ENI Buys Back 2.02M Shares for €29.99M in Latest Tranche
Ticker: EIPAF · Form: 6-K · Filed: Feb 7, 2024 · CIK: 1002242
| Field | Detail |
|---|---|
| Company | Eni Spa (EIPAF) |
| Form Type | 6-K |
| Filed Date | Feb 7, 2024 |
| Risk Level | low |
| Pages | 12 |
| Reading Time | 14 min |
| Sentiment | bullish |
Complexity: simple
Sentiment: bullish
Topics: share-buyback, treasury-shares, capital-allocation
TL;DR
**Eni just bought back €30M of its own stock, signaling confidence and potentially boosting EPS.**
AI Summary
Eni S.p.A. acquired 2,018,535 of its own shares, representing 0.06% of its share capital, between January 29 and February 2, 2024. The company spent 29,985,497.53 euro at a weighted average price of 14.8551 euro per share as part of its treasury shares program approved on May 10, 2023. This matters to investors because share buybacks can reduce the number of outstanding shares, potentially increasing earnings per share and signaling management's confidence in the company's valuation.
Why It Matters
Share buybacks can boost shareholder value by reducing share count, which often leads to higher earnings per share and can signal that management believes the stock is undervalued.
Risk Assessment
Risk Level: low — Share buybacks are generally seen as a positive or neutral event, indicating financial health and a commitment to shareholder returns.
Analyst Insight
A smart investor would view this buyback as a positive signal of management's confidence and a commitment to returning capital to shareholders, potentially warranting a closer look at Eni's valuation and future prospects.
Key Numbers
- 2,018,535 — shares acquired (total number of treasury shares purchased by Eni)
- 0.06% — percentage of share capital (proportion of Eni's share capital represented by the acquired shares)
- 14.8551 euro — weighted average price per share (the average cost Eni paid for each share)
- 29,985,497.53 euro — total consideration (the total amount Eni spent on the share buyback)
- May 10, 2023 — Shareholders' Meeting approval date (date when the treasury shares program was approved)
Key Players & Entities
- Eni S.p.A. (company) — the registrant purchasing treasury shares
- Paola Mariani (person) — Head of Corporate Secretary’s Staff Office for Eni S.p.A.
- Euronext Milan (company) — the stock exchange where shares were acquired
- Consob Regulation 11971/1999 (company) — regulatory framework for disclosure
Forward-Looking Statements
- Eni's earnings per share (EPS) will see a slight positive impact due to the reduced share count. (Eni S.p.A.) — medium confidence, target: Next earnings report
- The company will continue its treasury share program, potentially executing further tranches. (Eni S.p.A.) — high confidence, target: Within 12 months
FAQ
What was the specific period during which Eni S.p.A. purchased treasury shares as reported in this filing?
Eni S.p.A. purchased treasury shares during the period from January 29 to February 2, 2024, as stated in the filing.
How many shares did Eni S.p.A. acquire and what percentage of the share capital does this represent?
Eni S.p.A. acquired 2,018,535 shares, which is equal to 0.06% of its share capital, according to the filing.
What was the total cost and the weighted average price per share for this buyback program?
The total consideration for the buyback was 29,985,497.53 euro, at a weighted average price per share of 14.8551 euro, as detailed in the report.
Under which program was this share purchase conducted, and when was it approved?
This share purchase was conducted within the second tranche of the treasury shares program, which was approved by the Shareholders' Meeting on May 10, 2023.
Who signed this 6-K report on behalf of Eni S.p.A. and what is their title?
The 6-K report was signed by Paola Mariani, who holds the title of Head of Corporate Secretary’s Staff Office for Eni S.p.A., on February 07, 2024.
Filing Stats: 3,576 words · 14 min read · ~12 pages · Grade level 1.6 · Accepted 2024-02-07 11:43:47
Filing Documents
- form6k-31475_eni.htm (6-K) — 2937KB
- image_001.jpg (GRAPHIC) — 3KB
- image_002.jpg (GRAPHIC) — 1KB
- 0001174947-24-000165.txt ( ) — 2943KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorised. Eni S.p.A. /s/ Paola Mariani Name: Paola Mariani Title: Head of Corporate Secretary’s Staff Office Date: February 07, 2024 Eni: Report on the purchase of treasury shares during the period from 29 January to 2 February 2024 San Donato Milanese (Milan), 7 February 2024 – During the period from 29 January to 2 February 2024, Eni acquired on the Euronext Milan no. 2,018,535 shares (equal to 0.06% of the share capital), at a weighted average price per share equal to 14.8551 euro, for a total consideration of 29,985,497.53 euro within the second tranche of the treasury shares program approved by the Shareholders' Meeting on 10 May 2023, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999. On the basis of the information provided by the intermediary appointed to make the purchases, here below a synthesis of transactions for the purchase of treasury shares on the Euronext Milan on a daily basis: Transaction details Trade date (dd/mm/yy) Transaction quantity Transaction weighted average price (euro) Transaction amount (euro) 29/01/2024 407,293 € 14.9579 € 6,092,247.96 30/01/2024 401,065 € 14.8543 € 5,957,539.83 31/01/2024 403,242 € 14.9452 € 6,026,532.34 01/02/2024 402,558 € 14.8547 € 5,979,878.32 02/02/2024 404,377 € 14.6628 € 5,929,299.08 Total 2,018,535 € 14.8551 € 29,985,497.53 From the start, on 4 September 2023, of the second tranche of the buyback programme (aimed at giving Eni shareholders additional remuneration in relation to the distribution of dividends), Eni acquired no. 82,387,614 shares (equal to 2.44% of the share capital) for a total consideration of 1,244,962,344.21 euro. Considering the treasur