Eni SpA (NYSE:E) Shares Sold by ABC Arbitrage SA

Key Points

• ABC Arbitrage SA has reduced its stake in Eni SpA by 38.8%, holding 17,959 shares worth $555,000 at the end of the latest reporting period.
• Multiple other large investors have adjusted their holdings in Eni, with Golden State Wealth Management LLC increasing its position by 100% in the first quarter.
• Brokerages have downgraded Eni's rating, with Kepler Capital Markets lowering it from "strong-buy" to "hold," reflecting a cautious outlook among analysts.

ABC Arbitrage SA cut its holdings in Eni SpA (NYSE:E - Free Report) by 38.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,959 shares of the oil and gas exploration company's stock after selling 11,401 shares during the quarter. ABC Arbitrage SA's holdings in ENI were worth $555,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. LPL Financial LLC lifted its stake in shares of ENI by 33.1% during the 4th quarter. LPL Financial LLC now owns 32,841 shares of the oil and gas exploration company's stock worth $899,000 after purchasing an additional 8,176 shares during the period. Massachusetts Financial Services Co. MA raised its stake in ENI by 35.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 280,242 shares of the oil and gas exploration company's stock worth $7,667,000 after purchasing an additional 73,511 shares during the period. Quadrant Capital Group LLC grew its position in ENI by 4.0% during the fourth quarter. Quadrant Capital Group LLC now owns 16,034 shares of the oil and gas exploration company's stock valued at $439,000 after acquiring an additional 622 shares during the period. Invesco Ltd. increased its stake in ENI by 13.1% during the fourth quarter. Invesco Ltd. now owns 33,464 shares of the oil and gas exploration company's stock worth $916,000 after acquiring an additional 3,877 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in ENI in the fourth quarter valued at approximately $14,233,000. 1.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Redburn Atlantic cut ENI from a "buy" rating to a "neutral" rating in a research note on Wednesday, April 23rd. Citigroup restated a "neutral" rating on shares of ENI in a report on Friday, July 11th. Finally, Kepler Capital Markets lowered shares of ENI from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 20th. Eight research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $31.60.

ENI Stock Performance

E stock traded up $0.10 during midday trading on Friday, reaching $34.55. The company had a trading volume of 174,960 shares, compared to its average volume of 246,321. Eni SpA has a fifty-two week low of $24.65 and a fifty-two week high of $34.95. The firm has a market capitalization of $58.31 billion, a PE ratio of 21.32 and a beta of 0.95. The company has a quick ratio of 1.02, a current ratio of 1.18 and a debt-to-equity ratio of 0.37. The stock has a 50 day moving average price of $32.67 and a 200 day moving average price of $30.25.

ENI (NYSE:E - Get Free Report) last posted its earnings results on Friday, July 25th. The oil and gas exploration company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.67 by $0.12. The firm had revenue of $22.08 billion during the quarter, compared to analysts' expectations of $23.54 billion. ENI had a net margin of 2.84% and a return on equity of 8.53%. Analysts anticipate that Eni SpA will post 3.74 earnings per share for the current year.

About ENI

Eni SpA engages in the exploration, production, refining, and sale of oil, gas, electricity, and chemicals. It operates through the following segments: Exploration and Production, Global Gas and LNG Portfolio, Refining & Marketing and Chemicals, Power & Renewables, and Corporate and Other Activities.