Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ENI SPA. We currently have 7 research reports from 3 professional analysts.
Frequency of research reports
Research reports on
GMP FirstEnergy ― UK Energy morning research package
22 Dec 16
Total (FP FP) (not covered): Asset Transaction in Brazil | Niko Resources (NKO CN) (not covered): Divesting asset in India | Serinus Energy (SEN CN); HOLD, C$0.70: Licence extension in Romania | Block awards in Cyprus | Rockrose Energy | San Leon (SLE LN) (not covered): Potential take over offer?
First view: weak operational performance, well below expectations
29 Jul 16
The company reported its Q2 16 results below expectations with a loss of €290m compared to expectations of €78m. All divisions (E&P, refining and Gas & Power disappointed). Production was 1.715mbpd, slightly higher than the 1.697mbpd expected. Weak natural gas prices in Europe and in the US, as well as the production shutdown at the Val Agri profit centre for the whole Q2. The group reiterated that it would cut capex by 20% this year.
Strong Upstream, worrying Gas & Power
12 Nov 15
Some comments on ENI's Q3 15 reports. The group reported a net loss (excluding Saipem) of €0.3bn vs. expected. Adjusted operating profit was €752m. By division: - In the E&P division, adjusted operating profit was €757m, down 75% yoy, mainly driven by lower energy prices. Production in Q3 15 was up 8.1% to 1.7mbpd and full-year guidance was raised to 9% growth (vs. 7% earlier), the second upward revision for the year. Excluding price effects, production increased by 4.3% during the quarter. The group also highlighted its success in exploration with 1.2bn boe resources discovered vs. 500m boe planned at an average cost of $0.6/boe vs an average cost of $2/boe. - In the Gas & Power division, the adjusted operating loss was €469m. The declining performance reflected the reversal in gas prepaid in previous years with a book value higher than the current average supply costs of ENI's gas portfolio and an unfavourable trading environment impacting certain sales to large clients. Natural gas' sales were however up 4.4% from the same period last year. - In the refining & Marketing division, adjusted operating profit was €335m, with Refining marketing accounting for half of the profit and Chemicals for the other half. ENI's refining margin was $10/bbl compared to $4.39/bbl a year ago. FCF is projected to be positive as early as 2015, two years ahead of schedule. On Saipem, the group has agreed the terms of the sale of a 12.5% interest to FSI. ENI will be reimbursed of its financing receivable by €6.1bn, leading to a pro forma leverage decreasing by 8%.
GMP FirstEnergy ― UK Energy morning research package
06 Dec 16
Transglobe Energy (TGL CN); BUY, C$5.25: Homeward bound… back to Canada | Great Eastern Energy Corporation (GEEC LN) (not covered): Reserves update in India | BP (BP LN) (not covered): Acquiring interest in Tangguh in Indonesia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Genel Energy (GENL LN); SPECULATIVE BUY, £2.60: Receipt of payment for Taq Taq export in Kurdistan | ExxonMobil (XOM US) (not covered): Relinquishing blocks in Kurdistan
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.