Trending: Eni Beats Expectations, Lifts Buyback Guidance

0952 GMT - Eni is among the most mentioned companies across news items over the past 12 hours, according to Factiva data, after the Italian energy company raised its buyback guidance for the year alongside reporting better-than-expected first-quarter results. The Rome-based company achieved 1.58 billion euros ($1.69 billion) in adjusted net profit for the period, down 46% on year but better than a company-compiled consensus forecast of EUR1.56 billion. Eni also raised its 2024 share buyback plan to EUR1.6 billion, a 45% increase versus what it had previously guided for in March. A lift this early into the year was somewhat surprising, given volatile macro conditions and prior commentary around guidance being seen as the floor, RBC Capital Markets analyst Biraj Borkhataria wrote in a research note. Additionally, the company reached a deal late Tuesday to merge its U.K. upstream assets with U.K oil-and-gas producer Ithaca energy for around 754 million pounds ($938.7 million). Dow Jones & Co. owns Factiva. (christian.moess@wsj.com)

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April 24, 2024 06:10 ET (10:10 GMT)

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