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April 12, 2021, 6:20 a.m. EDT

Jefferies lifts oil-price view and upgrades Eni and Exxon Mobil

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By Steve Goldstein

Analysts at Jefferies increased their oil price view as well as their ratings on Eni and Exxon Mobil. They lifted their long-term Brent oil /zigman2/quotes/209704782/delayed UK:BRN00 -0.01% forecast to $58 from $55, citing recovering demand as the vaccination rollout continues and a lower supply risk from the high levels of OPEC+ spare capacity. They lifted Eni /zigman2/quotes/209584888/delayed IT:ENI -0.06% to buy from hold, citing the dividend yield and the potential to spin off its biofuel business. Exxon /zigman2/quotes/204455864/composite XOM +1.43% was upgraded to hold from underperform, on a improved macro environment, though they said Chevron's /zigman2/quotes/205871374/composite CVX +0.92% investment case was more compelling, combining a higher cash flow yield and higher upstream growth potential.

/zigman2/quotes/209704782/delayed
UK : U.K. ICE Futures Europe
$ 68.27
-0.01 -0.01%
Volume: 257,344
May 7, 2021 10:59p
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/zigman2/quotes/209584888/delayed
IT : Italy: Milan
10.32
-0.0060 -0.06%
Volume: 11.66M
May 7, 2021 5:35p
P/E Ratio
N/A
Dividend Yield
3.49%
Market Cap
€36.89 billion
Rev. per Employee
€1.40M
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/zigman2/quotes/204455864/composite
US : U.S.: NYSE
$ 62.43
+0.88 +1.43%
Volume: 33.61M
May 7, 2021 4:04p
P/E Ratio
N/A
Dividend Yield
5.57%
Market Cap
$260.57 billion
Rev. per Employee
$2.47M
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/zigman2/quotes/205871374/composite
US : U.S.: NYSE
$ 110.02
+1.00 +0.92%
Volume: 10.27M
May 7, 2021 4:02p
P/E Ratio
N/A
Dividend Yield
4.87%
Market Cap
$210.20 billion
Rev. per Employee
$1.98M
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