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

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.

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Brent Crude Oil Continuous Contract

UK : U.K. ICE Futures Europe

$ 88.39

+1.11 +1.27%

Volume: 151,368

Jan. 27, 2023 3:16p

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ENI S.p.A.

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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Exxon Mobil Corp.

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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Chevron Corp.

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