U.S. markets closed
  • S&P Futures

    4,595.00
    +5.00 (+0.11%)
     
  • Dow Futures

    35,264.00
    +52.00 (+0.15%)
     
  • Nasdaq Futures

    15,851.75
    +9.00 (+0.06%)
     
  • Russell 2000 Futures

    2,206.80
    +3.20 (+0.15%)
     
  • Crude Oil

    70.07
    +0.58 (+0.83%)
     
  • Gold

    1,780.60
    +1.10 (+0.06%)
     
  • Silver

    22.32
    +0.05 (+0.23%)
     
  • EUR/USD

    1.1296
    +0.0009 (+0.08%)
     
  • 10-Yr Bond

    1.4340
    +0.0910 (+6.78%)
     
  • Vix

    27.18
    -3.49 (-11.38%)
     
  • GBP/USD

    1.3279
    +0.0018 (+0.14%)
     
  • USD/JPY

    113.4780
    -0.0120 (-0.01%)
     
  • BTC-USD

    50,706.30
    +1,725.04 (+3.52%)
     
  • CMC Crypto 200

    1,309.04
    +48.88 (+3.88%)
     
  • FTSE 100

    7,232.28
    +109.96 (+1.54%)
     
  • Nikkei 225

    28,282.01
    +354.64 (+1.27%)
     

Eni's (E) Versalis Acquires Full Ownership of Finproject

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Eni SPA’s E chemical company, Versalis, recently inked a deal to acquire the remaining 60% of the Marche, Italy, based industrial group Finproject. In July, 2020, Versalis had bought 40% of Finproject, which operates in the compounding sector and produces ultralight products.

The subsidiary of Eni exercised the purchase option, the transaction of which is likely to close in the fourth quarter of this year. The move is anticipated to make Versalis a major player in the high-performance formulated polymers spectrum. Products from Finproject are used for making consumer goods. It markets the ultralight expanded materials under the XL EXTRALIGHT® brand.

The acquisition will strengthen Versalis’ position in the volatile chemical industry. It is likely to boost the company’s global market reach. Integrating Versalis’ innovative technological solutions to Finproject’s prospects will enable the company to serve sectors like renewable energy, construction, automotive, and fashion and designing. Renewable and recycled raw materials are used in Finproject, which is in line with Eni’s drive toward a sustainable and circular economy.

Eni’s petrochemical product sales are improving. In fact, it increased 12% year over year to 1.14 million tons for the second quarter of 2021. As demand for energy products is expected to further rise in the second half of 2021 and beyond, the Finproject buyout is likely to enable Eni to generate higher profits from chemicals.

Price Performance

Eni’s shares have increased 59.8% in the past year compared with the industry’s rise of 50.7%.

Zacks Investment Research
Zacks Investment Research


Image Source: Zacks Investment Research

Zacks Rank & Other Key Picks

The company currently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks from the energy space include Cheniere Energy, Inc. LNG, Kinder Morgan, Inc. KMI and Royal Dutch Shell plc (RDS.A), each having a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for Cheniere Energy’s bottom line for 2021 is pegged at $2.98 per share, indicating a massive improvement from the year-ago loss of 34 cents.

Kinder Morgan’s bottom line for 2021 is expected to rise 47.7% year over year.

The consensus mark for Shell’s earnings for 2021 stands at $5.07 per share, indicating a major increase from the year-ago figure of $1.24.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Royal Dutch Shell PLC (RDS.A) : Free Stock Analysis Report

Eni SpA (E) : Free Stock Analysis Report

Cheniere Energy, Inc. (LNG) : Free Stock Analysis Report

Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research