Eni SpA (NYSE:E) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to 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. reiterated a “neutral” rating on shares of Eni SpA in a report on Thursday, July 21st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. Eni SpA currently has a consensus rating of “Hold” and an average target price of $25.99.
Eni SpA (NYSE:E) traded up 0.35% during midday trading on Monday, hitting $28.97. The stock had a trading volume of 160,249 shares. Eni SpA has a 1-year low of $24.73 and a 1-year high of $36.02. The stock’s market capitalization is $53.84 billion. The stock’s 50-day moving average is $29.79 and its 200-day moving average is $30.58.
The company also recently disclosed a dividend, which will be paid on Friday, October 7th. Stockholders of record on Tuesday, September 20th will be issued a dividend of $0.648 per share. This is an increase from Eni SpA’s previous dividend of $0.64. The ex-dividend date of this dividend is Friday, September 16th. Eni SpA’s payout ratio is currently -19.91%.
Several large investors have recently added to or reduced their stakes in E. 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 in the last quarter. Checchi Capital Advisers LLC boosted its position in shares of 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 boosted its position in shares of 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 boosted its position in shares of 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 boosted its position in shares of 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. Hedge funds and other institutional investors own 1.74% of the company’s stock.
Eni SpA Company Profile
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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