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The Zacks Analyst Blog Highlights NOW, Eni and Enterprise Products Partners
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For Immediate Release
Chicago, IL – June 9, 2023 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: NOW Inc. (DNOW - Free Report) , Eni S.p.A. (E - Free Report) and Enterprise Products Partners (EPD - Free Report) .
Here are highlights from Thursday’s Analyst Blog:
Oil Price Edges Higher With Refineries Running Full-Throttle
U.S. oil prices rose on Wednesday, buoyed by an increase in refinery runs that led to a decline in weekly crude supplies. However, builds in fuel stocks offset come of that gain. On the New York Mercantile Exchange, WTI crude futures gained 79 cents (or 1.1%) to close at $72.53 a barrel yesterday. Prices were also helped by data that showed rising oil demand in China, the world's biggest crude importer.
Some oil-related stocks that could benefit in the current environment are NOW Inc., Eni S.p.A. and Enterprise Products Partners.
Let's dig deep into the Energy Information Administration’s ("EIA") Weekly Petroleum Status Report for the week ending Jun 2.
Analyzing the Latest EIA Report
Crude Oil: The federal government’s EIA report revealed that crude inventories inched down 452,000 barrels compared to expectations of a one million barrel decrease per the analysts surveyed by S&P Global Commodity Insights. The stockpile draw with the world’s biggest oil consumer was largely thanks to the ramp-up of refinery output and lower imports, even as domestic production reached its highest since April 2020.
Total domestic stock now stands at 459.2 million barrels — 10.2% more than the year-ago figure but 2% lower than the five-year average.
The latest report also showed that supplies at the Cushing terminal (the key delivery hub for U.S. crude futures traded on the New York Mercantile Exchange) increased 1.7 million barrels to 40.6 million barrels.
Meanwhile, the crude supply cover decreased from 28.7 days in the previous week to 28.3 days. In the year-ago period, the supply cover was 25.8 days.
Let’s turn to the products now.
Gasoline: Gasoline supplies increased for the first time in five weeks. The 2.7 million-barrel addition was attributable to higher production and imports. Analysts had forecast that gasoline inventories would rise 750,000 barrels. At 218.8 million barrels, the current stock of the most widely used petroleum product is 0.3% more than the year-earlier level, while it is 8% below the five-year average range.
Distillate: Distillate fuel supplies (including diesel and heating oil) rose for just the fourth time in the past 13 weeks. The 5.1 million-barrel increase reflected higher output and a plunge in exports. Meanwhile, the market looked for a supply build of one million barrels. Following last week’s build, current inventories — at 111.7 million barrels — are 2.5% above the year-ago level but 16% lower than the five-year average.
Refinery Rates: Refinery utilization, at 95.8%, moved up 2.7% from the prior week to the highest in about four years.
3 Energy Stocks to Buy
Investors interested in the energy space might look at operators like NOW Inc., Eni and Enterprise Products Partners, each carrying a Zacks Rank #2 (Buy) currently.
NOW Inc.: DNOW beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters. NOW has a trailing four-quarter earnings surprise of 32.1%, on average.
DNOW is valued at around $1 billion. NOW has seen its shares lose 12.4% in a year.
Eni: It is valued at some $50 billion. The Zacks Consensus Estimate for E’s 2023 earnings has been revised 5.3% upward over the past 30 days.
Eni, headquartered in Rome, Italy, beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters and missed in the other. E shares have lost 8.4% in a year.
Enterprise Products Partners: It beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters. EPD has a trailing four-quarter earnings surprise of 4.1%, on average.
Enterprise Products Partners is valued at around $56.5 billion. EPD has seen its units fall 7.6% in a year.
Why Haven’t You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights NOW, Eni and Enterprise Products Partners
For Immediate Release
Chicago, IL – June 9, 2023 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: NOW Inc. (DNOW - Free Report) , Eni S.p.A. (E - Free Report) and Enterprise Products Partners (EPD - Free Report) .
Here are highlights from Thursday’s Analyst Blog:
Oil Price Edges Higher With Refineries Running Full-Throttle
U.S. oil prices rose on Wednesday, buoyed by an increase in refinery runs that led to a decline in weekly crude supplies. However, builds in fuel stocks offset come of that gain. On the New York Mercantile Exchange, WTI crude futures gained 79 cents (or 1.1%) to close at $72.53 a barrel yesterday. Prices were also helped by data that showed rising oil demand in China, the world's biggest crude importer.
Some oil-related stocks that could benefit in the current environment are NOW Inc., Eni S.p.A. and Enterprise Products Partners.
Let's dig deep into the Energy Information Administration’s ("EIA") Weekly Petroleum Status Report for the week ending Jun 2.
Analyzing the Latest EIA Report
Crude Oil: The federal government’s EIA report revealed that crude inventories inched down 452,000 barrels compared to expectations of a one million barrel decrease per the analysts surveyed by S&P Global Commodity Insights. The stockpile draw with the world’s biggest oil consumer was largely thanks to the ramp-up of refinery output and lower imports, even as domestic production reached its highest since April 2020.
Total domestic stock now stands at 459.2 million barrels — 10.2% more than the year-ago figure but 2% lower than the five-year average.
The latest report also showed that supplies at the Cushing terminal (the key delivery hub for U.S. crude futures traded on the New York Mercantile Exchange) increased 1.7 million barrels to 40.6 million barrels.
Meanwhile, the crude supply cover decreased from 28.7 days in the previous week to 28.3 days. In the year-ago period, the supply cover was 25.8 days.
Let’s turn to the products now.
Gasoline: Gasoline supplies increased for the first time in five weeks. The 2.7 million-barrel addition was attributable to higher production and imports. Analysts had forecast that gasoline inventories would rise 750,000 barrels. At 218.8 million barrels, the current stock of the most widely used petroleum product is 0.3% more than the year-earlier level, while it is 8% below the five-year average range.
Distillate: Distillate fuel supplies (including diesel and heating oil) rose for just the fourth time in the past 13 weeks. The 5.1 million-barrel increase reflected higher output and a plunge in exports. Meanwhile, the market looked for a supply build of one million barrels. Following last week’s build, current inventories — at 111.7 million barrels — are 2.5% above the year-ago level but 16% lower than the five-year average.
Refinery Rates: Refinery utilization, at 95.8%, moved up 2.7% from the prior week to the highest in about four years.
3 Energy Stocks to Buy
Investors interested in the energy space might look at operators like NOW Inc., Eni and Enterprise Products Partners, each carrying a Zacks Rank #2 (Buy) currently.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NOW Inc.: DNOW beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters. NOW has a trailing four-quarter earnings surprise of 32.1%, on average.
DNOW is valued at around $1 billion. NOW has seen its shares lose 12.4% in a year.
Eni: It is valued at some $50 billion. The Zacks Consensus Estimate for E’s 2023 earnings has been revised 5.3% upward over the past 30 days.
Eni, headquartered in Rome, Italy, beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters and missed in the other. E shares have lost 8.4% in a year.
Enterprise Products Partners: It beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters. EPD has a trailing four-quarter earnings surprise of 4.1%, on average.
Enterprise Products Partners is valued at around $56.5 billion. EPD has seen its units fall 7.6% in a year.
Why Haven’t You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation.
See Stocks Free >>
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.