Eni (E) Steps Up Plentitude's Minority Stake Sale Discussions
Eni SpA E, an integrated energy company, stepped up discussions with a number of investors regarding the prospective sale of a minority stake in the Plenitude renewables and retail business, per media reports.
Per a Reuters report, Swiss asset manager Energy Infrastructure Partners is one of the many investors that is currently in talks with Eni over the potential purchase. Although Eni postponed Plenitude's IPO last year owing to unfavorable market conditions, it still intends to list the company. The selling of a stake would add value to Plenitude, facilitating future listing.
Reportedly, Plenitude, which had an adjusted operating profit of 345 million euros in 2022, might be valued at more than 6 billion euros (about $6.5 billion) in the private transaction.
Eni is aiming to sell 5-15% of Plenitude and might close a deal before Italy's summer break, which typically starts in August.
Zacks Rank & Key Picks
Eni currently carries a Zack Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Evolution Petroleum Corporation EPM, YPF Sociedad Anonima YPF and RGC Resources Inc. RGCO. While both Evolution Petroleum and YPF Sociedad Anonima sport a Zacks Rank #1 (Strong Buy), RGC Resources carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 30 days.
YPF Sociedad Anonima is an international energy company, based on the integrated business of hydrocarbons. With its headquarters in Latin America, the company has high standards of efficiency, profitability and responsibility. YPF enjoys a dominant position in Argentina's exploration, production, refining and marketing sectors, as well as a growing presence in petrochemicals.
RGC Resources is a holding company that offers energy and associated products and services through its operational subsidiaries —Roanoke Gas Company and RGC Midstream, LLC. RGCO has thousands of customers through its natural gas distribution companies that serve the Roanoke Valley and Bluefield, Virginia and West Virginia areas.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Eni SpA (E) : Free Stock Analysis Report
YPF Sociedad Anonima (YPF) : Free Stock Analysis Report
Evolution Petroleum Corporation, Inc. (EPM) : Free Stock Analysis Report
RGC Resources Inc. (RGCO) : Free Stock Analysis Report
