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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 +1.27% 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 +1.04% to buy from hold, citing the dividend yield and the potential to spin off its biofuel business. Exxon /zigman2/quotes/204455864/composite XOM -0.60% was upgraded to hold from underperform, on a improved macro environment, though they said Chevron's /zigman2/quotes/205871374/composite CVX -3.67% 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
$ 88.39
+1.11 +1.27%
Volume: 151,368
Jan. 27, 2023 3:16p
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/zigman2/quotes/209584888/delayed
IT : Italy: Milan
14.35
+0.15 +1.04%
Volume: 5.94M
Jan. 27, 2023 4:06p
P/E Ratio
2.97
Dividend Yield
6.13%
Market Cap
€50.24 billion
Rev. per Employee
€3.91M
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/zigman2/quotes/204455864/composite
US : U.S.: NYSE
$ 117.06
-0.70 -0.60%
Volume: 3.16M
Jan. 27, 2023 10:26a
P/E Ratio
9.58
Dividend Yield
3.09%
Market Cap
$484.97 billion
Rev. per Employee
$6.20M
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/zigman2/quotes/205871374/composite
US : U.S.: NYSE
$ 180.90
-6.89 -3.67%
Volume: 3.93M
Jan. 27, 2023 10:26a
P/E Ratio
10.42
Dividend Yield
3.10%
Market Cap
$363.12 billion
Rev. per Employee
$5.36M
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