni reported adjusted net profits of EUR 1.46 billion in the fourth quarter and EUR 4.6 billion for the full year, increases of 55% and 93%, respectively, compared with the comparable 2017 periods. Net operating profit amounted to EUR 10 billion and organic free cash flow rose to EUR 6.5 billion. The latter allowed Eni to cover the EUR 3 billion dividend and reduce net debt from EUR 10.9 billion in 2017 to EUR 8.3 billion in 2018, reducing leverage from 23% to 16% over the same period, and incre...
Eni reported adjusted net profits of EUR 1.46 billion in the fourth quarter and EUR 4.6 billion for the full year, increases of 55% and 93%, respectively, compared with the comparable 2017 periods. Net operating profit amounted to EUR 10 billion and organic free cash flow rose to EUR 6.5 billion. The latter allowed Eni to cover the EUR 3 billion dividend and reduce net debt from EUR 10.9 billion in 2017 to EUR 8.3 billion in 2018, reducing leverage from 23% to 16% over the same period, and incre...
Eni reported adjusted net profits of EUR 1.46 billion in the fourth quarter and EUR 4.6 billion for the full year, increases of 55% and 93%, respectively, compared with the comparable 2017 periods. Net operating profit amounted to EUR 10 billion and organic free cash flow rose to EUR 6.5 billion. The latter allowed Eni to cover the EUR 3 billion dividend and reduce net debt from EUR 10.9 billion in 2017 to EUR 8.3 billion in 2018, reducing leverage from 23% to 16% over the same period, and incre...
Eni continued its turnaround in the third quarter, growing earnings to EUR 1.4 billion from EUR 229 million the year before. The upstream segment contributed the bulk of the increase thanks to higher oil and gas prices as production growth stagnated during the quarter. A near 50% increase in realized prices offset flat production growth to increase earnings to EUR 1.4 billion from EUR 441 million a year ago. Although flat for the quarter, production has grown 3% year to date. Citing the negative...
Eni continued its turnaround in the third quarter, growing earnings to EUR 1.4 billion from EUR 229 million the year before. The upstream segment contributed the bulk of the increase thanks to higher oil and gas prices as production growth stagnated during the quarter. A near 50% increase in realized prices offset flat production growth to increase earnings to EUR 1.4 billion from EUR 441 million a year ago. Although flat for the quarter, production has grown 3% year to date. Citing the negative...
Integrated oils are set to reverse years of little or no free cash flow despite significantly lower oil and gas prices as high levels of investment give way to growth and capital restraint. We expect increased free cash flow from both upstream and downstream segments. In upstream segments, improved cost structures and the addition of higher-margin production will increase cash margins, offsetting much of the impact of lower oil prices. Meanwhile, service cost deflation, standardization, and simp...
Recent years have been unkind to Eni shareholders. In addition to a decline in oil prices, disruptions in key producing areas have taken a toll on an otherwise low-cost, high-return upstream business. Meanwhile, poor results from its downstream and gas and power business have further weighed on returns. We think the worst is behind it, with performance across all three of its key segments set to improve, lifting returns from recently depressed levels. Eni has differentiated itself from peers wit...
Integrated oils are set to reverse years of little or no free cash flow despite significantly lower oil and gas prices as high levels of investment give way to growth and capital restraint. We expect increased free cash flow from both upstream and downstream segments. In upstream segments, improved cost structures and the addition of higher-margin production will increase cash margins, offsetting much of the impact of lower oil prices. Meanwhile, service cost deflation, standardization, and simp...
Eni’s second quarter looked much like first-quarter 2018. Higher oil prices, paired with strong production growth, lifted adjusted operating profits in exploration and production but caused margins in the refining and chemicals segment to weaken. In total, adjusted operating profits increased to EUR 2.6 billion from EUR 1 billion last year, while adjusted net profits climbed to EUR 767 million from EUR 463 million. Cash flow generation remained strong in the second quarter, with adjusted net c...
Eni’s second quarter looked much like first-quarter 2018. Higher oil prices, paired with strong production growth, lifted adjusted operating profits in exploration and production but caused margins in the refining and chemicals segment to weaken. In total, adjusted operating profits increased to EUR 2.6 billion from EUR 1 billion last year, while adjusted net profits climbed to EUR 767 million from EUR 463 million. Cash flow generation remained strong in the second quarter, with adjusted net c...
Eni’s second quarter looked much like first-quarter 2018. Higher oil prices, paired with strong production growth, lifted adjusted operating profits in exploration and production but caused margins in the refining and chemicals segment to weaken. In total, adjusted operating profits increased to EUR 2.6 billion from EUR 1 billion last year, while adjusted net profits climbed to EUR 767 million from EUR 463 million. Cash flow generation remained strong in the second quarter, with adjusted net c...
The recent successful test of support at the 200-day moving average has paved the way for a meaningful bounce higher on the S&P 500. Given this bounce, we have become incrementally more bullish. In today's report we highlight the bullish implications of the recent move higher for the broad market as well as other big picture trends: • Bullish implications. Not only has the 200-day moving average and prior lows continued to hold for the S&P 500, but the index is also hitting a higher high rel...
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