5. Eni SpA ( E) is an Italy-based energy major with activities ranging from oil and gas exploration and production, gas marketing, management of gas infrastructure, power generation, petrochemicals and oil field services.

Adjusted operating profit was up 18.4% during the first quarter of 2011, due to better operating performance reported by the exploration and production segment. Adjusted net income for the period was up 22% over the first quarter of 2010 as a result of lower tax rate and better operating performance.

Operating cash flows stood at $5.9 billion at the end of the first quarter and were used to fund capital expenditure of $4.05 billion and to pay down net borrowings, which were down by $1.65 billion from December quarter to $35.2 billion.

The stock is trading at seven times its estimated 2011 earnings with an estimated 38% upside over the next one year. The stock has 60% analyst buy ratings.

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