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Eni (E) Forms New Entity to Lead Green Energy Transition
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Eni SpA (E - Free Report) established a company, Eni Sustainable Mobility, specializing in environmentally sustainable transportation.
The decision is part of Eni’s strategy to spin off specific operations into independent entities to obtain value from its wide range of industries. The new entity will be directly controlled by Eni.
Eni Sustainable Mobility will develop bio-refining and biomethane, and provide mobility products and services in Italy and abroad. Eni did not mention whether it would consider a listing or a partnership to develop the new entity.
Eni holds 100% of Eni Sustainable Mobility’s share capital. By forming the new entity, Eni will integrate and unlock new value from its industrial projects, products and services based on innovative technologies that will form a unique and decarbonized mobility offering.
Eni Sustainable Mobility will be the second move supporting Eni’s energy transition plans. In 2021, Eni founded Plenitude to focus on renewable energy. Last year, the Italian company successfully listed Vaar Energy, a Norwegian oil and gas spinoff, as part of plans to enhance the value of its assets and free up resources to accelerate the clean energy transition.
The new entity will comprise a network of more than 5,000 sales points in Europe to market and distribute various energy carriers, including hydrogen, electricity and fuels of organic origin. Eni’s Italy-based car-sharing service Enjoy will also be part of the new venture.
Eni is leading the energy transition. Eni pledged to become carbon-neutral by 2050 due to the growing urgency from investors and environmentalists to curb climate change. The leading integrated energy player is banking on rising energy production from renewable sources.
Price Performance
Shares of Eni have outperformed the industry in the past six months. The stock has gained 28.8% compared with the industry’s 19.6% growth.
Oceaneering International, Inc. (OII - Free Report) is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. OII’s third-quarter 2022 adjusted profit of 23 cents per share beat the Zacks Consensus Estimate of 13 cents.
OII is expected to see an earnings rise of 82.4% in 2022. For 2022, Oceaneering projects consolidated EBITDA of $215-$240 million and continued significant free cash flow generation of $25-$75 million.
Helmerich & Payne Inc. (HP - Free Report) is a major land and offshore drilling contractor in the western hemisphere, having the youngest and most efficient drilling fleet. HP’s third-quarter fiscal 2022 adjusted profit of 27 cents per share beat the Zacks Consensus Estimate of 5 cents.
Helmerich & Payne is expected to see an earnings surge of 277.8% in 2022. HP boasts a strong balance sheet, carrying $542.6 million in long-term debt. The company’s debt-to-capitalization stands at just 16.4% compared with many of its peers that are hugely burdened with debts, accounting for around 50% of their total capital structure.
Murphy USA Inc. (MUSA - Free Report) is a leading independent retailer of motor fuel and convenience merchandise in the United States. MUSA’s third-quarter 2022 earnings per share of $9.28 beat the Zacks Consensus Estimate of $7.82.
Murphy USA is expected to see an earnings surge of 80.9% in 2022. MUSA remains committed to returning excess cash to its shareholders through continued share buyback programs. As part of this initiative, the fuel retailer approved a repurchase authorization of up to $1 billion, which can be completed by Dec 31, 2026.
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Eni (E) Forms New Entity to Lead Green Energy Transition
Eni SpA (E - Free Report) established a company, Eni Sustainable Mobility, specializing in environmentally sustainable transportation.
The decision is part of Eni’s strategy to spin off specific operations into independent entities to obtain value from its wide range of industries. The new entity will be directly controlled by Eni.
Eni Sustainable Mobility will develop bio-refining and biomethane, and provide mobility products and services in Italy and abroad. Eni did not mention whether it would consider a listing or a partnership to develop the new entity.
Eni holds 100% of Eni Sustainable Mobility’s share capital. By forming the new entity, Eni will integrate and unlock new value from its industrial projects, products and services based on innovative technologies that will form a unique and decarbonized mobility offering.
Eni Sustainable Mobility will be the second move supporting Eni’s energy transition plans. In 2021, Eni founded Plenitude to focus on renewable energy. Last year, the Italian company successfully listed Vaar Energy, a Norwegian oil and gas spinoff, as part of plans to enhance the value of its assets and free up resources to accelerate the clean energy transition.
The new entity will comprise a network of more than 5,000 sales points in Europe to market and distribute various energy carriers, including hydrogen, electricity and fuels of organic origin. Eni’s Italy-based car-sharing service Enjoy will also be part of the new venture.
Eni is leading the energy transition. Eni pledged to become carbon-neutral by 2050 due to the growing urgency from investors and environmentalists to curb climate change. The leading integrated energy player is banking on rising energy production from renewable sources.
Price Performance
Shares of Eni have outperformed the industry in the past six months. The stock has gained 28.8% compared with the industry’s 19.6% growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Eni currently carries a Zack Rank #2 (Buy).
Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Oceaneering International, Inc. (OII - Free Report) is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. OII’s third-quarter 2022 adjusted profit of 23 cents per share beat the Zacks Consensus Estimate of 13 cents.
OII is expected to see an earnings rise of 82.4% in 2022. For 2022, Oceaneering projects consolidated EBITDA of $215-$240 million and continued significant free cash flow generation of $25-$75 million.
Helmerich & Payne Inc. (HP - Free Report) is a major land and offshore drilling contractor in the western hemisphere, having the youngest and most efficient drilling fleet. HP’s third-quarter fiscal 2022 adjusted profit of 27 cents per share beat the Zacks Consensus Estimate of 5 cents.
Helmerich & Payne is expected to see an earnings surge of 277.8% in 2022. HP boasts a strong balance sheet, carrying $542.6 million in long-term debt. The company’s debt-to-capitalization stands at just 16.4% compared with many of its peers that are hugely burdened with debts, accounting for around 50% of their total capital structure.
Murphy USA Inc. (MUSA - Free Report) is a leading independent retailer of motor fuel and convenience merchandise in the United States. MUSA’s third-quarter 2022 earnings per share of $9.28 beat the Zacks Consensus Estimate of $7.82.
Murphy USA is expected to see an earnings surge of 80.9% in 2022. MUSA remains committed to returning excess cash to its shareholders through continued share buyback programs. As part of this initiative, the fuel retailer approved a repurchase authorization of up to $1 billion, which can be completed by Dec 31, 2026.