JP Morgan lifts Naturgy target to EUR 32.00: Naturgy stock sits 4.41 percent below target

Published on 10/16/2026 at 10:29 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half net income reached EUR 1.20 billion, up 6.00 percent year on year. Naturgy stock costs EUR 30.59 on October 16, 2026, below its EUR 30.76 high.

Guidance and analyst valuation

JP Morgan raised its Naturgy target from EUR 30.50 to EUR 32.00 on October 15, 2026.
First-half net income reached EUR 1.20 billion in 2026, up 6.00 percent from EUR 1.10 billion.
Naturgy stock trades at EUR 30.59 at 10:15 a.m. CEST at Lang & Schwarz on October 16, 2026.

Flatlay mit Aktienzertifikat, ISIN-Karte, Rohrzange und Handschuhen der Energiebranche — Naturgy Energy Group S.A. (ES0116870314) symbolisiert dieses Flatlay mit Aktienzertifikat, ISIN-Karte und Werkzeug der Energiebranche, Illustration mit AI erstellt.

Naturgy stock (ISIN ES0116870314) was trading at EUR 30.59 at Lang & Schwarz on October 16, 2026, at 10:15 a.m. CEST, while JP Morgan lifted its price target from EUR 30.50 to EUR 32.00. Bolsamania reported the target change on October 15, 2026. The new target stands 4.61 percent above the Lang & Schwarz price.

Target moves above EUR 30.00

The analyst change adds a quantified valuation reference as Naturgy approaches its third-quarter reporting date. JP Morgan's previous target was EUR 30.50, so the new EUR 32.00 objective represents an increase of EUR 1.50, or 4.92 percent.

The market backdrop is supported by Naturgy's first-half performance. In its earnings-call transcript, Yahoo Finance reported that first-half 2026 net income rose 6.00 percent to EUR 1.20 billion from EUR 1.10 billion in the prior-year period. The same transcript said Naturgy upgraded 2026 guidance to EBITDA above EUR 5.50 billion and net income above EUR 2.10 billion.

What does the guidance mean?

The guidance points to a stronger full-year earnings base, but the transcript also identified a counter-factor: net debt was expected to rise by EUR 400 million in the second half because of a one-off Sonatrach payment. That makes cash generation and leverage important measures when the next report arrives.

Three dates frame the outlook

Naturgy's first-half results were presented on July 22, 2026, with net income of EUR 1.20 billion and upgraded full-year guidance. The October 15, 2026 target change followed that results update. The next scheduled company event is the 9M26 results presentation on October 29, 2026, at 11:30 a.m. CET, according to Naturgy.

Stock valuation and next report

Naturgy's market capitalization was EUR 28.3 billion as of October 16, 2026. Its 52-week range was EUR 24.30 to EUR 30.76, placing the Lang & Schwarz price EUR 0.17 below the reported high. The next report will test whether the upgraded earnings path is translating into further operating progress.

The stock was trading at EUR 30.59 at Lang & Schwarz on October 16, 2026, at 10:15 a.m. CEST.