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Eni (E) Signs Agreement With Enel for EV Charging in Italy

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Eni (E - Free Report) entered an agreement with Enel to enable electric vehicle (EV) drivers to charge their vehicles across Italy through their infrastructure networks.

Eni’s recently acquired Be Charge and Enel’s energy e-service unit, Enel X, operate primary EV charging networks in Italy, with about 20,000 charging points. The interoperability of EV charging infrastructures is crucial to scale up the transition to electric mobility in the country. Per the terms of the agreement, customers will be able to access the service from their smartphones through the Enel X, BeCharge and Eni apps.

Enel X and Be Charge intend to spread electric mobility by installing high-powered chargers that allow an ultra-fast, simple and reliable charging experience. In recent years, Enel X developed an extensive charging network, which covers the entire Italian peninsula. It enables people to drive electric cars effortlessly. With the latest agreement, Enel X is working in close collaboration with partners to make the transition to electric power more convenient and cost-effective.

Energy companies are increasingly investing in EV chargers as demand for the same is expected to grow significantly in the future. The latest agreement is part of Eni’s strategy for sustainable mobility of the future, which is a key driver of the energy transition. This includes the evolution of the current service stations and mobility points to provide fast and ultra-fast charging for electric mobility.

Eni plans to install more than 1,000 charging stations in Italy and abroad by 2025. Beside this, the interoperability of EV charging is included in the Eni Live app, enabling drivers to access various services with increasingly automated, efficient and secure payments.

Company Profile & Price Performance

Headquartered in Rome, Italy, Eni is one of the leading integrated energy players in the world.

Shares of Eni have outperformed the industry in the past six months. The stock has gained 12.9% compared with the industry’s 3.2% growth.


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Zacks Rank & Key Picks

Eni currently carries a Zack Rank #3 (Hold).

Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Houston, TX-based Occidental Petroleum (OXY - Free Report) is an integrated oil and gas company, with significant exploration and production exposure. OXY is also a producer of a variety of basic chemicals, petrochemicals, polymers and specialty chemicals. As of 2020-end, Occidental’s preliminary worldwide proved reserves totaled 2.91 billion BOE compared with 3.9 billion BOE at the end of 2019.

Occidental Petroleum’s earnings for 2021 are expected to surge 155.8% year over year. OXY has also witnessed five upward revisions in the past 60 days. The company currently has a Zacks Style Score of A for Momentum and B for Growth. In the third quarter, OXY achieved the planned divestiture target of $10 billion by entering a deal to sell its interest in two offshore Ghana assets for $750 million.

PDC Energy (PDCE - Free Report) is an independent upstream operator, which engages in the exploration, development and production of natural gas, crude oil and natural gas liquids. PDCE, which reached its present form following the January 2020 combination with SRC Energy, is currently the second-largest producer in the Denver-Julesburg Basin. As of 2020-end, PDC Energy’s total estimated proved reserves were 731,073 thousand barrels of oil equivalent.

PDC Energy’s earnings for 2021 are expected to surge 286.2% year over year. PDCE witnessed five upward revisions in the past 60 days. PDCE beat the Zacks Consensus Estimate in the last four quarters, with an earnings surprise of 51.06%, on average. As of Sep 30, 2021, PDC Energy had $1.7 billion in total liquidity, while its credit facility currently has a total borrowing base of $2.4 billion. Moreover, PDC Energy’s debt maturity profile is a favorable one.

SM Energy (SM - Free Report) is one of the most attractive players in the exploration and production space. It engages in the exploration, exploitation, development, acquisition, and production of natural gas and crude oil in North America. SM’s operations are focused in the Permian basin, and the South Texas and Gulf Coast region. It has 443,188 net acres under its possession, of which 33.5% is developed.

SM Energy’s earnings for 2021 are expected to surge 708.7% year over year. SM currently has a Zacks Style Score of A for Growth, and B for both Value and Momentum. The upstream energy player beat the Zacks Consensus Estimate thrice in the last four quarters and missed once, with an earnings surprise of 126.3%, on average.

In-Depth Zacks Research for the Tickers Above

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Occidental Petroleum Corporation (OXY) - free report >>

Eni SpA (E) - free report >>

SM Energy Company (SM) - free report >>

PDC Energy, Inc. (PDCE) - free report >>