Eni: Berenberg reiterates 'buy' rating after earnings
(CercleFinance.com) - Berenberg has reiterated its "buy" rating on the Eni stock, maintaining its target price of 18.
3 euros after the Italian energy group kicked off the integrated oil reporting season last week, albeit missing estimates.
Eni has reported first-quarter results that are 5% below the consensus, due to weak downstream (refining, marketing and chemicals) which was loss-making over the past quarter, the German broker said in a note.
However, Eni's gas and power unit remains "strong," while its downstream businesses are set for recovery throughout the rest of 2019, Berenberg said.
"With indicators improving and restructuring bearing fruit, we believe Eni is well placed to deliver growth in cash flow and shareholder returns," the broker added.
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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.
3 euros after the Italian energy group kicked off the integrated oil reporting season last week, albeit missing estimates.
Eni has reported first-quarter results that are 5% below the consensus, due to weak downstream (refining, marketing and chemicals) which was loss-making over the past quarter, the German broker said in a note.
However, Eni's gas and power unit remains "strong," while its downstream businesses are set for recovery throughout the rest of 2019, Berenberg said.
"With indicators improving and restructuring bearing fruit, we believe Eni is well placed to deliver growth in cash flow and shareholder returns," the broker added.
Copyright (c) 2019 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.