RBC Updates Price Target, Estimates for Eni on Expectations of Sustained Production Outperformance

05:37 AM EST, 11/09/2026 (MT Newswires) -- RBC Capital Markets raised its price target for Eni (ENI.MI) to 32 euros from 28 euros and revised its earnings forecasts, citing expectations of continued upstream production outperformance alongside recent portfolio updates. "We update our estimates to reflect latest portfolio developments as well as our updated commodity price deck. Eni's upstream portfolio has benefited greatly from continued exploration success, shifts in the political landscape (Venezuela), as well as a recent deal with XOM in Mozambique. We see potential for the company to grow well in excess of its CMD targets over the medium term. We weigh this against relative valuation, and maintain our Sector Perform rating," analysts said Monday. Overall, the research firm said its revised projections show an upward trend in earnings and cash flow assumptions through the forecast horizon. With a stated gearing ratio of less than 10%, RBC projects "elevated" shareholder payouts into full-year 2027, underpinned by the Italian energy company's underlying growth and analysts' price deck. As such, RBC raised its diluted operating EPS estimates for 2026 through 2028. While trimming its net production estimate for 2026, it increased expectations for 2027 and 2028.