ENI (NYSE:E) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of ENI (NYSE:EGet Rating) from a strong-buy rating to a hold rating in a research note published on Tuesday, Zacks.com reports. The firm currently has $29.00 price target on the oil and gas exploration company’s stock.

According to Zacks, “Eni’s constant efforts to expand upstream operations will go a long way in generating growth. With discovery of huge oil resources this year, the company's production outlook seems bright. Eni made multiple oil and gas discoveries in Egypt’s Meleiha concession. With the discoveries, the company adds 8,500 barrels of oil equivalent per day to its overall production. To lead the energy transition, Eni is focusing on renewables. The company recently reported strong first-quarter results owing to higher realizations of average liquids and gas prices. However, Eni’s balance sheet has more debt exposure compared with the composite stocks belonging to the industry. Also, it has been witnessing a year-over-year decline in oil and gas production volumes, which might affect the bottom line. As such, the stock warrants a cautious stance.”

E has been the topic of a number of other reports. Morgan Stanley downgraded shares of ENI from an overweight rating to an equal weight rating in a report on Wednesday, March 23rd. JPMorgan Chase & Co. lifted their target price on ENI from €18.50 ($19.47) to €20.00 ($21.05) in a report on Wednesday, April 20th. Royal Bank of Canada increased their price target on ENI from €14.00 ($14.74) to €14.50 ($15.26) in a research note on Tuesday, May 3rd. Deutsche Bank Aktiengesellschaft lifted their price objective on ENI from €14.70 ($15.47) to €14.90 ($15.68) and gave the stock a buy rating in a research note on Wednesday, March 23rd. Finally, StockNews.com began coverage on ENI in a research report on Thursday, March 31st. They set a strong-buy rating for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Buy and a consensus target price of $31.23.

Shares of NYSE:E opened at $28.50 on Tuesday. The company has a quick ratio of 1.11, a current ratio of 1.23 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $51.38 billion, a PE ratio of 5.11, a price-to-earnings-growth ratio of 0.43 and a beta of 0.90. The firm’s 50 day moving average price is $29.08 and its 200-day moving average price is $29.02. ENI has a twelve month low of $21.91 and a twelve month high of $32.56.

ENI (NYSE:EGet Rating) last announced its earnings results on Friday, April 29th. The oil and gas exploration company reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.48. The company had revenue of $33.79 billion for the quarter. ENI had a return on equity of 17.57% and a net margin of 9.44%. Analysts expect that ENI will post 6.43 earnings per share for the current fiscal year.

The firm also recently declared a semi-annual dividend, which will be paid on Wednesday, June 8th. Shareholders of record on Tuesday, May 24th will be paid a $0.9356 dividend. The ex-dividend date is Monday, May 23rd. This is a boost from ENI’s previous semi-annual dividend of $0.72. This represents a yield of 3.8%. ENI’s dividend payout ratio (DPR) is 25.45%.

Several hedge funds and other institutional investors have recently bought and sold shares of E. Clark Capital Management Group Inc. purchased a new stake in shares of ENI in the 4th quarter valued at $25,814,000. Fisher Asset Management LLC boosted its holdings in ENI by 61.2% in the fourth quarter. Fisher Asset Management LLC now owns 1,576,235 shares of the oil and gas exploration company’s stock valued at $43,583,000 after purchasing an additional 598,297 shares during the last quarter. SG Americas Securities LLC grew its position in ENI by 171.5% during the 1st quarter. SG Americas Securities LLC now owns 594,777 shares of the oil and gas exploration company’s stock worth $17,397,000 after purchasing an additional 375,699 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of ENI by 18.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,185,838 shares of the oil and gas exploration company’s stock valued at $63,936,000 after buying an additional 344,808 shares during the last quarter. Finally, CI Investments Inc. lifted its holdings in shares of ENI by 49.3% in the 1st quarter. CI Investments Inc. now owns 1,021,808 shares of the oil and gas exploration company’s stock valued at $29,888,000 after buying an additional 337,488 shares during the period. 1.23% of the stock is owned by institutional investors and hedge funds.

ENI Company Profile (Get Rating)

Eni S.p.A. engages in the exploration, development, and production of crude oil and natural gas. It operates through Exploration & Production; Global Gas & LNG Portfolio; Refining & Marketing and Chemicals; Plenitude and Power; and Corporate and Other activities segments. The Exploration & Production segment is involved in the research, development, and production of oil, condensates and natural gas; and forestry conservation and CO2 capture and storage projects.

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