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Posted at 20/11/2024 20:26 by adrian j boris Eni S.p.A. Boosts Shareholder Value with Buyback ProgramTipRanks Auto-Generated Newsdesk Nov 20, 2024, 05:29 PM Eni S.p.A. recently acquired 889,000 treasury shares on the Euronext Milan, valued at approximately 12.5 million euros, as part of its ongoing buyback program aimed at enhancing shareholder returns. Since the start of the second tranche in June 2024, Eni has purchased over 70 million shares, representing 2.13% of its share capital. This strategic move reflects Eni’s commitment to optimizing its capital structure and delivering additional value to its investors. |
Posted at 12/11/2024 00:50 by waldron Eni Sells Another Slice of Plenitude to EIPEnergy Intelligence Group Published: Mon, Nov 11, 2024 Author Noah Brenner, London Editor Andrew Kelly Eni has sold another 1% interest in its Plenitude renewable power unit for €209 million ($223 million) to Swiss investor Energy Infrastructure Partners (EIP) as the Italian company continues to make swift progress toward its divestment targets. |
Posted at 25/10/2024 07:48 by maywillow Eni Cuts Profit Guidance on Weakening Oil-Price OutlookBy Alberto Brambilla October 25, 2024 at 2:23AM EDT (Bloomberg) -- Eni SpA lowered profit guidance for the year, reflecting a worsening oil-price outlook, even as third-quarter earnings beat analyst estimates. Europe’s energy companies are reporting results for a period marked by lower crude prices and narrower margins for refining and chemical products. Eni reduced its forecast for full-year proforma adjusted earnings before interest and taxes to €14 billion ($15.2 billion) from previous guidance of about €15 billion. Quarterly adjusted net income edged above estimates at €1.27 billion. Although energy companies around Europe and elsewhere braced for weaker profits in the quarter, there’s so far no sign they’ll curtail returns to investors. Eni confirmed plans to raise its 2024 share buyback to €2 billion. “Lower guidance was widely expected, as management had $86 a barrel for Brent for 2024 — too high compared to year-to-date average and prevailing oil prices,” Mediobanca analyst Alessandro Pozzi said in a note. Benchmark Brent crude is currently trading around $75 a barrel in London. Earlier this week, Eni signed a deal with KKR & Co. to sell a minority stake in its biorefining unit, Enilive. It’s seeking funds to finance clean-energy projects, a move that includes asset disposals and spinoffs. The company said Friday its €8 billion asset-sale plan to 2027 is “proceeding faster than expected,” with half of the disposals coming from the exploration and production business. “In upstream, we continue our divestment program, and are also in the final stages of evaluating options to monetize recent material discoveries via our dual exploration model,” Chief Executive Officer Claudio Descalzi said. Eni also plans to spend about €2 billion to overhaul its aging chemicals business in Italy as part of a shift toward lower-carbon options, the company said Thursday, confirming an earlier Bloomberg report. The shares traded up 1.1% at 9:10 a.m. in Milan on Friday. Eni “continues to deliver on its strategic objectives, and the nudge-up in distributions is likely to be welcomed by investors,” RBC Europe Ltd. analysts said in a note. (Updates with analyst comments starting in fifth paragraph, shares in 11th) |
Posted at 24/10/2024 08:38 by maywillow Eni Sells Stake in Biorefining Unit Enilive to KKR in Green PushAntonio Vanuzzo Thu, October 24, 2024 at 9:07 AM GMT+2 1 min read (Bloomberg) -- Eni SpA signed a deal with KKR & Co Inc to sell a minority stake in its biorefining unit Enilive in a push to finance its green transition. The deal envisages the US investment firm taking 25% of Enilive for €2.94 billion ($3.17 billion), giving the division a valuation of €11.75 billion, according to a statement on Thursday. Eni said it will also inject €500 million in the unit — which comprises biorefining and biomethane assets as well as mobility solutions — to make it debt-free. Eni’s new strategy started with the disposal of a minority stake in green division Plenitude to Energy Infrastructure Partners AG in 2023. The company’s so-called satellite model includes spinning off divisions and partnering with external investors, with a view to eventually listing them. Shares of the company rose as much as 1.5% in Milan trading. Eni, which reports results for the third quarter on Friday, is also in talks with investors including Snam SpA for a stake in a new carbon capture and storage division. It’s also planning to spend about €2 billion to overhaul its aging chemicals business in Italy as part of a shift away from fossil fuel-based products toward increasing use of decarbonized options. Bloomberg Businessweek |
Posted at 19/9/2024 10:35 by florenceorbis Oil Is Not Out of the Woods YetBy Irina Slav - Sep 18, 2024, 11:30 AM CDT Crude oil prices revived this week with WTI recovering to $70 per barrel. This week, the climb is being fueled by the U.S. Federal Reserve, which is later today expected to announce the first rate cut after four years of hikes. A number of investment banks and forecasters have revised down oil price forecasts for the remainder of 2024. Oil prices started the week with a gain after slumping to the lowest in nearly three years, with analysts of a mostly unanimous opinion that bearish factors are stronger than bullish ones, regardless of their actual weight. Some even believe prices will fall further before a correction begins. Morgan Stanley, for instance, revised down its Brent crude forecast for the fourth quarter to $75 per barrel from $80 per barrel. Swedish financial major SEB concurs, with its chief commodities analyst also putting Brent’s average at $75 per barrel—in 2025. Bjarne Schieldrop added, however, that prices typically move within a $15 range from that figure. BCA Research is also pessimistic about the potential for oil prices to break out of their current, increasingly lower, range. Roukaya Ibrahim, BCA’s commodity and energy strategist, said recently in a note that the worst for oil prices was yet to come after speculators turned net bearish on crude for the first time since record-keeping began. “The cyclical global growth outlook ultimately suggests that the worst has not yet passed for the oil market. The path of least resistance for prices is to the downside over a six-to-nine-month horizon,” Ibrahim said, adding that “Investors who are long oil should cut back their exposure in anticipation of lower prices ahead.” All this does not sound good for those betting on a rise in oil prices in the observable future. Yet prices are up this week, extending a climb that began last week on supply disruptions in the Gulf of Mexico. This week, the climb is being fueled by the U.S. Federal Reserve, which is later today expected to announce the first rate cut after four years of hikes aimed at stemming the progress of inflation. Related: China's Coal Power Generation Returns to Growth A rate cut would probably buoy oil prices for some time as it would signal the U.S. economy is truly on the mend, and those who talked about a soft landing knew what they were talking about. The interesting question is how long the potential rally would last and how high prices would go before Chinese demand disappointment settles back over oil markets. Another interesting question is when those markets will get used to the fact that Chinese demand is unlikely to return to double-digit growth rates, and oil bets begin to reflect that new, calmer reality. It might be a while, judging by current sentiment, with market analyst John Kemp noting that “crude prices have retreated to levels last seen when the major economies were still in the grip of the coronavirus pandemic and the first successful vaccines had only recently been announced.” This seems a bit excessive, seeing as there are currently no pandemic lockdowns anywhere, and demand for crude oil has certainly recovered from the trough of 2020. Bloomberg has noted in several reports that CTAs—commodity trading advisors—tend to amplify price changes because they follow technical trends and disregard fundamentals. This probably had a part to play in the latest rout and the net bearish record on the futures market. A pessimistic economic outlook also had a part to play. “The weakness is at the back of the market,” Black Gold Investors fund manager Gary Ross told Bloomberg recently. “The industry is bearish 2025. The financials drive the flat price and are hugely short by historical standards — they are clearly pricing in a very poor economic outlook.” The Economist Intelligence Unit recently noted U.S. elections as a factor creating uncertainty about the global economic outlook and also slowing U.S. growth as a bearish factor. Finland-based Nordea said all major economies were witnessing weak growth, noting that “This could encourage China to ease fiscal policy further, and the Western central banks are expected to cut rates. With a delay, both actions should bring more stability to the growth numbers.” McKinsey noted that growth has been weak but took a more optimistic stance in its latest update, noting that even though it was slow, growth was still present in all the major economies, moving faster in developing nations. In China, the consultancy said that GDP growth over the first half of the year was a healthy 5%. All this suggests that physical demand for oil is not about to plunge, and positive fundamental news will eventually reach the futures market and change traders’ behavior. Meanwhile, the focus would be on potential supply disruptions and geopolitics as the situation in the Middle East remains extra-tense, although it has so far failed to lead to the abovementioned disruptions. Everyone seems to be looking at OPEC+, which has planned to bring back some supply starting in October but delayed that because of low prices. Meanwhile, U.S. producers are beginning to slow down production growth because lower prices are not something they like in the usual supply adjustment to demand perceptions. This production growth slowdown is happening gradually, and few are paying attention because the watchers are too busy watching OPEC supply and China demand. It could, however, eventually swing the market into a deficit. By Irina Slav for Oilprice.com |
Posted at 06/9/2024 13:12 by waldron Eni (BIT:ENI) Is Paying Out A Larger Dividend Than Last YearSimply Wall St September 04, 2024 Eni S.p.A. (BIT:ENI) has announced that it will be increasing its periodic dividend on the 25th of September to €0.25, which will be 4.2% higher than last year's comparable payment amount of €0.24. Based on this payment, the dividend yield for the company will be 6.6%, which is fairly typical for the industry. Eni's Payment Has Solid Earnings Coverage Unless the payments are sustainable, the dividend yield doesn't mean too much. Prior to this announcement, Eni's dividend made up quite a large proportion of earnings but only 53% of free cash flows. Since the dividend is just paying out cash to shareholders, we care more about the cash payout ratio from which we can see plenty is being left over for reinvestment in the business. The next year is set to see EPS grow by 75.7%. Under the assumption that the dividend will continue along recent trends, we think the payout ratio could be 44% which would be quite comfortable going to take the dividend forward. While the company has been paying a dividend for a long time, it has cut the dividend at least once in the last 10 years. Since 2014, the annual payment back then was €1.10, compared to the most recent full-year payment of €0.94. The dividend has shrunk at around 1.6% a year during that period. A company that decreases its dividend over time generally isn't what we are looking for. Eni May Find It Hard To Grow The Dividend Growing earnings per share could be a mitigating factor when considering the past fluctuations in the dividend. Earnings per share has been crawling upwards at 5.0% per year. Earnings are not growing quickly at all, and the company is paying out most of its profit as dividends. This isn't the end of the world, but for investors looking for strong dividend growth they may want to look elsewhere. In Summary Overall, this is probably not a great income stock, even though the dividend is being raised at the moment. The payments haven't been particularly stable and we don't see huge growth potential, but with the dividend well covered by cash flows it could prove to be reliable over the short term. Overall, we don't think this company has the makings of a good income stock. |
Posted at 25/7/2024 10:44 by adrian j boris Eni negotiating sale of up to 25% stake in biofuel unit Enilive to KKREni is seeking a valuation of between €11.5bn ($12.46bn) and €12.5bn for Enilive, which focuses on biorefining and biomethane production. July 24, 2024 Eni has entered an exclusivity agreement with investment company KKR for the potential sale of a minority stake in its biofuel unit, Enilive. The deal, which could see KKR acquiring between a share of between 20% and 25%, is currently in the due diligence phase. This move aligns with Eni’s satellite model strategy to attract investment and drive growth of its new businesses. Eni is seeking a valuation of between €11.5bn and €12.5bn for Enilive. While the finalisation of the transaction is contingent upon definitive documentation, both Eni and KKR are actively negotiating the terms. Eni also indicated that the interest from financial investors might lead to a further sale of an additional 10% stake in Enilive. |
Posted at 18/6/2024 14:50 by sarkasm Eni Sells 10 Percent of Stake in Saipemby Paul Anderson | Rigzone Staff | Friday, June 14, 2024 | 3:08 AM EST Eni received $421.9 million from institutional investors in the transaction. Italian energy major Eni S.p.A. wrapped up the sale of a 10 percent stake in Saipem S.p.A. The company raked in EUR 393 million ($421.9 million), at EUR 1.97 per share. Eni said in a press release that the settlement of the transaction will take place on June 14. |
Posted at 22/5/2024 19:45 by misca2 Eni Is Studying 20% Stake Sale in Biorefining Unit EniliveAntonio Vanuzzo and Alberto Brambilla, Bloomberg News The company is working with advisers and values the whole business about €10 billion. (Bloomberg) -- Eni SpA is studying a sale of a 20% stake in its biorefining unit Enilive as it received expressions of interest from potential suitors, according to people familiar with the matter. The Italian energy company is now working with advisers and values the whole business about €10 billion ($10.8 billion), said the people, who asked not to be named as they aren’t authorized to discuss the matter publicly. Discussions over the size of the stake sale are at an early stage and the company is still assessing options for the unit, they said. A representative for Eni declined to comment. Read More: Eni CEO Confirms Plan to Sell Stake in Enilive or List Unit Eni has embarked on a reorganization to help fund a transition to gas and renewable energy. Chief Executive Officer Claudio Descalzi is pursuing a so-called “satellite model” for the company, which entails listing divisions or partnering with external investors to develop them. The new strategy started with the disposal of a minority stake in Eni’s green unit Plenitude to Energy Infrastructure Partners AG in 2023. The company is also targeting to split off its carbon capture unit and its biochemical subsidiary Novamont by 2027. Enilive comprises biorefining and biomethane assets as well as mobility solutions. It posted adjusted earnings before interest, taxes, depreciation, and amortization of €250 million in the first three months of 2024, up 27% compared to the same period last year. |
Posted at 10/11/2023 00:02 by pj84 This super-cheap oil stock is the toast of the world’s top ‘value’ investorsWhen a stock suddenly becomes more popular with the best-performing fund managers in the world, it’s worth a closer look. This is what has happened to Eni, the Italian oil and gas giant, which has surged to a top AAA rating from Citywire Elite Companies, which rates stocks on the basis of their backing by the world’s top professional investors. Seven of these fund managers – each among the top-performing 3pc of the 10,000 equity fund managers tracked by the financial publisher Citywire – own shares in Eni, which has climbed from the lowest + rating to AAA status in the past month. What unites these investors, apart from their strong performance, is their style of “value” investing. Examine Eni in more detail and it’s clear why its shares are particularly appealing to them. Even in an oil and gas sector where low valuations are the norm, Eni stands out for the cheapness of its shares. Compared with eight of its largest oil and gas rivals, Eni’s shares trade on the lowest price-to-earnings ratio of 6.6 times expected profits over the next 12 months. Its forecast dividend yield of 6.2pc, based on the expected dividend and the current share price, is meanwhile the highest. By historic standards too, the shares’ valuation looks low. Valued according to forecast earnings, sales and free cash flows, the shares are trading towards the bottom of their 10-year range. But unlike many shares on rock-bottom valuations, Eni has been a very good investment over recent years. It is not a “falling knife”. In sterling terms, since hitting a lockdown low almost exactly three years ago, the shares have clocked up a 200pc total return. Better-than-expected third-quarter results at the end of last month are cause for further optimism, even as rivals such as BP have disappointed. Industry trends also look supportive. The American oil and gas “supermajors&r Eni’s acquisition record is less extravagant; the Italian government’s 30pc stake is a limiting factor. But a $4.9bn deal announced in June to buy Neptune Energy looks strategically sound. The takeover, which should complete early next year, will help Eni achieve a target of producing 60pc of output from gas by 2030. As gas produces fewer carbon emissions than oil, the European Commission has designated it a transition fuel, which will help underpin long-term demand. Increasing gas production will also mean that Eni’s liquified natural gas (LNG) business becomes less reliant on third-party supplies, the risk of which has been brought home by Russia’s invasion of Ukraine. Another opportunity for investors lies in potential divestments and in particular the mooted flotation of its green energy arm, Plenitude. Original plans for a listing were delayed last year as investors turned from hot to cold on renewable energy companies. Now Eni is considering selling a stake in the division before potentially floating it next year. If successful, this could prove particularly beneficial for shareholders. That’s because one explanation for Eni’s low valuation is investors’ preference for oil companies that stick to their fossil-fuel roots and hand back excess cash to shareholders via dividends and share buybacks rather than spending it on expensive renewable energy projects. Eni’s valuation of Plenitude suggests the bar is set low for the flotation to deliver value for shareholders. Outside investors could put a higher price on the business, which is working towards ambitious targets. Eni aims to increase renewable energy production from 2.2 gigawatts last year to 15 gigawatts by 2030 and 60 by 2050 and treble Plenitude’s earnings on the “Ebitda” (earnings before interest, tax, depreciation and amortisation) measure by €1.8bn by 2026. While Eni is increasing spending, raising a four-year investment plan from €28bn to €37bn this year, those commitments are unlikely to threaten returns to shareholders. Net debt remains comfortably inside the target range of 10pc to 20pc of net assets, while Eni is committed to annual dividend increases and will continue to buy back shares with spare cash. Buybacks reduced the share count by 6pc in the 12 months to the end of September. These cash returns should help support the shares, while Eni’s low valuation should mean it won’t take much to send them higher. |
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