Core Viewpoint - Major League Baseball (MLB) has reached a licensing agreement with an event-prediction platform amid a recent betting scandal, indicating a strategic move to enhance engagement and revenue streams in the face of challenges [1] Group 1: Licensing Agreement - The licensing agreement with the event-prediction platform is seen as a significant step for MLB to integrate more technology and data analytics into its operations [1] - This partnership may provide MLB with new opportunities to monetize its brand and engage fans through innovative betting-related services [1] Group 2: Impact of Betting Scandal - The recent betting scandal has cast a shadow over MLB, potentially affecting its reputation and operations [1] - The timing of the licensing agreement suggests that MLB is proactively addressing the challenges posed by the scandal while seeking to capitalize on the growing sports betting market [1]

CAPITAL MARKETS UPDATE 19 March 2026 DISCLAIMER CAPITAL MARKETS UPDATE 2026 This document contains certain forward‐looking statements particularly those regarding capital expenditure, development and management of oil and gas resources, dividends, share repurchases, allocation of future cash flow from operations, future operating performance, gearing, targets of production and sales growth, new markets and the progress and timing of projects. By their nature, forward‐looking statements involve risks and unc ...

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, with the aim of buying high and selling higher, capitalizing on established price movements [1]. Company Overview: Eni SpA (E) - Eni SpA currently holds a Momentum Style Score of B and a Zacks Rank of 1 (Strong Buy), indicating strong potential for outperformance in the market [3][4]. - The stock has shown significant price appreciation, with a 7.54% increase over the past week, compared to a 3.34% rise in the Zacks Oil and Gas - Integrated - International industry [6]. - Over the last quarter, Eni's shares have risen 36.55%, and they are up 68.43% over the past year, while the S&P 500 has only moved -0.81% and 20.23%, respectively [7]. Trading Volume - Eni's average 20-day trading volume is 481,235 shares, which serves as a useful indicator of market interest and price movement [8]. Earnings Outlook - In the past two months, three earnings estimates for Eni have been revised upwards, increasing the consensus estimate from $3.40 to $4.10 [10]. - For the next fiscal year, two estimates have also moved upwards, with no downward revisions during the same period [10]. Conclusion - Given the strong performance metrics and positive earnings outlook, Eni SpA is positioned as a promising investment opportunity with a Momentum Score of B [11].

Core Insights - The Libyan National Oil Corporation announced the discovery of two offshore gas fields in northwestern Libya, with a total reserve of approximately 10 trillion cubic feet (280 billion cubic meters) [1] Group 1: Discovery Details - The gas fields, named "Esalam River 2" and "Esalam River 3," were confirmed after drilling and preliminary assessments by the foreign partner Eni North Africa, located 16 kilometers south of the existing Esalam River gas field [1] - The new gas discovery is expected to help meet both domestic and international market demands [1] Group 2: Market Implications - Eni Group stated that the produced gas will not only satisfy domestic market needs in Libya but will also be exported to Italy [1] Group 3: Contextual Background - Libya is one of Africa's largest oil producers and a member of the Organization of the Petroleum Exporting Countries (OPEC), with oil and gas exports being the primary source of national revenue [1] - The country has faced ongoing conflict and political instability since the overthrow of the Gaddafi regime in 2011, impacting its oil and gas sector [1]

Core Insights - Eni has announced two significant gas discoveries in Libyan waters, estimated to contain over one trillion cubic feet (tcf) of gas [1][2] - The discoveries were made at Bahr Essalam South 2 (BESS 2) and Bahr Essalam South 3 (BESS 3), located approximately 85km offshore [1] - The gas is intended for domestic use in Libya and export to Italy, with integration into existing production systems expected to be swift due to proximity to current infrastructure [2] Company Overview - Eni has been operating in Libya since 1959 and is a major international player in the region, with projected equity production of around 162,000 barrels of oil equivalent per day by 2025 [4] - The company is currently executing three developmental projects, with two expected to commence this year [4] - Eni operates the Bahr Essalam gas and condensate field through a joint venture with the Libyan state-owned National Oil Corporation (NOC) [3] Exploration and Production Details - The gas was discovered within the Metlaoui Formation, which is recognized as a key reservoir in the region [2] - Drilling operations were conducted at depths of approximately 650ft, validating the productive capacity of the reservoir through well tests [2] - The Bahr Essalam field is Libya's largest offshore production site, with production having started in 2005 [3]

Core Insights - Eni has made two new offshore natural gas discoveries in Libya, which could enhance supplies for both the domestic market and Europe [1][3] - The discoveries are located in the Bahr Essalam South 2 and Bahr Essalam South 3 structures, with preliminary estimates indicating over 1 trillion cubic feet of gas in place [2][3] - The proximity of these finds to existing infrastructure allows for potentially rapid development, supporting both domestic consumption and exports to Italy [3] Company Overview - Eni has been operating in Libya since 1959 and is the leading international energy company in the country, with an equity production of approximately 162,000 barrels of oil equivalent per day reported in 2025 [4] - The company is advancing three development projects in Libya, with two expected to commence production in 2026 [4] Industry Context - The new discoveries underscore Libya's ongoing potential as a significant gas supplier in the Mediterranean, especially as European markets seek to diversify their energy sources [5]

Core Viewpoint - Eni S.p.A. (NYSE:E) is identified as one of the most undervalued energy stocks, with a price target increase from EUR 18.50 to EUR 21 by BofA, maintaining a Neutral rating on the shares [1]. Financial Performance - In fiscal Q4 2025, Eni reported an adjusted net income of €1.20 billion, reflecting a 35% year-over-year increase [2]. - The company's cash flow from operations (CFFO) for fiscal Q4 reached €3 billion, up 4% year-over-year, with management indicating that cash flow is significantly ahead of plan [2]. - Eni's gearing ratio is reported at a historically low level of 14%, attributed to active portfolio management [2]. Operational Highlights - Eni signed a binding agreement with Petronas to establish a jointly-controlled exploration and production satellite in Indonesia/Malaysia, combining two significant gas asset portfolios [3]. - The initial production level from this agreement is expected to exceed 300 Kboe/d, with a rapid ramp-up anticipated to a sustainable level of over 500 Kboe/d [3]. Business Segments - Eni operates in various segments including Exploration and Production, Global Gas and LNG Portfolio, Refining & Marketing and Chemicals, Power & Renewables, and Corporate and Other Activities [4].

Core Viewpoint - The article discusses the 11 most undervalued energy stocks to consider for investment, emphasizing the current market conditions and the potential for recovery following recent sell-offs [1][3]. Market Analysis - David Katz from Matrix Asset Advisors highlighted the negative sentiment in the market, stating that the news flow has been "absolutely miserable" and that the market is down about 4% to 5% [1][2]. - Historical trends suggest that markets typically bottom out 3 to 4 weeks into conflicts and recover within approximately two months [1]. Investment Strategy - Katz recommends buying individual stocks during the current sell-off and suggests that if the market declines further by another 4% to 5%, investors could become more aggressive [2]. - The focus should be on high-quality companies that are likely to withstand current market challenges [2]. Economic Outlook - Katz expresses confidence that both the United States and its economy will navigate through current issues, including transitory oil price problems, and anticipates a decrease in inflation and a market recovery [3]. Methodology for Stock Selection - The article outlines a methodology using the Finviz stock screener to identify energy stocks with a forward P/E below 15, focusing on those favored by elite hedge funds as of Q3 2025 [5][6]. Featured Energy Stocks - **Eni S.p.A. (NYSE:E)**: - Price target raised by BofA to EUR 21 from EUR 18.50, maintaining a Neutral rating [8]. - Reported an adjusted net income of €1.20 billion for fiscal Q4, a 35% increase year-over-year, with cash flow from operations at €3 billion, up 4% year-over-year [9]. - Signed a binding agreement with Petronas for a jointly-controlled E&P satellite in Indonesia/Malaysia, targeting initial production of over 300 Kboe/d, expected to ramp up to over 500 Kboe/d [10]. - **Equinor ASA (NYSE:EQNR)**: - Price target adjusted to NOK 345 from NOK 260, also maintaining a Neutral rating [12]. - Announced a bio-methanol agreement with Wallenius Wilhelmsen for use as bunker fuel in dual-fuel methanol vessels, with supplies starting in late 2026 [13][14].

Core Insights - The efficiency level of a company is crucial for assessing its potential to generate profits and is positively correlated with price performance [1] Efficiency Ratios - Receivables Turnover measures a company's ability to extend credit and collect debts, with a high ratio indicating quality customers [2] - Asset Utilization indicates how effectively a company converts assets into output, with a high ratio suggesting efficiency [3] - Inventory Turnover reflects a company's ability to maintain an appropriate inventory level, with a high value indicating low inventory relative to cost of goods sold [4] - Operating Margin measures a company's control over operating expenses, with a high ratio indicating efficient management compared to peers [5] Screening Criteria - The screening process included a favorable Zacks Rank of 1 (Strong Buy) to enhance profitability [6] - The criteria narrowed down over 7,906 stocks to 13 based on efficiency ratios exceeding industry averages [7] Selected Stocks - Buenaventura Mining (BVN) shows strong efficiency metrics with an average four-quarter earnings surprise of 80.4% [8][9] - Veeco Instruments (VECO) has an average four-quarter earnings surprise of nearly 26% [8][10] - Blue Bird (BLBD) achieved an average four-quarter earnings surprise of 23.3% [8][11] - Eni (E) has an average four-quarter earnings surprise of 13.5% [8][12]

Market Overview - Geopolitical tensions, particularly around Iran and the Strait of Hormuz, have heightened market alertness, leading to increased oil prices and pressure on equities. However, historical trends indicate that such regional conflicts typically result in temporary market fluctuations rather than long-term damage [1][2] - The broader economic landscape remains stable, with inflation easing from previous highs and policymakers actively monitoring price trends and the labor market. Measures such as releasing oil reserves have been implemented to alleviate supply concerns, contributing to market stability [2] Investment Opportunities - In a volatile market, stocks that demonstrate relative price strength can indicate investor confidence and present attractive investment opportunities. Companies such as TechnipFMC plc, GigaCloud Technology, Dave Inc., and Eni S.p.A. are highlighted as potential candidates for investment [3][4] - TechnipFMC plc has seen a significant price increase of 142.9% over the past year, with an expected EPS growth rate of 18.8% over the next three to five years, outperforming the industry growth rate of 12.8% [10][11] - GigaCloud Technology has achieved a remarkable 205.4% increase in share price over the past year, consistently beating earnings estimates with an average surprise of 64.5% [12][13] - Dave Inc. has experienced a 173% increase in share price, with a Zacks Consensus Estimate indicating a 9.9% growth in earnings for 2026 [14][15] - Eni S.p.A. has gained nearly 67% in share price over the past year, with a market capitalization of approximately $82 billion and a projected 10.3% year-over-year growth in earnings [15][16] Screening Parameters - The investment screening process includes criteria such as positive relative price changes over various time frames, positive current-quarter estimate revisions, and a minimum stock price of $5 with adequate trading volume [8][9] - Stocks with a VGM Score of A or B, combined with a Zacks Rank of 1 or 2, are considered to have the best upside potential [10]