ENI SpA : Reassuring Q3 2020 results but a volatile outlook – target price lowered to € 8 - Neutral rating maintained
>EBIT ahead of expectations but attributable net profit in line - Adjusted EBIT came to € 537m in Q3 2020, well ahead of expectations (ODDO BHF: € 70m; consensus: -€ 180m). Net profit was in the red at -€ 153m, in line with the consensus. E&P better than forecast, guidance confirmed and outlook volatile - Adjusted E&P EBIT came to € 515m, twice what was expected, with a sharp upturn on Q2 (-€ 807m), benefiting from the upswing in hydrocarbon prices...Eni is engaged in the oil and gas exploration and production, gas marketing operations, management of gas infrastructures, power generation, petrochemicals, oil field services and engineering industries. Co.'s operations are divided into three segments; Exploration and Production (oil and natural gas exploration and field development and production, as well as LNG operations), Gas and Power (supply, trading and marketing of gas and electricity, managing gas infrastructures for transport, distribution, storage, re-gasification, and LNG supply and marketing), and Refining and Marketing (supply of crude oil, refining and marketing of refined products). Co. maintains operations in 73 countries.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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