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 -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.

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Brent Crude Oil Continuous Contract

UK : U.K. ICE Futures Europe

$ 68.27

-0.01 -0.01%

Volume: 257,344

May 7, 2021 10:59p

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ENI S.p.A.

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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Exxon Mobil Corp.

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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Chevron Corp.

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