Eni SpA (E) Upgraded by Zacks Investment Research to “Hold”
Eni SpA (NYSE:E) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “Eni signed a deal with the government of Montenegro to explore four offshore blocks in the country for a period of 30 years. We are optimistic about this concession contract as this will significantly enhance the company’s upstream portfolio amid the present downturn in oil prices. We also appreciate Eni’s enhanced production from the Nooros field in Egypt. This is because the company has attained record output in just 13 months after its discovery. However, the ongoing crude woes remain an overhang on the stock. Per recent reports of The Organization of the Petroleum Exporting Countries (OPEC) and The International Energy Agency (IEA), crude market will remain oversupplied through 2017. As a result, oil price will likely remain weak till next year and is expected to drag the performances of Eni’s upstream businesses.”
Separately, JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Eni SpA in a research note on Thursday, July 21st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. Eni SpA presently has a consensus rating of “Hold” and a consensus target price of $25.99.
Eni SpA (NYSE:E) traded up 0.35% during trading on Monday, hitting $28.97. 160,249 shares of the stock were exchanged. The stock’s market cap is $53.84 billion. The firm’s 50 day moving average price is $29.79 and its 200-day moving average price is $30.58. Eni SpA has a 1-year low of $24.73 and a 1-year high of $36.02.
The company also recently declared a dividend, which will be paid on Friday, October 7th. Shareholders of record on Tuesday, September 20th will be given a dividend of $0.648 per share. The ex-dividend date of this dividend is Friday, September 16th. This is an increase from Eni SpA’s previous dividend of $0.64. Eni SpA’s dividend payout ratio is -19.91%.
Institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE increased its stake in Eni SpA by 1.0% in the second quarter. US Bancorp DE now owns 7,196 shares of the oil and gas exploration company’s stock valued at $232,000 after buying an additional 73 shares during the last quarter. Checchi Capital Advisers LLC increased its stake in Eni SpA by 1.2% in the second quarter. Checchi Capital Advisers LLC now owns 8,406 shares of the oil and gas exploration company’s stock valued at $272,000 after buying an additional 100 shares during the last quarter. Comerica Bank increased its stake in Eni SpA by 0.4% in the second quarter. Comerica Bank now owns 100,156 shares of the oil and gas exploration company’s stock valued at $3,003,000 after buying an additional 394 shares during the last quarter. JFS Wealth Advisors LLC increased its stake in Eni SpA by 10.3% in the second quarter. JFS Wealth Advisors LLC now owns 4,598 shares of the oil and gas exploration company’s stock valued at $149,000 after buying an additional 428 shares during the last quarter. Finally, M&T Bank Corp increased its stake in Eni SpA by 2.7% in the second quarter. M&T Bank Corp now owns 21,656 shares of the oil and gas exploration company’s stock valued at $701,000 after buying an additional 567 shares during the last quarter. 1.74% of the stock is owned by hedge funds and other institutional investors.
About Eni SpA
Eni SpA (Eni) is engaged in oil and gas exploration, development and production, marketing of gas, electricity and liquefied natural gas (LNG), power generation, refining and marketing of petroleum products, production and marketing of petrochemical products and commodity trading. The Company’s segments include Exploration & Production, Gas & Power, and Refining & Marketing.
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