ENI (NYSE:E) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks.com reports. The firm presently has a $26.00 price objective on the oil and gas exploration company’s stock. Zacks Investment Research‘s target price points to a potential downside of 18.24% from the company’s current price.
According to Zacks, “Eni’s operating profit from Refining & Marketing business has shown no improvement in the last few quarters. In the March quarter of 2019, the company reported loss from these operations against profit in the year-ago comparable quarter. Moreover, its Chemicals operations reported a loss of €46 million in the first quarter against the year-ago quarter’s profit of €59 million. The global economic slowdown is likely to hurt demand for petrochemical products, due to which the company’s Chemicals businesses is unlikely to improve in the near term. Also, many of the oil and gas fields, where Eni is operating, are matured. Hence, production growth is not possible from those areas. The current global market oversupply in the LNG front is also concerning for Eni, as it can lead to lower profit margins for in the near future. Given these headwinds, Eni seems like a risky bet that ordinary investors should exit.”
A number of other equities analysts also recently commented on the company. Santander upgraded ENI from a “hold” rating to a “buy” rating in a research report on Monday. Citigroup downgraded ENI from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 7th. Finally, ValuEngine downgraded ENI from a “hold” rating to a “sell” rating in a research report on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. ENI has a consensus rating of “Hold” and an average target price of $21.50.
ENI (NYSE:E) last issued its quarterly earnings results on Wednesday, April 24th. The oil and gas exploration company reported $0.64 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.12). ENI had a return on equity of 8.88% and a net margin of 5.65%. The firm had revenue of $21.35 billion during the quarter. Research analysts anticipate that ENI will post 2.6 EPS for the current fiscal year.
A number of large investors have recently bought and sold shares of the business. Regentatlantic Capital LLC raised its position in ENI by 2.7% in the first quarter. Regentatlantic Capital LLC now owns 11,762 shares of the oil and gas exploration company’s stock valued at $414,000 after purchasing an additional 313 shares during the period. Global Retirement Partners LLC raised its position in ENI by 19.9% in the first quarter. Global Retirement Partners LLC now owns 2,168 shares of the oil and gas exploration company’s stock valued at $76,000 after purchasing an additional 360 shares during the period. First Trust Advisors LP raised its position in ENI by 1.8% in the fourth quarter. First Trust Advisors LP now owns 21,314 shares of the oil and gas exploration company’s stock valued at $671,000 after purchasing an additional 367 shares during the period. Bessemer Group Inc. raised its position in ENI by 16.9% in the fourth quarter. Bessemer Group Inc. now owns 2,779 shares of the oil and gas exploration company’s stock valued at $88,000 after purchasing an additional 401 shares during the period. Finally, Brinker Capital Inc. raised its position in ENI by 1.1% in the first quarter. Brinker Capital Inc. now owns 40,969 shares of the oil and gas exploration company’s stock valued at $1,444,000 after purchasing an additional 429 shares during the period. Institutional investors own 1.66% of the company’s stock.
Eni S.p.A. engages in the oil and gas, electricity generation and sale, and petrochemicals businesses. The company is involved in the oil and natural gas exploration, and field development and production activities, as well as liquefied natural gas (LNG) operations in 43 countries, including Italy, Libya, Egypt, Norway, the United Kingdom, Angola, Congo, Nigeria, the United States, Kazakhstan, Algeria, Australia, Iraq, Indonesia, Ghana, Mozambique, Oman, and the United Arab Emirates.
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