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Eni (E) Expands Car Sharing Fleet in Rome by Adding EVs

Zacks Equity Research
·3-min read

Eni SPA’s E car-sharing service, Enjoy, expanded its fleet in Italy by adding 100 zero-emission electric vehicles (“EVs”).

The EVs will join Enjoy’s existing fleet in Rome, which includes 800 vehicles ranging from cars to cargo. This count will be further increased by the addition of 200 EVs over the coming months.

XEV YOYO electric cars are the new non-polluting vehicles to have been included in Enjoy’s fleet in Rome. The cars have a maximum speed of 80 kilometers per hour and a range of up to 150 kilometers.

The XEX YOYOs have a battery swapping system, apart from traditional charging at charging stations. This implies that the empty batteries can be replaced with charged ones in minutes. Some of Eni’s service stations in Rome are already equipped to provide the service.

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The system enables customers to start and end rentals anywhere within the service areas, without the need for pre-defined pick-up or return points. Enjoy will manage to recharge EVs and ensure that the new cars are available with a minimum battery level of 30%.

Enjoy’s car-sharing service has been available in Rome since 2014. It is said to have rented more than nine million vehicles locally. With the newly-added vehicles in Rome, Enjoy is completing the EV deployment across its entire city fleets where the service is available.

Growth in the EV market has been impressive over the last several years. While EVs still account for a small share of global vehicle sales, they have logged impressive sales growth over the last couple of years.

With e-mobility trends becoming more in demand with each passing day, energy giants have been stepping up their EV game. Eni has pledged to become carbon-neutral by 2050 due to the growing urgency from investors and environmentalists to curb climate change.

Price Performance

Shares of Eni have outperformed the industry in the past three months. The stock has gained 5.7% compared with the industry’s 0.5% growth.

 

Zacks Investment Research
Zacks Investment Research


Image Source: Zacks Investment Research

 

Zacks Rank & Other Stocks to Consider

Eni currently sports a Zack Rank #1 (Strong Buy).

Some other top-ranked players in the energy space are Seadrill Limited SDRL, Evolution Petroleum Corporation EPM and PHX Minerals Inc. PHX. SDRL and EPM currently sport a Zacks Rank of 1, and PHX carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Seadrill is a market-leading international driller with strong exposure in key strategic basins like the U.S. Gulf of Mexico, Brazil and Angola. SDRL reported first-quarter 2023 earnings of 83 cents per share, beating the Zacks Consensus Estimate of earnings of 55 cents per share.

Seadrill has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for SDRL’s 2023 and 2024 earnings is pegged at $2.93 per share and $4.01 per share, respectively.

Evolution Petroleum is an independent energy company. EPM reported first-quarter 2023 earnings of 42 cents per share, beating the Zacks Consensus Estimate of earnings of 17 cents per share.

Evolution Petroleum has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for EPM’s 2023 and 2024 earnings is pegged at $1.11 per share and $1.05 per share, respectively.

PHX Minerals is an oil and natural gas mineral company. PHX Minerals posted first-quarter 2023 earnings of 11 cents per share, beating the Zacks Consensus Estimate of earnings of 7 cents per share.

PHX Minerals has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for PHX’s 2023 and 2024 earnings per share is pegged at 30 cents and 55 cents, respectively.

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Eni SpA (E) : Free Stock Analysis Report

Seadrill Limited (SDRL) : Free Stock Analysis Report

Evolution Petroleum Corporation, Inc. (EPM) : Free Stock Analysis Report

PHX Minerals Inc. (PHX) : Free Stock Analysis Report

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Zacks Investment Research