ENI Stock (ENI.MI): Dividend & Analysis

ENI stock is the share of Italy’s oil and gas major, the Italian equivalent of TotalEnergies. Roughly one-third owned by the Italian state, the group trades in Milan and is one of the most closely watched Italian energy stocks, with a dividend paid in four instalments and a substantial share buyback program.

This page covers the live ENI share price, what moves it, earnings, the dividend, the « satellite » subsidiary model, the competitors and how to buy ENI shares from Europe — Italian taxation included.

Last updated: 21 October 2026

ENI Stock Price (): Live Quote

Shares of last traded at €, a change of % on the session. The stock is quoted in euros on Euronext Milan: no direct currency risk for a euro-based investor, unlike the ADR listed in New York.

Today the stock opened at €, touched € at its high and € at its low; the last close was €. Over 52 weeks, the ENI share price has ranged between € and €, with daily volume of around shares — one of the most liquid lines on the Milan stock exchange.

ENI in brief: from oil field to service station

is an integrated energy group. Exploration and production (E&P) generates the bulk of profits: in 2025 it posted €11.2 billion of adjusted EBIT out of a total of €12.2 billion (2025 annual results).

Production averaged 1.73 million barrels of oil equivalent per day in 2025, then 1.79 million in the first half of 2026. About half of this output is gas, which sets ENI apart from more oil-focused groups.

Segment (adjusted 2025 EBIT)	Amount
Exploration and production	€11,163m
Gas, LNG and power (GGP & Power)	€1,392m
Enilive (biofuels, mobility) and Plenitude (renewables, energy retail)	€1,208m
Refining and chemicals	-€689m

The fields are located mainly in Africa (Angola, Congo, Côte d’Ivoire, Egypt, Mozambique), in Norway through Vår Energi, and in Indonesia and Malaysia. Downstream covers the Italian refineries, chemicals (Versalis), the service-station network and the supply of gas and electricity to households through Plenitude.

Why the ENI share price moves

Four families of factors explain most of the stock’s movements. Understanding them helps you read a choppy session without overreacting.

• The Brent price: exploration and production accounts for more than 90% of adjusted EBIT. Every lasting move in the barrel flows through to earnings, cash flow and therefore the buyback envelope.
• The European gas price: with production that is half gas and an LNG trading business, ENI is sensitive to European gas benchmarks, which are more volatile than oil.
• The dollar: oil sells in dollars, while part of costs and the dividend are in euros. A strong dollar mechanically improves results converted into euros.
• Italy risk: like other large Italian stocks, the share reacts to the spread between Italian and German government debt, especially during budget tensions.

On top of these background factors come events specific to the group: quarterly results, discovery announcements, sell-downs of subsidiary stakes and adjustments to the buyback program. Dividend ex-dates also cause a mechanical drop in the share price, by the amount of the instalment.

Key figures for ENI stock

The gauge below shows where the current price sits within its 52-week range — a useful check to avoid unknowingly buying at a 52-week high.

The last five trading sessions of ():

ENI annual results

In € millions	2024	2025
Revenue	88,797	82,151
Pro forma adjusted EBIT	14,322	12,223
Adjusted net income attributable to the group	5,257	4,989
Net income attributable to the group	2,624	2,608
Free cash flow	3,806	5,371
Net debt (excluding IFRS 16)	12,175	9,386

Source: ENI results. Revenue declined with energy prices, but free cash flow improved and net debt fell: leverage stayed moderate, with net debt at 14% of equity at end-2025.

Market capitalisation moves with the share price; it is displayed live in the table above (the « market cap » field). It places ENI among the largest stocks on the Milan exchange and in the pack of European mid-cap majors, behind Shell and TotalEnergies.

Market data and history, updated automatically

Source: Yahoo Finance, data collected by the server (collection date shown under each block). Indicative data only; not investment advice.

Latest results: the first half of 2026

The first half of 2026 was very strong: adjusted EBIT of €8.9 billion (+40%), net income attributable to the group of €4.4 billion versus €1.7 billion a year earlier, and production up 8% (second-quarter 2026 results).

ENI raised its 2026 production growth target to around 5% and announced a joint venture with Petronas named Searah in Indonesia and Malaysia. The group has launched several major projects — Baleine phase 3 in Côte d’Ivoire, Greater PAJ in Angola, Cronos in Cyprus — and plans to deconsolidate Plenitude in the third quarter of 2026 while keeping 65% of the capital.

Net debt rose back to €11.3 billion at end-June 2026, a level still compatible with the distribution policy. Third-quarter results, due at the end of October, will show whether the production momentum is confirmed and will include the first effects of the Plenitude deconsolidation.

How to read an ENI quarter

Four lines are enough to form a quick view of any release. Production (in barrels of oil equivalent per day) measures real growth, independent of prices. Adjusted E&P EBIT shows what the group earns at current prices. Operating cash flow underpins the buybacks. Net debt shows whether the distribution is funded soundly.

Reported net income can be blurred by one-off items: asset impairments, disposal gains, inventory swings. That is why the group reports an « adjusted » figure, more representative of recurring performance. Our guide to fundamental analysis covers these concepts in detail.

Analyst consensus and price targets for ENI stock

Analysts build their price targets on an assumed oil and gas price. Before interpreting a target, compare the Brent scenario it uses with the market price: a target built on an oil price well above today’s is not worth the same as a cautious one.

The gap between the highest and the lowest target also indicates the degree of uncertainty. For an oil company it is usually wide, because nobody knows the price of oil twelve months out.

ENI dividend: 2026 schedule and share buybacks

pays its dividend in four instalments, in September, November, March and May. For 2025, it paid €1.05 per share (€0.26 in September and November 2025 and in March 2026, then €0.27 in May 2026).

For 2026, the ENI dividend rises to €1.10: €0.27 paid on 23 September 2026, €0.27 on 25 November 2026 (ex-dividend date 23 November), then €0.28 in March and €0.28 in May 2027 (ENI dividend calendar).

At the current price of €, the data feed indicates a dividend of € per share, i.e. an ENI yield of %. These figures may differ slightly from the announced dividend, as the feed aggregates instalments from two different financial years.

Share buybacks add to this, raised to €3.4 billion for 2026. The group’s policy is to distribute 60% of cash flow above budget: when energy prices rise, buybacks grow; when they fall, it is this variable portion that shrinks first, before the dividend. To compare it with other income stocks, see our selection of the best dividend stocks.

ENI dividend taxation for a French resident

Italy withholds tax at source on dividends paid to non-residents. The France–Italy tax treaty caps the Italian levy at 15% for an individual resident in France (France–Italy treaty, Article 10).

In a standard share account, the 15% entitles you to a tax credit offset against your French tax. Anything withheld above that must be reclaimed from the Italian tax authorities, or avoided at source if your institution applies the treaty rate. In a PEA, the French equity savings plan, the foreign withholding tax cannot be recovered: it is a permanent cost.

Another Italian quirk: a financial transactions tax applies to purchases of shares in large Italian companies, ENI included. Your broker collects it when you buy and it sits on top of brokerage fees — factor it into your entry cost.

ENI’s « satellite » model explained

ENI’s strategic distinctiveness lies in its « satellite » subsidiary model. The principle: spin a business off into a dedicated company, bring in outside investors at a market valuation, then use the money raised to fund growth without adding to the group’s debt.

• Plenitude: renewables, gas and electricity retail, EV charging points. ENI has opened its capital to funds and plans to deconsolidate it while keeping 65%.
• Enilive: biorefineries, biofuels and service stations, with a financial investor on the share register.
• Vår Energi: the Norwegian subsidiary listed in Oslo, majority-owned by ENI.
• Azule Energy: the joint venture with BP in Angola.
• Searah: the new joint venture with Petronas in Southeast Asia.

For shareholders, the model has two effects. It « reveals » the value of each business, which the market often underestimates inside a conglomerate. And it raises cash without issuing new shares. The trade-off: a growing share of profits accrues to the partners, and the group becomes harder to analyse.

History: from Mattei to the energy transition

ENI — Ente Nazionale Idrocarburi — was founded in 1953 by the Italian state, under the chairmanship of Enrico Mattei. Mattei shook up the oil industry’s « seven sisters » by offering producer countries more favourable revenue-sharing deals, which opened the doors of North Africa and the Middle East to ENI. Mattei died in 1962 in a plane crash.

The group was partially privatised from 1995, with a listing in Milan and New York. The state kept a controlling stake. The following decades were marked by African growth, including the discovery of Zohr in Egypt in 2015, the largest gas field in the Mediterranean.

Under Claudio Descalzi, chief executive since 2014, ENI combines intensive exploration — the group stands out for its discovery rate — with low-carbon diversification through Plenitude and Enilive. The war in Ukraine reinforced its strategic role: ENI replaced much of the Russian gas Italy used to import thanks to its contracts in Algeria, Egypt and sub-Saharan Africa.

ENI’s shareholders

The Italian state holds 33.09% of the capital, via the Ministry of Economy and Finance (2.17%) and Italy’s state-owned deposit fund CDP (30.92%). BlackRock owns 4.64% and the entrepreneur Romano Minozzi 3.27% (shareholding structure).

Management is led by Claudio Descalzi, chief executive, with Giuseppina Di Foggia as chairwoman. In the United States, ENI is also listed on the New York Stock Exchange as an ADR under the symbol E; one ADR represents two shares (share information).

For the minority shareholder, the state’s presence is a double-edged sword. It stabilises the share register and guarantees a strong strategic anchor in Italy. But it can weigh on certain decisions — investment choices, appointments, national energy policy — that do not always maximise value for shareholders.

Competitors of ENI stock

ENI compares with the other large European oil companies. All share the same exposure to energy prices, but their profiles differ markedly.

Group	Listing	Distinctive features
ENI	Milan	Africa and the Mediterranean, high gas share, state shareholder, satellite model
TotalEnergies	Paris	Larger scale, global LNG, advanced power integration
Shell	London	European leader in LNG and trading
BP	London	Refocus on oil and gas, ENI’s partner in Angola
Repsol, Equinor	Madrid, Oslo	Mid-sized majors; Equinor controlled by the Norwegian state

The most natural comparison for a European investor remains TotalEnergies: the same integrated model, the same eurozone, a quarterly dividend. Our page on buying TotalEnergies stock lets you compare the two cases side by side. ENI offers more concentrated exposure to Africa and Mediterranean gas, usually at a more modest valuation.

In electricity, Plenitude competes with Europe’s incumbent suppliers. EDF is no longer listed since its 2023 buyout by the French state, which narrows the pool of direct listed comparables in residential energy supply.

Strengths and risks of ENI stock

Strengths	Risks
Dividend of €1.10 for 2026, paid in four instalments	Heavy dependence on oil and gas prices
€3.4bn of share buybacks in 2026	Country risk in Africa and the Middle East
Growing production and major projects under way	Influence of the Italian state, a 33% shareholder
Moderate debt, satellite model that funds growth	Losses in chemicals; Italian withholding tax and transactions tax

The main risk remains the cycle: a sustained fall in the oil price would cut earnings and, mechanically, the buybacks indexed to cash flow. Next come geopolitical risk — part of production sits in unstable countries — and transition risk, if hydrocarbon demand in Europe falls faster than expected.

Is ENI stock a good dividend play in 2026?

The answer depends on your profile more than on the day’s price. ENI stock is best suited to three types of investor:

• The income investor, who wants a quarterly dividend in euros and accepts energy volatility. A standard share account then helps limit the cost of the Italian withholding tax.
• The investor looking to diversify a portfolio already exposed to TotalEnergies, with a major that has a different geographic profile.
• The investor seeking a hedge against rising energy prices, which penalise other sectors of their portfolio.

Conversely, it is a poor fit for those seeking steady earnings growth or unwilling to hold exposure to fossil fuels. Nobody can predict the oil price: investing in a specific stock such as amounts to betting on energy prices and on the group’s ability to sustain its distribution when the cycle turns. Capital invested is not guaranteed.

A prudent approach is to buy in several tranches, to cap the position’s weight in the portfolio and to avoid concentrating purchases right after a sharp rise in the oil price.

How to buy ENI shares from Europe

shares trade in Milan, which means you need an intermediary offering access to the Italian market. Here are the steps.

1. Identify the stock: ENI S.p.A., ticker ENI, ISIN IT0003132476, Euronext Milan, a member of the FTSE MIB.
2. Choose the account wrapper: ENI is an Italian company, and therefore based in the European Union; its shares are eligible for the PEA (PEA rules), provided your institution offers access to Milan. A standard share account, on the other hand, lets you recover part of the Italian withholding tax through the tax credit.
3. Check the fees: brokerage on the Italian market, any custody fees and the Italian financial transactions tax.
4. Mind the trading hours: the Milan exchange trades the same hours as Paris, continuously from 9:00 a.m. to 5:30 p.m.
5. Place a limit order in euros, to control your execution price.
6. Note the ex-dividend dates: September, November, March and May.

For broader exposure to the Italian market, an ETF tracking the FTSE MIB index includes ENI among its top holdings, alongside the big banks and Enel. It is an alternative for those who do not want to concentrate their risk on a single oil company.

To trade ENI stock over the short term, on the way up as well as the way down, the Vantage platform offers CFDs on European shares. Check that ENI features in its instrument list; a CFD is a leveraged product and therefore risky, and it cannot be held in a PEA. Our Vantage review sets out the conditions.

Frequently asked questions about ENI stock

Can you hold ENI shares in a PEA?

Yes. ENI is an Italian company, and therefore based in the European Union: its shares are eligible for the PEA, provided your institution gives access to the Milan stock exchange. The Italian withholding tax on dividends cannot be recovered there, however, which makes a standard share account more attractive for an income investor.

What is the ENI dividend in 2026?

ENI plans €1.10 per share for 2026, paid in four instalments: €0.27 on 23 September 2026, €0.27 on 25 November 2026, then €0.28 in March and €0.28 in May 2027. Share buybacks of €3.4 billion complete the distribution.

How much withholding tax applies to ENI dividends?

The tax treaty between France and Italy caps the Italian tax at 15% for an individual resident in France. In a standard share account, this withholding entitles you to a tax credit in France; anything withheld above that must be reclaimed from the Italian tax authorities.

What is the ISIN code of ENI stock?

ENI stock trades under ISIN IT0003132476. The share is listed on Euronext Milan under the ticker ENI and belongs to the FTSE MIB index. In the United States, the ADR trades under the symbol E.

Should you buy ENI in Milan or New York?

For a European investor, the Milan line in euros is the simplest and avoids currency risk. The ADR listed in New York under the symbol E, which represents two shares, trades in dollars and cannot be held in a PEA.

ENI or TotalEnergies: what is the difference?

Both are integrated oil and gas groups. ENI is more focused on Africa, the Mediterranean and gas, one-third controlled by the Italian state and listed in Milan; TotalEnergies is larger, listed in Paris and further advanced in electricity.

The bottom line

• Listing: Euronext Milan, ticker ENI, ISIN IT0003132476, in euros — eligible for the PEA.
• Profile: an integrated oil and gas major, strong in Africa and in gas, with the Italian state holding 33%.
• Price drivers: Brent, European gas, the dollar, Italy risk, quarterly results.
• Dividend: €1.10 for 2026 in four instalments, plus €3.4bn of buybacks.
• Taxation: Italian withholding capped at 15% by the treaty, recoverable only in a standard share account.
• Key risk: the energy cycle — build the position gradually and size it accordingly.