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Zacks' 7 Best Strong Buy Stocks (New Research Report)
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Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
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Eni's (E) Versalis Acquires Full Ownership of Finproject
Eni SPA’s (E - Free Report) 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%.
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 - Free Report) , Kinder Morgan, Inc. (KMI - Free Report) and Royal Dutch Shell plc , 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.