Eni: BarCap maintains 'underweight' rating after results
(CercleFinance.com) - Barclays Capital said on Monday that it is maintaining its "underweight" rating on Eni shares, with an unchanged target price of 19 euros after the Italian oil firm delivered a "much better than expected" set of third-quarter results.
In a note sent to clients, the broker particularly welcomed a "particularly impressive" upstream performance.
"The business plan for Eni does appear to be increasingly de-risked, which in turn should enable sustained dividend growth and the potential for a share repurchase plan to start in 2019," BarCap said.
Although the broker still sees absolute upside in the shares, it struggles to see the stock as differentiated - either from an operational or valuation viewpoint.
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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.
In a note sent to clients, the broker particularly welcomed a "particularly impressive" upstream performance.
"The business plan for Eni does appear to be increasingly de-risked, which in turn should enable sustained dividend growth and the potential for a share repurchase plan to start in 2019," BarCap said.
Although the broker still sees absolute upside in the shares, it struggles to see the stock as differentiated - either from an operational or valuation viewpoint.
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.