Eni (E) Sells 10% Stake of Saipem to Focus on Core Operations

12.06.24 16:55 Uhr

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Eni SpA E completed the divestment of a 10% stake in an oilfield services company named Saipem. The shares were sold for €1.970 each, raising €393 million ($421.96 million).The transaction was initiated through an accelerated book-building procedure, a swift method often used to sell shares quickly to institutional investors.Following the divestment, Eni retains 21.19% of Saipem’s capital. Within this holding, 12.5% is covered by an existing shareholders’ agreement between Eni and Italy-based state lender CDP through its unit CDP Equity.The latest agreement ensures that Eni maintains joint control over Saipem despite the reduction in its stake. Notably, the shares sold are not included in the existing shareholders' agreement with CDP Equity.Eni's divestment is part of a broader strategy to reduce debt and concentrate on its core operations. In mid-March, the company outlined plans to generate €8 billion ($8.59 billion) in net proceeds from asset sales by 2027 as part of its financial restructuring and strategic refocus.Saipem, which had issued a profit warning in 2022, has since undergone a significant transformation. The company successfully conducted a capital increase, restructured its operation, and appointed new top management, positioning itself for improved performance and stability.The transaction saw Citigroup, Goldman Sachs International, Intesa Sanpaolo, Natixis and UniCredit acting as joint global coordinators and joint book-runners. As part of the agreement, Eni has committed to not selling any additional Saipem shares on the market for 180 days unless waived by the joint book-runners, adhering to customary market practice.The final terms of the transaction will be disclosed upon the completion of the placement. This strategic move by Eni underscores its commitment to optimizing its portfolio and maintaining financial stability while supporting Saipem’s ongoing transformation efforts.Zacks Rank & Stocks to ConsiderEni currently has a Zack Rank #3 (Hold).Investors interested in the energy sector may look at some better-ranked companies mentioned below. The three companies presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.SM Energy Company SM is set to expand its oil-centered operations in the coming years with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments can create long-term value for shareholders.The Zacks Consensus Estimate for SM’s 2024 and 2025 earnings per share (EPS) is pegged at $6.63 and $7.46. The company has a Zacks Style Score of B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.Enterprise Products Partners EPD is among the leading midstream energy players in North America.  It has an extensive network of pipelines that spreads across more than 50,000 miles.The Zacks Consensus Estimate for EPD’s 2024 and 2025 EPS is pegged at $2.73 and $2.87, respectively. The company has a Zacks Style Score of A for Value and Momentum. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.ProPetro Holding Corporation PUMP is an oilfield services provider operating primarily in the Permian Basin spread over West Texas and New Mexico. ProPetro's strategic transition to next-generation equipment, including FORCE electric fleets, underscores its market leadership and cutting-edge technology.The Zacks Consensus Estimate for PUMP’s 2024 and 2025 EPS is pegged at 67 cents and 83 cents, respectively. The company has a Zacks Style Score of A for Value and B for Growth. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.Top 5 Dividend Stocks for Your RetirementZacks targets 5 well-established companies with solid fundamentals and a history of raising dividends. More importantly, they have the resources and will to likely pay them in the future.Click now for a Special Report packed with unconventional wisdom and insights you simply won’t get from your neighborhood financial planner.See our Top 5 now – the report is FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Enterprise Products Partners L.P. (EPD): Free Stock Analysis Report Eni SpA (E): Free Stock Analysis Report SM Energy Company (SM): Free Stock Analysis Report ProPetro Holding Corp. (PUMP): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks

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09.07.2024Eni OverweightJP Morgan Chase & Co.
03.07.2024Eni Sector PerformRBC Capital Markets
02.07.2024Eni BuyUBS AG
01.07.2024Eni Sector PerformRBC Capital Markets
01.07.2024Eni BuyGoldman Sachs Group Inc.
DatumRatingAnalyst
09.07.2024Eni OverweightJP Morgan Chase & Co.
02.07.2024Eni BuyUBS AG
01.07.2024Eni BuyGoldman Sachs Group Inc.
16.05.2024Eni OverweightJP Morgan Chase & Co.
25.04.2024Eni BuyGoldman Sachs Group Inc.
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03.07.2024Eni Sector PerformRBC Capital Markets
01.07.2024Eni Sector PerformRBC Capital Markets
29.04.2024Eni HoldJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
22.04.2024Eni Sector PerformRBC Capital Markets
04.04.2024Eni Sector PerformRBC Capital Markets
DatumRatingAnalyst
04.10.2021Eni UnderweightBarclays Capital
30.07.2021Eni UnderweightJP Morgan Chase & Co.
06.07.2021Eni UnderweightJP Morgan Chase & Co.
30.04.2021Eni UnderweightJP Morgan Chase & Co.
22.04.2021Eni UnderweightBarclays Capital

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