Eni stock forecast: Brent near $91; strategy update

Eni (ENI) is an Italian energy group listed on Borsa Italiana, with attention on its 19 March 2026 Capital Markets Update and €0.26 dividend (ex-div 23 March) as Brent trades near $91. Past performance is not a reliable indicator of future results. Explore third-party ENI price targets.

By Dan Mitchell08:12 (UTC), 12 March 2026

Photo: Shutterstock

Eni S.p.A. (ENI) is trading at €20.92 as of 12:22pm UTC on 11 March 2026, towards the upper end of its €20.42–€20.98 intraday range on Borsa Italiana; the session high of €20.98 represents the stock's highest intraday level since early March, continuing a recovery from a two-year low of €11.28 recorded in April 2025. Past performance is not a reliable indicator of future results.

Sentiment around ENI draws support from elevated Brent crude prices, with the May 2026 Brent futures contract trading near $91.18 per barrel on 11 March amid ongoing Strait of Hormuz supply concerns (Reuters, 9 March 2026), while the Italian government's signalling of potential fuel excise tax cuts in response to Middle East-driven energy cost pressures adds a domestic policy consideration (Reuters, 8 March 2026). Near-term corporate attention is focused on Eni's scheduled Capital Markets Update on 19 March 2026, at which management is due to present its 2026–2029 strategic plan (MarketScreener, 10 December 2025), and on the upcoming third quarterly dividend tranche of €0.26 per share, with an ex-dividend date of 23 March 2026 (MarketScreener, 25 February 2026).

Eni stock forecast 2026–2030: Third-party price targets

As of 11 March 2026, third-party Eni stock predictions reflect a range of outlooks shaped by Brent crude price assumptions, upstream production growth, capital return policies, and the company's scheduled 19 March 2026 strategic plan presentation. The following targets summarise third-party broker and consensus estimates published between 28 February and 11 March 2026.

Berenberg (Hold, target lifted)

Berenberg analyst Henry Tarr raises the 12-month price target on Eni to €17.50 from €14.50 while maintaining a Hold rating. The bank expects higher earnings from Eni's global gas operations amid elevated commodity rates, while it declines to upgrade the stock after a run of more than 50% in the preceding year (The Globe and Mail, 7 March 2026).

RBC Capital Markets (Sector Perform, target revised)

RBC Capital Markets raises its 12-month price target on Eni to €20 from €17, retaining a Sector Perform rating. The bank cites continued upstream momentum, exploration-led asset sales, and new partnerships extending into FY26 as the basis for the revision, while noting that valuations already reflect much of the positive news (MarketScreener, 27 February 2026).

Goldman Sachs (Buy, target raised)

Goldman Sachs analyst Michele della Vigna raises the price target on Eni to €21 from €19 while maintaining a Buy rating. The revision follows Eni's Q4 2025 results beat and reflects the bank's view that volume growth and disciplined capital expenditure support cash generation at prevailing Brent levels (MarketScreener, 9 March 2026).

Jefferies (Buy, target lifted)

Jefferies analyst Mark Wilson raises the 12-month price target to €23 from €19.50 while reaffirming a Buy rating. The bank flags Eni's upstream production track record and ongoing portfolio simplification, including satellite model asset sales, as underpinning its more constructive valuation alongside higher long-run commodity assumptions (The Globe and Mail, 5 March 2026).

J.P. Morgan (double-upgrade to Overweight)

J.P. Morgan upgrades Eni to Overweight from Underweight, raising its price target to €22 from €17.50 on a June 2027 horizon. The bank applies an equal-weighted blend of sum-of-the-parts and 2027 price-to-earnings, citing top-quartile oil and gas leverage through multi-year volumetric growth and a relative valuation discount to European sector peers under $70-plus Brent price decks (Investing.com, 2 March 2026).

Takeaway: Across these sources, Eni stock predictions span €17.50 (Berenberg, Hold) to €23 (Jefferies, Buy), with J.P. Morgan at €22 and Goldman Sachs at €21 representing the two most recent Buy-equivalent calls; common threads across all five sources include sensitivity to Brent crude, Eni's Q4 2025 earnings beat, and anticipated newsflow from the 19 March 2026 Capital Markets Update.

Predictions and third-party forecasts are inherently uncertain, as they cannot fully account for unexpected market developments. Past performance is not a reliable indicator of future results.

ENI stock price: Technical overview

The ENI stock price trades at €20.92 as of 12:22pm UTC on 11 March 2026, towards the top of its €20.42–€20.98 intraday range. The daily chart shows price sitting above its entire moving-average stack, with the 20/50/100/200-day SMAs at approximately €19/18/17/16 in a clean bull alignment; the 20-over-50 configuration has been intact throughout the recent advance.

Momentum is stretched: the 14-day RSI reads 81.3, a level consistent with a strongly trending market but one that historically warrants monitoring for exhaustion. The ADX at 54.3 suggests a well-established trend, adding weight to the directional signal from the moving-average cluster.

To the topside, the classic R1 pivot at €20.77 has already been cleared on an intraday basis; the next reference is R2 at €21.88, which comes into view on a convincing daily close above the current €20.98 session high. Beyond R2, R3 near €25.02 represents the next structural pivot, though the R2 area would first need to hold as support to keep that extension relevant.

On pullbacks, the classic pivot point at €18.74 provides the first meaningful support reference. Below there, the 100-day SMA near €16.88 represents the deeper MA shelf; a retreat toward that level would likely require a material shift in commodity prices or broader risk appetite. S1 at €17.63 sits between these two references as an intermediate level to watch should the pivot fail (TradingView, 11 March 2026).

This is technical analysis for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any instrument.

Eni share price history (2024–2026)

ENI’s stock price opened March 2024 around €14.74 and spent much of the first half of that year trading in a relatively tight €13.57–€15.74 range. Shares touched a local high of €15.74 on 12 April 2024 before gradually easing back through the summer, with the stock closing August 2024 at €14.74 and drifting further to close the year at €13.10 on 30 December 2024.

2025 began quietly, with ENI hovering in the €13.38–€14.11 range through January before starting a slow grind lower. The sharpest move came in April 2025, when the stock fell from €14.42 on 1 April to a two-year closing low of €11.28 on 9 April 2025, as tariff fears and a broader sell-off in energy names weighed heavily. Recovery from that trough was gradual at first, with shares clawing back to around €13 by late May, then consolidating in the €14.60–€16.61 band through the second half of 2025, closing the year at €16.18 on 30 December 2025.

The 2026 rally has been more decisive. ENI opened the year at €16.20 on 2 January, cleared €17 in early February, and has added ground consistently since, with the stock closing at €20.95 on 10 March 2026. As of 11 March 2026, ENI trades at €20.92, up approximately 29.1% year to date and approximately 53.9% above its April 2025 low.

Past performance is not a reliable indicator of future results.

Past performance is not a reliable indicator of future results.

Eni (ENI): Capital.com analyst view

Eni's share price has staged a marked recovery over the past twelve months, climbing from a two-year closing low of €11.28 in April 2025 to trade at €20.92 as of 11 March 2026, supported by a 35% year-on-year rise in Q4 2025 adjusted net profit, hydrocarbon production growth of 7% year-on-year to 1.839 million barrels of oil equivalent per day, and a wave of analyst upgrades in late February and early March 2026. The pending 19 March 2026 Capital Markets Update, at which management is scheduled to present the 2026–2029 strategic plan, adds a near-term catalyst that could either reinforce positive sentiment or, if guidance disappoints relative to elevated market expectations, act as a headwind for the shares.

Eni's satellite model – structuring transition businesses such as Plenitude and Enilive as separate, independently capitalised entities – has attracted private equity interest and generated asset-sale proceeds, providing a degree of balance-sheet flexibility. However, some analysts have questioned whether equity markets will ascribe full value to these units unless proceeds are directed toward shareholder returns at the group level, and the company's exposure to geopolitically sensitive operating regions across North Africa and the Middle East means that production and earnings estimates remain subject to disruption in either direction. Brent crude price movements represent a further double-edged variable: sustained strength supports cash generation and dividend capacity, while a reversal toward Eni's own 2026 guidance assumption of $62 per barrel would compress margins materially.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Past performance is not a reliable indicator of future results.

Summary – Eni 2026

Eni (ENI) trades at €20.92 as of 12:22pm UTC on 11 March 2026, up approximately 29.1% year to date and around 53.9% above its April 2025 two-year low of €11.28.
The daily chart shows price above its entire moving-average stack with the 14-day RSI at 81.3, indicating a strongly trending but stretched market; the ADX at 54.3 confirms an established trend.
Classic pivot R2 at €21.88 is the next topside reference on a daily close above the €20.98 session high; the classic pivot point at €18.74 provides initial downside support.
Key price drivers include Brent crude sensitivity, Eni's 35% Q4 2025 adjusted net profit rise, upstream production growth of 7% year-on-year, and multiple analyst upgrades issued in late February and early March 2026.

Past performance is not a reliable indicator of future results.

FAQ

Who owns the most Eni stock?

Eni has a mixed shareholder base that typically includes the Italian state (through relevant government-linked entities), institutional investors, and retail holders. Ownership can shift over time as funds rebalance and as the company issues buybacks or new shares. For the most accurate picture, check Eni’s latest annual report, regulatory filings, and major shareholding notifications published by the company and relevant market authorities.

What is the 5 year Eni share price forecast?

No forecast can reliably project Eni’s share price five years ahead, and third-party ENI stock forecasts usually focus on a 12-month horizon rather than multi-year paths. Over longer periods, Eni’s outlook often links to variables such as Brent crude prices, upstream volumes, capital expenditure discipline, dividends, and strategic execution (including updates from events like a capital markets presentation). Treat any long-range forecast as a scenario, not a promise.

Is Eni a good stock to buy?

Whether Eni is 'good' depends on your goals, time horizon, and risk tolerance, rather than a single yes-or-no view. In the article, analysts weigh factors such as commodity-price sensitivity, recent earnings and production trends, capital returns, and valuation. Those positives sit alongside risks, including geopolitical exposure and the possibility that market expectations run ahead of guidance. If you’re considering trading, use independent research and clear risk limits.

Could Eni stock go up or down?

Yes. Eni’s share price can move in either direction, sometimes quickly, because it reacts to both company-specific and macro drivers. Brent crude moves remain a key input, while geopolitical developments, policy changes, and updates to strategy or guidance can shift expectations. In the near term, traders may also watch technical conditions: strong trends can persist, but stretched momentum can coincide with pullbacks. Price history shows both sharp declines and sustained recoveries.

Should I invest in Eni stock?

This article is informational and can’t tell you what you should do. If you’re thinking about investing, consider how Eni fits your wider portfolio, how much exposure you already have to energy and commodity-linked assets, and how you handle volatility and event risk. You may also want to review company disclosures, dividends, and assumptions behind third-party targets. If you’re unsure, consider speaking with a qualified professional.

Can I trade Eni CFDs on Capital.com?

Yes, you can trade Eni CFDs on Capital.com. Trading share CFDs lets you speculate on price movements without owning the underlying asset and to take long or short positions. However, contracts for difference (CFDs) are traded on margin, and leverage amplifies both profits and losses. You should ensure you understand how CFD trading works, assess your risk tolerance, and recognise that losses can occur quickly.