Zacks Investment Research upgraded shares of Eni SpA (NYSE:E) from a hold rating to a buy rating in a report issued on Tuesday. They currently have $36.00 price target on the oil and gas exploration company’s stock.
According to Zacks, “Eni’s price chart shows that it has outperformed the broader industry over the last three months. Eni expects oil and gas production in 2017-2020 to grow at 3% per year. This will be attained by new field start-ups and ramp-ups. Production optimization is also expected to contribute about 850 thousand barrels of oil equivalent per day (Mboe/d) in 2020. These are positives and reflect the improving macro scenario. Eni SpA’s relatively low risk earnings growth and an increasing dividend that yields a solid 5.91% adds visibility to the story. However, the commodity price rout is making it difficult for the company to sell assets at what it thinks is a good price. Given these headwinds, we see limited upside from its current level. As it is, lower oil prices continue to take a toll on Eni's key upstream unit, while challenges faced by the European gas and refining sectors will restrict downstream performance.”
A number of other analysts have also issued reports on the company. Morgan Stanley lowered Eni SpA from an equal weight rating to an underweight rating in a research note on Wednesday, April 5th. Deutsche Bank AG lowered Eni SpA from a buy rating to a hold rating in a research note on Tuesday, April 4th. Goldman Sachs Group Inc reaffirmed a buy rating on shares of Eni SpA in a research note on Friday, March 10th. Citigroup Inc reaffirmed a buy rating on shares of Eni SpA in a research note on Wednesday, February 22nd. Finally, Jefferies Group LLC raised Eni SpA from a hold rating to a buy rating in a research note on Tuesday, January 17th. Two analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $36.00.
Eni SpA (NYSE:E) opened at 32.41 on Tuesday. The company has a 50-day moving average price of $31.94 and a 200-day moving average price of $30.84. The stock’s market capitalization is $58.36 billion. Eni SpA has a 12-month low of $26.15 and a 12-month high of $33.40.
Eni SpA (NYSE:E) last issued its quarterly earnings results on Wednesday, March 1st. The oil and gas exploration company reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.38. The firm had revenue of $17.44 billion for the quarter. Eni SpA had a negative return on equity of 2.35% and a negative net margin of 19.22%. Analysts expect that Eni SpA will post $2.29 earnings per share for the current fiscal year.
The company also recently declared a special dividend, which was paid on Monday, May 8th. Stockholders of record on Tuesday, April 25th were paid a $0.8458 dividend. This represents a dividend yield of 5.69%. The ex-dividend date was Friday, April 21st. Eni SpA’s dividend payout ratio is presently -20.45%.
Several hedge funds have recently modified their holdings of the company. Mondrian Investment Partners LTD raised its stake in shares of Eni SpA by 48.4% in the first quarter. Mondrian Investment Partners LTD now owns 1,431,917 shares of the oil and gas exploration company’s stock worth $46,867,000 after buying an additional 466,997 shares in the last quarter. Brandes Investment Partners LP increased its position in shares of Eni SpA by 5.5% in the first quarter. Brandes Investment Partners LP now owns 3,858,112 shares of the oil and gas exploration company’s stock worth $126,276,000 after buying an additional 201,944 shares during the last quarter. Karp Capital Management Corp bought a new position in shares of Eni SpA during the first quarter worth approximately $6,569,000. Mackenzie Financial Corp increased its position in shares of Eni SpA by 22.0% in the third quarter. Mackenzie Financial Corp now owns 1,009,704 shares of the oil and gas exploration company’s stock worth $29,150,000 after buying an additional 182,204 shares during the last quarter. Finally, Morgan Stanley increased its position in shares of Eni SpA by 7.7% in the third quarter. Morgan Stanley now owns 1,667,085 shares of the oil and gas exploration company’s stock worth $48,129,000 after buying an additional 119,575 shares during the last quarter. 1.83% of the stock is currently owned by hedge funds and other institutional investors.
Eni SpA Company Profile
Eni SpA (Eni) is engaged in the exploration, development and production of hydrocarbons, in the supply and marketing of gas, liquefied natural gas (LNG) and power, in the refining and marketing of petroleum products, in the production and marketing of basic petrochemicals, plastics and elastomers and in commodity trading.
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