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Eni to Divest Gas & Power Operations in Belgium to Eneco
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Eni SpA (E - Free Report) recently announced that it has inked a sale and purchase agreement with Eneco. The deal facilitates the latter to purchase a 100% stake of Eni gas & power NV/SA along with its subsidiary, Eni Wind Belgium NV/SA.
Eni Wind Belgium includes Eni’s gas & power retail operations in Belgium. Currently, the company serves about 850,000 electricity and gas connection points, catering to households as well as small and medium enterprises. The company has a market share of about 10% and has about 200 staff in its employment.
Established in 2012, the company was formed through the merger of Distrigas and Nuon Belgium. The company has been gaining from in-depth expertise of the gas and electricity sectors and growing its customer base by over 30% through a variety of services.
Coming back to the latest agreement, the deal has been finalized following a competitive bidding process, which established the company’s true worth and upside potential.
The agreement is in sync with Eni’s overall disposal as announced at its 2017–2020 strategy presentation. It also emphasizes Eni’s commitment to enhance shareholder value by divesting assets that are no longer a strategic fit in its portfolio. The transaction awaits the clearance of regulatory authorities.
Investor confidence on the Eni stock is reflected in its price chart. Shares of the company appreciated 13.1% in the last six months, while the Zacks categorized Oil & Gas – International Integrated industry gained 2.4% in the same time span.
Eni with its consolidated subsidiaries is engaged in oil and gas, electricity generation, petrochemicals, oilfield services and engineering. The company’s major business segments are Exploration and Production, Gas and Power, and Refining and Marketing. The company conducts its major exploration and production activities for hydrocarbons.
Currently, Eni carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Energy Transfer Equity, L.P. , Crescent Point Energy Corp. (CPG - Free Report) and Cenovus Energy Inc. (CVE - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Energy Transfer Equity posted a negative earnings surprise of 16.00% in the preceding quarter. It had an average negative earnings surprise of 9.62% in the four trailing quarters.
Crescent Point Energy posted a positive earnings surprise of 244.44% in the preceding quarter. It beat estimates in all the four trailing quarters with an average positive earnings surprise of 127.16%.
Cenovus Energy posted a positive earnings surprise of 583.33% in the preceding quarter. It beat estimates in two of the four trailing quarters with an average positive earnings surprise of 74.89%.
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Eni to Divest Gas & Power Operations in Belgium to Eneco
Eni SpA (E - Free Report) recently announced that it has inked a sale and purchase agreement with Eneco. The deal facilitates the latter to purchase a 100% stake of Eni gas & power NV/SA along with its subsidiary, Eni Wind Belgium NV/SA.
Eni Wind Belgium includes Eni’s gas & power retail operations in Belgium. Currently, the company serves about 850,000 electricity and gas connection points, catering to households as well as small and medium enterprises. The company has a market share of about 10% and has about 200 staff in its employment.
Established in 2012, the company was formed through the merger of Distrigas and Nuon Belgium. The company has been gaining from in-depth expertise of the gas and electricity sectors and growing its customer base by over 30% through a variety of services.
Coming back to the latest agreement, the deal has been finalized following a competitive bidding process, which established the company’s true worth and upside potential.
The agreement is in sync with Eni’s overall disposal as announced at its 2017–2020 strategy presentation. It also emphasizes Eni’s commitment to enhance shareholder value by divesting assets that are no longer a strategic fit in its portfolio. The transaction awaits the clearance of regulatory authorities.
Investor confidence on the Eni stock is reflected in its price chart. Shares of the company appreciated 13.1% in the last six months, while the Zacks categorized Oil & Gas – International Integrated industry gained 2.4% in the same time span.
Eni with its consolidated subsidiaries is engaged in oil and gas, electricity generation, petrochemicals, oilfield services and engineering. The company’s major business segments are Exploration and Production, Gas and Power, and Refining and Marketing. The company conducts its major exploration and production activities for hydrocarbons.
Currently, Eni carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Energy Transfer Equity, L.P. , Crescent Point Energy Corp. (CPG - Free Report) and Cenovus Energy Inc. (CVE - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Energy Transfer Equity posted a negative earnings surprise of 16.00% in the preceding quarter. It had an average negative earnings surprise of 9.62% in the four trailing quarters.
Crescent Point Energy posted a positive earnings surprise of 244.44% in the preceding quarter. It beat estimates in all the four trailing quarters with an average positive earnings surprise of 127.16%.
Cenovus Energy posted a positive earnings surprise of 583.33% in the preceding quarter. It beat estimates in two of the four trailing quarters with an average positive earnings surprise of 74.89%.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>