Eni S.p.A. E, an Italian integrated energy company, announced an extension of fuel price discounts to the agricultural and fishing sectors as part of its “Eni for Italy” initiative. Notably, E announced a discounted rate of 20% net of VAT for customers purchasing agricultural and fishing diesel and gasoline through its Enilive business. The company had previously offered Italian households a 30% discount on electricity and natural gas rates sold through its retail wing, Plenitude, amid soaring energy costs.
The company has mentioned that the discounted prices will remain until the end of the month. Furthermore, based on the market scenario and the availability of products, the discounts may be extended till the end of this year. Eni had previously imposed a price cap on diesel and gasoline prices at participating Enilive fuel stations under the “Eni for Italy” initiative. These efforts also aim to help the government ease the burden of higher energy costs on Italian consumers. Eni had mentioned that diesel prices would be capped at €2.19 per litre, while petrol would be sold at €1.99 per litre.
For the agricultural and fishing industries, the measure is particularly relevant, as both sectors are quite sensitive to changes in energy and fuel costs. The company said the move is intended to support these two strategic sectors in the economy and demonstrate further solidarity with the country.
E’s Zacks Rank & Other Key Picks
E currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the energy sector are PBF Energy PBF, Valero Energy VLO and Galp Energia SGPS SA GLPEY. While PBF Energy and Valero sport a Zacks Rank #1 each, Galp Energia carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks Rank #1 stocks here.
PBF Energy has a geographically diverse refining network with large-scale processing capacity and a highly complex refining system. It operates six refineries, including Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery, with a combined throughput capacity of 1 million barrels per day and the ability to process a wide range of feedstocks. The diversified refining footprint provides the company exposure to several regional refining markets, supporting higher margins.
Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. VLO’s refineries have a combined Nelson Complexity Index of 11.5, which implies that the refineries can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It refines and markets oil products and gas, as well as engages in marketing and sales activities.
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Eni SpA (E): Free Stock Analysis Report
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Galp Energia SGPS SA (GLPEY): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).