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Eni (E) Withdraws Share Repurchase Plan Amid Crude Oil Plunge
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In the wake of a weak crude pricing scenario, Eni SpA (E - Free Report) announced its decision to take back its plan of authorizing €400 million stock repurchases in 2020.
With oil price now in the bearish territory since the coronavirus pandemic is hurting global energy demand, the outlook for exploration and production business seems gloomy. Thus, upstream energy players are restricting their operational activities and thereby reducing capital budget. Eni — an integrated energy player with huge upstream business — will also be considering to slash its capital budget and anticipated cost levels to cope with the weak crude pricing scenario. Other energy firms that followed suit are Cimarex Energy Co. , Pioneer Natural Resources Company (PXD - Free Report) and EOG Resources Inc. (EOG - Free Report) .
Eni added that it will reconsider the stock buy-back program once the Brent crude price recovers to at least $60 per barrel.
Importantly, the integrated energy player has lowered its forecast for Brent crude for 2020 and 2021 to $40-$45 per barrel and $50-$55 per barrel, respectively. In view of the downward revision in commodity prices, the company has decided to review its business plan for 2020-2021.
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Eni (E) Withdraws Share Repurchase Plan Amid Crude Oil Plunge
In the wake of a weak crude pricing scenario, Eni SpA (E - Free Report) announced its decision to take back its plan of authorizing €400 million stock repurchases in 2020.
With oil price now in the bearish territory since the coronavirus pandemic is hurting global energy demand, the outlook for exploration and production business seems gloomy. Thus, upstream energy players are restricting their operational activities and thereby reducing capital budget. Eni — an integrated energy player with huge upstream business — will also be considering to slash its capital budget and anticipated cost levels to cope with the weak crude pricing scenario. Other energy firms that followed suit are Cimarex Energy Co. , Pioneer Natural Resources Company (PXD - Free Report) and EOG Resources Inc. (EOG - Free Report) .
Eni added that it will reconsider the stock buy-back program once the Brent crude price recovers to at least $60 per barrel.
Importantly, the integrated energy player has lowered its forecast for Brent crude for 2020 and 2021 to $40-$45 per barrel and $50-$55 per barrel, respectively. In view of the downward revision in commodity prices, the company has decided to review its business plan for 2020-2021.
Eni SpA Price
Eni SpA price | Eni SpA Quote
Headquartered in headquartered in Rome, Italy, Eni currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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