The announcement of the buyback plan supports the title Eni in Piazza Affari. His quotes are the exception in a Ftse Eb otherwise everything in red: during the morning the six-legged dog in fact he earns the1,21 % a 15,534 €. Yesterday evening Eni announced what the board of directors had decided: that is, to submit the proposal for authorization to thepurchase of treasury shares for a period lasting until the end of April 2025 with the aim of remunerating shareholders and for the implementation of the employee share ownership plan (Pad), as already communicated to the market. The group therefore intends to launch the new 2024 billion buyback in 1,1 and "this amount may be increased up to an overall maximum of 3,5 billion", in the event of an increase in cash flow.
Eni: the buyback plan and the fourth tranche of the dividend
The maximum quantity of shares that can be purchased under the program is 328 million, about a quarter 10% of the share capital. Also yesterday, Eni's board of directors gave the green light to the fourth and final tranche of the dividend 2023 based on available reserves, of 0,23 euros (out of a total annual disbursement of 0,94) for each share in circulation on the ex-dividend date of 20 May 2024, with payment on 22 May 2024, in line with as resolved by the meeting of 10 May 2023. For holders of Adrs (American deposit receipt) registered by 21 May 2024, listed on the New York Stock Exchange and each representing two Eni shares, the fourth tranche of the disbursement will be 0,46 .7 euros for Adr, payable on 2024 June XNUMX.
Eni has therefore decided on the possible issue of one or more bonds, to be placed with institutional investors, for a total amount not exceeding 5 billion (or equivalent in another currency), to be issued in one or more tranches by 31 March 2026. The bonds, explained the company, "will pursue the objective to maintain a balanced financial structure and will be used for Eni's general needs".
Eni and the benefits thanks to the price of oil
The group's prices on Piazza Affari also benefited of the trend of the Oil prices, with the Brent climbed beyond the 91 dollars a barrel while operators monitor developments in the conflict in the Middle East. Analysts at Banca Akros point out that the group's targets are based on an oil price of 80 dollars a barrel. A persistent increase in crude oil prices could therefore lead to superior results.
