Zacks Investment Research cut shares of Eni SpA (NYSE:E) from a hold rating to a sell rating in a report published on Wednesday.

According to Zacks, “As per the recent reports of The Organization of the Petroleum Exporting Countries (OPEC) and The International Energy Agency (IEA), crude market will remain oversupplied through 2017. While OPEC expects non-OPEC players to generate higher-than-expected production both this year and the next, IEA cuts global oil demand forecast for 2016 and 2017. As a result, oil price is anticipated to remain weak till next year and is expected to drag the performances of Eni SpA’s upstream businesses. Moreover, Eni SpA’s decision to cut upstream capital expenditure significantly over 2016–2019 raises uncertainty regarding its ability to reach its hydrocarbon production growth target for this period. Consequently, we see Eni SpA as a risky bet that investors should avoid.”

Separately, JPMorgan Chase & Co. reaffirmed a neutral rating on shares of Eni SpA in a report on Thursday, July 21st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned 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) opened at 28.32 on Wednesday. Eni SpA has a 1-year low of $24.73 and a 1-year high of $36.02. The firm’s market cap is $52.63 billion. The stock has a 50 day moving average price of $30.20 and a 200-day moving average price of $30.68.

The firm also recently declared 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. The ex-dividend date is Friday, September 16th. This is a positive change from Eni SpA’s previous dividend of $0.64. Eni SpA’s payout ratio is -19.91%.

Institutional investors have recently added to or reduced their stakes in the stock. Capstone Asset Management Co. raised its position in Eni SpA by 2.0% in the first quarter. Capstone Asset Management Co. now owns 173,313 shares of the oil and gas exploration company’s stock valued at $5,238,000 after buying an additional 3,350 shares during the last quarter. Independent Portfolio Consultants Inc. raised its position in Eni SpA by 6.8% in the first quarter. Independent Portfolio Consultants Inc. now owns 27,319 shares of the oil and gas exploration company’s stock valued at $826,000 after buying an additional 1,730 shares during the last quarter. Aperio Group LLC raised its position in Eni SpA by 6.4% in the first quarter. Aperio Group LLC now owns 291,860 shares of the oil and gas exploration company’s stock valued at $8,820,000 after buying an additional 17,639 shares during the last quarter. Mondrian Investment Partners LTD raised its position in Eni SpA by 55.0% in the first quarter. Mondrian Investment Partners LTD now owns 518,752 shares of the oil and gas exploration company’s stock valued at $15,677,000 after buying an additional 184,000 shares during the last quarter. Finally, Ngam Advisors L.P. raised its position in Eni SpA by 14.0% in the first quarter. Ngam Advisors L.P. now owns 75,517 shares of the oil and gas exploration company’s stock valued at $2,283,000 after buying an additional 9,268 shares during the last quarter. Institutional investors and hedge funds own 1.75% of the company’s stock.

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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