ENI (NYSE:E) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm presently has a $40.00 target price on the oil and gas exploration company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.30% from the company’s previous close.

According to Zacks, “Start-up of new upstream projects in Ghana and Angola has been backing Eni's oil production. In fact, the company expects oil and natural gas production to rise 4% through 2018. Notably, the decision to spend €3.5 billion through 2021 for exploration and production operations in 25 countries will likely help Eni to achieve compound annual production growth rate of 3.5% through 2021 since 2017. Apart from upstream businesses, Eni is planning to achieve growth in refining, marketing and chemical operations. Through 2021, the company projects free cashflow of more than €4.7 billion from downstream activities. Eni is also committed to returning cash to shareholders through dividend payments as it intends to increase the annual dividend in 2018 by 3.8%.”

Several other research analysts have also weighed in on E. Bank of America raised ENI from a “neutral” rating to a “buy” rating in a research report on Friday, October 5th. Berenberg Bank began coverage on ENI in a research report on Tuesday, September 11th. They issued a “hold” rating on the stock. Barclays lowered ENI from an “equal weight” rating to an “underweight” rating in a research report on Tuesday, September 11th. JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of ENI in a research report on Tuesday, August 7th. Finally, Sanford C. Bernstein reaffirmed a “buy” rating on shares of ENI in a research report on Friday, July 27th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $37.12.

Shares of ENI stock opened at $35.94 on Tuesday. ENI has a fifty-two week low of $31.58 and a fifty-two week high of $40.15. The firm has a market cap of $68.43 billion, a price-to-earnings ratio of 23.80, a price-to-earnings-growth ratio of 0.80 and a beta of 0.81. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.23 and a current ratio of 1.41.

ENI (NYSE:E) last issued its quarterly earnings results on Friday, July 27th. The oil and gas exploration company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.16). ENI had a return on equity of 6.18% and a net margin of 6.31%. The business had revenue of $22.48 billion for the quarter. Analysts expect that ENI will post 2.59 earnings per share for the current fiscal year.

Several institutional investors have recently made changes to their positions in E. Morgan Stanley grew its stake in shares of ENI by 10.9% during the second quarter. Morgan Stanley now owns 3,449,278 shares of the oil and gas exploration company’s stock valued at $128,038,000 after acquiring an additional 338,573 shares in the last quarter. Todd Asset Management LLC acquired a new stake in shares of ENI during the second quarter valued at about $6,827,000. Duff & Phelps Investment Management Co. acquired a new stake in shares of ENI during the second quarter valued at about $6,263,000. CIBC World Markets Inc. grew its stake in shares of ENI by 214.3% during the first quarter. CIBC World Markets Inc. now owns 191,737 shares of the oil and gas exploration company’s stock valued at $6,774,000 after acquiring an additional 130,725 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of ENI during the second quarter valued at about $4,408,000. Institutional investors own 1.59% of the company’s stock.

About ENI

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 46 countries, including Italy, Libya, Egypt, Norway, the United Kingdom, Angola, Congo, Nigeria, the United States, Kazakhstan, Algeria, Australia, Venezuela, Iraq, Indonesia, Ghana, and Mozambique.

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