Berenberg raises target for Energean stock to GBp 780

Published on 10/02/2026 at 11:58 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Profit after tax rose 45.00 percent to USD 160 million in H1 2026. Energean stock costs EUR 8.25 on October 2, 2026 versus EUR 8.32, down 0.84 percent.

Offshore-Erdgasplattform im Mittelmeer bei Sonnenuntergang mit zwei Versorgungsschiffen — Energean plc GB00B753SF33 zeigt fotorealistisch eine Offshore-Gasplattform im Mittelmeer bei Sonnenuntergang mit Versorgungsschiffen, Illustration mit AI erstellt.

Energean (ISIN GB00BG12Y042) was trading at EUR 8.25 at Lang & Schwarz on October 2, 2026 at 11:46 a.m. CEST, down 0.84 percent versus the prior close of EUR 8.32. The latest analyst action came from Berenberg, which raised its target from GBp 765 to GBp 780 while maintaining a Hold rating on September 11, 2026, according to MarketBeat.

Profit rises despite lower revenue

Energean's half-year results for the six months ended June 30, 2026, show a sharp profit improvement alongside weaker production. Profit after tax increased 45.00 percent to USD 160 million from USD 110 million in the first half of 2025, while total revenue from production activities fell 8.00 percent to USD 743 million from USD 804 million.

Free cash flow rose 35.00 percent year over year to USD 250 million in the first half of 2026, even as average working interest production declined 10.00 percent to 124,000 barrels of oil equivalent per day from 138,000. The figures come from Energean's half-year announcement published on September 9, 2026, carried by FT.

Katlan and Egypt shape cash flow

The production decline reflects a 41-day government-mandated suspension in Israel during the first half of 2026. Reuters reported on September 9, 2026, that production had recovered after the restart and that Energean retained full-year guidance of 130,000 to 140,000 barrels of oil equivalent per day.

That recovery matters because Katlan remains on schedule for first gas in the first half of 2027. Energean also agreed terms to consolidate three Egyptian concessions and plans an initial USD 150 million investment over four years, a capital commitment that could support higher production if exploration succeeds.

Trading stays below prior close

The contrast is clear: operating cash flow fell 14.00 percent year over year to USD 476 million, but free cash flow increased because cash capital expenditure declined to USD 250 million from USD 385 million. The balance sheet still carried USD 3.227 billion of net debt at June 30, 2026, making project delivery and production stability important variables for the investment case.

At Lang & Schwarz, Energean stock was trading intraday at EUR 8.25 on October 2, 2026 at 11:46 a.m. CEST, down 0.84 percent versus the October 1, 2026 prior close of EUR 8.32. The further course of trading is shown by the continuously updated real-time quote of Energean stock.