JP Morgan raises target for Naturgy stock to EUR 32.00

Published on 10/09/2026 at 11:04 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half net income rose 5.90 percent to EUR 1.215 billion in 2026. Naturgy stock costs EUR 29.71 on October 9, 2026 versus EUR 30.04.

Key points in brief

JP Morgan raised its Naturgy target from EUR 30.50 to EUR 32.00 and reiterated an overweight rating on October 9, 2026.
First-half 2026 net income rose 5.90 percent to EUR 1.215 billion, while EBITDA reached EUR 2.975 billion.
Naturgy stock was trading at EUR 29.71 at Lang & Schwarz on October 9, 2026, down 1.10 percent versus EUR 30.04.

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JP Morgan raised its target for Naturgy stock from EUR 30.50 to EUR 32.00 and reiterated an overweight rating on October 9, 2026, as Bolsamania reported. The new target stands 7.71 percent above the Lang & Schwarz price of EUR 29.71, giving the analyst call a clear valuation reference.

Three milestones shape the case

On July 22, 2026, Naturgy presented first-half results and raised its 2026 guidance to EBITDA above EUR 5.50 billion and net income above EUR 2.10 billion, according to Naturgy. The company also set a dividend of EUR 1.80 per share for 2026.

On September 14, 2026, Naturgy announced a EUR 330.00 million modernization program for six wind farms, according to MarketScreener. On October 9, 2026, the JP Morgan target increase supplied the latest dated market event.

What supports the higher target?

Naturgy reported net income of EUR 1.215 billion for the first half of 2026, up 5.90 percent from the same period of 2025, while EBITDA increased 4.50 percent to EUR 2.975 billion, according to Benzinga. Net debt fell from EUR 12.317 billion at the end of 2025 to EUR 11.745 billion in June 2026.

The earnings call also identified a counter-factor. Naturgy said renewable-generation EBITDA declined 3.00 percent in the first half of 2026 to EUR 313.00 million, while supply EBITDA fell 17.00 percent to EUR 319.00 million, according to Yahoo Finance. Management also highlighted the potential effect of the Yamal contract and volatile gas markets on future earnings.

Next results date approaches

Naturgy's next earnings report is listed for October 27, 2026, with another calendar entry giving October 28, 2026, according to Investing.com. The date matters because the upgraded full-year targets require EBITDA above EUR 5.50 billion and net income above EUR 2.10 billion.

Naturgy stock falls below prior close

Naturgy stock was trading at EUR 29.71 at Lang & Schwarz on October 9, 2026 at 10:58 a.m. CEST, down 1.10 percent versus the prior close of EUR 30.04. The primary listing is on BME, where the ticker is NTGY and the quotation currency is EUR.

The further course of trading is shown by the continuously updated real-time quote of Naturgy stock.