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8 Energy Stocks With Upside: Petrobras Leads

ENI S.p.A. Common Stock (NYSE: E)

Eni SpA is an integrated energy major of Italy with interests in the oil and gas, power and petrochemical sectors.

Industry experts believe that the outlook for the company's gas trading business is bleak over the next couple of quarters. However, Eni would probably rely on the Libyan gas contracts, as it has made an advance payment of nearly $1.3 billion toward supply. Besides, the company is negotiating projects in Kazakhstan, Iraq and Venezuela. Accordingly, capex for 2010 has been increased from around $18 billion to $20 billion.

The Italian government's plan to divest its stake in Eni is another positive trigger. The government is likely to table the divestment plans in parliament during the first half of 2011.

Eni has revised its full-year tax guidance for 2010 from 57% to 55%. Accordingly, analysts upgraded EPS estimates by 3%, aiding in not only favorable tax provisions, but also higher contribution from associates. The stock is trading at 7.7 times its estimated 2011 earnings.

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