Eni: Barclays maintains its 'underweight' rating
(CercleFinance.com) - Barclays is maintaining its "underweight" rating on Italy's Eni, seeing only 5% implied upside potential relative to its target price of 17 euros.
While the energy group had a "solid start to the year," Eni's Q1 results were broadly as expected, with operating earnings in line with the consensus, the broker said in a research note.
BarCap said it has calculated a cash break-even for the quarter at 54 dollars per barrel - in line with management's guidance of 55 dollars for the full year and, for the first time in over a year, a lower figure than most of its peer group, which the broker calls "encouraging," even though other players are expected to report improvements.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
While the energy group had a "solid start to the year," Eni's Q1 results were broadly as expected, with operating earnings in line with the consensus, the broker said in a research note.
BarCap said it has calculated a cash break-even for the quarter at 54 dollars per barrel - in line with management's guidance of 55 dollars for the full year and, for the first time in over a year, a lower figure than most of its peer group, which the broker calls "encouraging," even though other players are expected to report improvements.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.