Eni SpA ( E Quick Quote E - Free Report) has decided to divest a 49.9% stake in Algerian gas pipelines to Snam for a consideration of $436 million. The pipelines are transporting natural gas to Italy from Algeria, thereby facilitating natural gas import into Europe from Africa.
One of the two groups of international gas pipelines is the onshore gas pipelines that spread over to Tunisia's coast from the Algeria and Tunisia borders. The other groups are the offshore gas pipelines responsible for the connection between the Tunisian coast and Italy.
Included in the deal, Eni will be transferring its entire ownership stakes in the two pipelines to NewCo – a newly incorporated Italian player. In NewCo, Eni will continue to have a 50.1% stake, while the remaining 49.9% ownership will be sold to Snam. Eni added that the new resources that the transaction – expected to be completed by the third quarter of 2022 – will make available are likely to aid it in the energy transition path.
Recently, Eni announced that its retail and renewable power business will be named
Eni-Plenitude (Plenitude) at a capital markets event in Milan. Eni intends for the business unit's initial public offering (IPO) next year, subject to market conditions.
This intended structural move reflects Eni’s strong focus on capitalizing on the mounting demand for renewables and green energy products. The intention also reveals Eni’s focus on creating more value through the energy transition. E further said that creating the industrial and financial entity will help it lower its Scope 3 emissions.
Eni currently sports a Zacks Rank #1 (Strong Buy). Other prospective players in the energy space include
Whiting Petroleum Corporation ( WLL Quick Quote WLL - Free Report) , Continental Resources, Inc. ( CLR Quick Quote CLR - Free Report) and Callon Petroleum Company ( CPE Quick Quote CPE - Free Report) . While Continental Resources carries a Zacks Rank #2 (Buy), Whiting Petroleum and Callon Petroleum sport a Zacks Rank #1. You can see . the complete list of today’s Zacks #1 Rank stocks here
Whiting Petroleum is a leading upstream energy company and is the top producer of crude oil in North Dakota. With oil price improving at a healthy pace, Whiting Petroleum expects to continue generating handsome cashflows while maintaining a healthy balance sheet.
Headquartered in Denver, CO, Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days. Looking at the price chart, WLL has gained 167.1% year to date, outpacing the 101.4% ris of the composite stocks belonging to the industry.
Continental Resources is also a leading upstream energy company, with proven reserves in North Dakota and Oklahoma. The oil inventories of Continental Resources are among the best in the industry.
Headquartered in Oklahoma City, Continental Resources has witnessed upward earnings estimate revisions for 2021 in the past 30 days. Considering the price chart, CLR has gained 185.1% so far this year, outpacing the 101.3% improvement of the composite stocks belonging to the industry.
Callon Petroleum is also a leading exploration and production company with a strong presence in prolific unconventional resources that comprise Permian Basin and Eagle Ford Shale play.
CPE has witnessed upward earnings estimate revisions for 2021 in the past 30 days. Looking at the price chart, Callon Petroleum has gained 303% year to date, outpacing the 101.3% improvement of the composite stocks belonging to the industry.