Zacks Investment Research lowered shares of Eni SpA (NYSE:E) from a hold rating to a sell rating in a research report 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. reissued a neutral rating on shares of Eni SpA in a report on Thursday, July 21st. Two 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 stock. The stock has an average rating of Hold and a consensus price target of $25.99.

Eni SpA (NYSE:E) opened at 28.32 on Wednesday. Eni SpA has a 12-month low of $24.73 and a 12-month high of $36.02. The company has a 50-day moving average of $30.20 and a 200 day moving average of $30.68. The firm’s market cap is $52.63 billion.

The firm also recently announced a dividend, which will be paid on Friday, October 7th. Investors 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 dividend payout ratio (DPR) is currently -19.91%.

Several institutional investors have recently added to or reduced their stakes in E. Goldman Sachs Group Inc. boosted its stake in shares of Eni SpA by 7.7% in the first quarter. Goldman Sachs Group Inc. now owns 258,054 shares of the oil and gas exploration company’s stock valued at $7,799,000 after buying an additional 18,409 shares during the last quarter. Private Bank & Trust Co. purchased a new stake in shares of Eni SpA during the second quarter valued at $250,000. Glenmede Trust Co. NA boosted its stake in shares of Eni SpA by 17,837.3% in the second quarter. Glenmede Trust Co. NA now owns 149,597 shares of the oil and gas exploration company’s stock valued at $4,838,000 after buying an additional 148,763 shares during the last quarter. Mondrian Investment Partners LTD boosted its stake in shares of 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, Aperio Group LLC boosted its stake in shares of 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. 1.75% of the stock is currently owned by institutional investors.

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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