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Eni (E) and Snam Finalize Deal for Algeria-Italy Gas Pipelines
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Eni SpA (E - Free Report) secured a partnership with energy infrastructure company Snam to operate its gas pipeline assets connecting Algeria to Italy.
As part of the deal, Eni’s stake in the gas pipeline assets has been transferred to a new company — SeaCorridor.
Snam finalized the acquisition of a 49.9% stake held by Eni in various companies, which manage two groups of international gas pipelines between Algeria and Italy. Per the deal, Snam will pay €405 million to Eni for the acquisition.
The companies involved in the transaction are Trans Tunisian Pipeline, Scogat, Sergaz, Samco, Transmediterranean Pipeline, Mariconsult and others. Eni continues to hold the remaining interest.
The scope of the deal involves the onshore gas pipelines that range from the Algeria and Tunisia borders to the Tunisian coast and the offshore gas pipelines connecting the Tunisian coast to Italy.
Eni and Snam stated that the North Africa-Europe link is a crucial factor for global decarbonization to support the energy transition. As Russia cut its gas flows to Europe, Algeria emerged as Rome’s biggest supplier of gas last year. This has made the network between the two countries a strategic infrastructure for Rome’s energy security.
The agreement will utilize the companies’ expertise in transporting gas on a strategic route to secure the natural gas supply in Italy. It will also support possible development opportunities within the hydrogen value chain, backed by the natural resources offered by North Africa.
Price Performance
Shares of Eni have outperformed the industry in the past six months. The stock has gained 37.3% compared with the industry’s 26.9% growth.
Cactus, Inc. (WHD - Free Report) is involved in manufacturing, designing and selling wellhead and pressure control equipment. WHD’s third-quarter adjusted earnings of 52 cents per share beat the Zacks Consensus Estimate of 49 cents.
Cactus is expected to see an earnings surge of 147.2% in 2022. At the third-quarter end, WHD had cash and cash equivalents of $320.6 million. It had no bank debt outstanding as of Sep 30, 2022.
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 has approved a repurchase authorization of up to $1 billion, which can be completed by Dec 31, 2026.
Patterson-UTI Energy (PTEN - Free Report) is one of the largest land drilling contractors in North America, with a large, high-quality fleet of drilling rigs. PTEN’s third-quarter 2022 adjusted net profit of 28 cents per share beat the Zacks Consensus Estimate of 19 cents.
Patterson-UTI is expected to see an earnings surge of 131% in 2022. PTEN doubled its quarterly cash dividend to 8 cents per share from the previous 4-cent payout. PTEN also increased its share repurchase authorization to $300 million.
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Eni (E) and Snam Finalize Deal for Algeria-Italy Gas Pipelines
Eni SpA (E - Free Report) secured a partnership with energy infrastructure company Snam to operate its gas pipeline assets connecting Algeria to Italy.
As part of the deal, Eni’s stake in the gas pipeline assets has been transferred to a new company — SeaCorridor.
Snam finalized the acquisition of a 49.9% stake held by Eni in various companies, which manage two groups of international gas pipelines between Algeria and Italy. Per the deal, Snam will pay €405 million to Eni for the acquisition.
The companies involved in the transaction are Trans Tunisian Pipeline, Scogat, Sergaz, Samco, Transmediterranean Pipeline, Mariconsult and others. Eni continues to hold the remaining interest.
The scope of the deal involves the onshore gas pipelines that range from the Algeria and Tunisia borders to the Tunisian coast and the offshore gas pipelines connecting the Tunisian coast to Italy.
Eni and Snam stated that the North Africa-Europe link is a crucial factor for global decarbonization to support the energy transition. As Russia cut its gas flows to Europe, Algeria emerged as Rome’s biggest supplier of gas last year. This has made the network between the two countries a strategic infrastructure for Rome’s energy security.
The agreement will utilize the companies’ expertise in transporting gas on a strategic route to secure the natural gas supply in Italy. It will also support possible development opportunities within the hydrogen value chain, backed by the natural resources offered by North Africa.
Price Performance
Shares of Eni have outperformed the industry in the past six months. The stock has gained 37.3% compared with the industry’s 26.9% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Eni currently carries a Zack Rank #3 (Hold).
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.
Cactus, Inc. (WHD - Free Report) is involved in manufacturing, designing and selling wellhead and pressure control equipment. WHD’s third-quarter adjusted earnings of 52 cents per share beat the Zacks Consensus Estimate of 49 cents.
Cactus is expected to see an earnings surge of 147.2% in 2022. At the third-quarter end, WHD had cash and cash equivalents of $320.6 million. It had no bank debt outstanding as of Sep 30, 2022.
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 has approved a repurchase authorization of up to $1 billion, which can be completed by Dec 31, 2026.
Patterson-UTI Energy (PTEN - Free Report) is one of the largest land drilling contractors in North America, with a large, high-quality fleet of drilling rigs. PTEN’s third-quarter 2022 adjusted net profit of 28 cents per share beat the Zacks Consensus Estimate of 19 cents.
Patterson-UTI is expected to see an earnings surge of 131% in 2022. PTEN doubled its quarterly cash dividend to 8 cents per share from the previous 4-cent payout. PTEN also increased its share repurchase authorization to $300 million.