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Eni: UBS still a buyer after results

( - The analyst stresses that the results are positive thanks to its gas business.
Indeed, group adjusted net profit reached approximately 3.27 billion euros in Q1 22, up hugely (+3 billion euros) from Q1 21. This is above both the consensus of 2.47 billion euros and UBS' estimate of 2.64 billion euros).

This performance was driven by strong results in the E&P segment, which recorded a 3 billion euro increase in adjusted EBIT, thanks to higher realised prices in equity production (+70% on average).

Following this announcement, UBS confirms its buy rating on the stock with a target price of 17 euros.

Meanwhile, adjusted EBIT was 5.19 billion euros, 13% above the consensus of 4.61 billion euros (and UBS' forecast of 5.06 billion euros).

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