Eni: Solid Q1, Buy Confirmed

2025-04-29 12:42:58 ET

Summary

• Share buybacks remain intact with CAPEX flexibility.
• Eni is progressing well with its satellite strategy. Vår Energi also increased its DPS year-on-year.
• Even with lower 2025 guidance, thanks to a solid start to the year and downside protection from a double-digit total return, Eni remains a buy.

Taking advantage of our recent oil update on TotalEnergies SE, we are back to comment on Eni S.p.A. ( E ). Last time, we reported our supportive view thanks to 1) the company's satellite strategy, 2) Eni's lower sensitivity to Brent's price in both directions and its Gas Diversification with no reliability on Russian gas, 3) Plenitude upside confirmed , and 4) its tasty total return made of dividend and buyback. On April 24, the company reported its Q1 results, confirming our optimistic take, and there is also additional evidence to support our long-standing buy rating. Following our last update (released in early March 2025), we are not surprised to see a plus 3.59% in total return (Fig. 1)....

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