Eni SpA
ENI: XMIL (ITA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€13.70 | Nrh | Dblnsvfs |
Eni Earnings: Strong Gas Business Cushions Impact of Lower Oil Prices, Weaker Refining Margins
Eni reported second-quarter adjusted net earnings of EUR 1.9 billion compared with adjusted net earnings of EUR 3.8 billion the year before as a strong global gas performance was not enough to offset the impact of lower oil and gas prices hurting E&P earnings and weak refining margins reducing refining earnings. Our fair value estimate and moat rating are unchanged.