ENI Navigates Lower Oil Prices: Q3 Adjusted EBIT Down 14%, Boosts Stock Buyback
Portfolio Pulse from Lekha Gupta
ENI S.p.A. reported a 14% decrease in Q3 adjusted EBIT due to lower oil prices, but plans to boost its stock buyback by 25% for 2024. Despite a drop in net profit, the company exceeded analyst expectations and continues to invest in growth projects.
October 25, 2024 | 2:41 pm
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ENI S.p.A. reported a 14% decrease in Q3 adjusted EBIT due to lower oil prices, but plans to increase its stock buyback by 25% for 2024. Despite a 30% drop in net profit, the company exceeded analyst expectations.
The decrease in EBIT and net profit is offset by the company's plans to increase its stock buyback, which is generally seen as a positive move for shareholders. The fact that ENI exceeded analyst expectations also adds a positive sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100