RBC Tweaks Eni Forecasts Amid 'Weaker' Refining Margins

09:23 AM EDT, 10/09/2026 (MT Newswires) -- RBC Capital Markets updated its forecasts for Eni (ENI.MI) ahead of the Italian energy group's third-quarter earnings report on Oct. 23, taking into account "weaker" refining margins toward the end of the three-month period. The research firm reduced its net income estimate for the quarter to 2.6 billion euros from 2.8 billion euros, higher than the consensus estimate of 2.5 billion euros, according to a Friday note. The projected group operating income was also lowered to 3.9 billion euros from 4.6 billion euros. The company is still expected to announce a 1 billion-euro special dividend alongside its latest quarterly results. Looking further ahead, the EPS estimates for 2027 through 2028 were trimmed. "Eni's upstream longevity stands out relative to peers, and recent developments in both Venezuela & Argentina suggest meaningful upside to Eni's previously presented plans for 2030, and continued growth beyond this. We expect Eni to provide teasers around this with 3Q, although expect the full plan to be presented early next year," analysts said. "Visibility on the upstream is a positive, however execution and geopolitical risk look set to remain elevated." The sector perform recommendation on the stock was maintained, with a price target of 28 euros.