Eni rises to 18-year high after Q3 beat, special dividend and  buyback increase

By Reuters News

** Shares in Italy's Eni ENI.MI are up around 3.5%, after the state-controlled company said it would pay a special dividend and slightly increase its share buyback programme, as higher oil and gas prices fuelled a Q3 beat

** The stock price hit €27.16 ($30.43), its highest level since May 2008

** Eni announced an extraordinary dividend equal to €1.3 billion ($1.46 billion), while upping its buyback programme by 12% to €3.8 billion

** J.P. Morgan says the distribution uplift is modestly above its estimate, and the size of the extraordinary dividend is above its forecast of up to €1 billion

** Including Friday's gains, the stock is up 67.5% YTD

($1 = 0.8925 euros)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.