Eni, Fincantieri to Form Research & Development Partnership
Eni SpA E recently announced that it has inked a bilateral Memorandum of Understanding (MoU) with Fincantieri for a research and development partnership.
The alliance is expected to open up opportunities of performing studies on energy projects associated with natural gas. The scope of the agreement is huge and includes a wide range of potential partnerships like the study of initiatives associated with the natural gas transport chain, LNG and the exploitation of gas resources.
This partnership eyes development of projects associated with floating platforms for offshore production and the appraisal of energy projects with a low environmental impact.
The MoU is part of Eni's strategy to deal with climate change, encourage sustainable development and support the use of gas for transport. It boosts Eni's association with the Italian experts and emphasizes the company’s commitment to reduce CO2 emissions, mainly in the naval sector.
With respect to the individual opportunity that will be subject of appraisal, information on related party transactions will be provided if necessary.
Investor confidence on Eni’s stock is reflected in its price chart. Shares of the company have gained 1.5% in the last three months, while the Oil & Gas – International Integrated industry registered a decrease of 0.5%.
Eni, along with its consolidated subsidiaries, is engaged in oil and gas, electricity generation, petrochemicals, oilfield services and engineering industries. The company’s major business segments are Exploration and Production (E&P), Gas and Power, and Refining and Marketing. The company conducts its major exploration and production activities for hydrocarbons.
Eni’s constant efforts to expand its upstream operations in Cyprus, Egypt, Vietnam, Indonesia, Pakistan and Kenya will go a long way in generating profitable growth in the future. Moreover, project start-ups, inputs from big projects in Algeria, Iraq, Australia, Russia as well as Egypt, along with its strategic position in non-conventional gas, are expected to augment volumes going forward.
Eni currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space include SunCoke Energy, Inc. SXC, Enbridge Energy, L.P. EEP and Canadian Natural Resources Limited Ltd. CNQ. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy posted a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the four trailing quarters with average negative earnings surprise of 35.78%.
Enbridge Energy posted a positive earnings surprise of 128.57% in the preceding quarter. The company beat estimates in three of the four trailing quarters with average positive earnings surprise of 38.22%.
Canadian Natural Resources posted a positive earnings surprise of 30.77% in the preceding quarter. It surpassed estimates in two of the four trailing quarters with average negative earnings surprise of 275.46%.
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