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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 -0.16% 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 +0.85% to buy from hold, citing the dividend yield and the potential to spin off its biofuel business. Exxon /zigman2/quotes/204455864/composite XOM +0.24% was upgraded to hold from underperform, on a improved macro environment, though they said Chevron's /zigman2/quotes/205871374/composite CVX -0.41% 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
$ 68.21
-0.11 -0.16%
Volume: 261,250
May 10, 2021 10:36p
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/zigman2/quotes/209584888/delayed
IT : Italy: Milan
10.41
+0.09 +0.85%
Volume: 13.10M
May 10, 2021 5:35p
P/E Ratio
N/A
Dividend Yield
3.46%
Market Cap
€36.87 billion
Rev. per Employee
€1.40M
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/zigman2/quotes/204455864/composite
US : U.S.: NYSE
$ 62.58
+0.15 +0.24%
Volume: 31.93M
May 10, 2021 4:02p
P/E Ratio
N/A
Dividend Yield
5.56%
Market Cap
$264.30 billion
Rev. per Employee
$2.47M
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/zigman2/quotes/205871374/composite
US : U.S.: NYSE
$ 109.57
-0.45 -0.41%
Volume: 13.57M
May 10, 2021 4:02p
P/E Ratio
N/A
Dividend Yield
4.89%
Market Cap
$212.13 billion
Rev. per Employee
$1.98M
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