Eni: Q3 Beat, Diversification Tailwinds, And Valuation Upside

2025-10-30 12:12:19 ET

In a falling price backdrop compounded by OPEC+ production increases , supporting oil names was challenging. Our overweight in Eni S.p.A. (E) proved well-judged, with Italy’s position at the heart of the Mediterranean enabling value to be unlocked from Africa, the Middle East, and Asia while bypassing Russian supply routes. So, Gas Diversification is a key consideration in our buy rating, which is combined with a supportive shareholders' remuneration policy and Eni's ongoing satellite strategy . Since mid-July, we have been up by an additional 13.5% (Fig. 1), which also includes the company's quarterly dividend payment....

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