Eneti lifts on new $50 mln buyback plan

Eneti

14/09/2022 21:50

** Eneti Inc's  NETI.N  shares up ~5% in extended trading as
co looks to buy back its stock
    ** Wind turbine installation vessels provider says board
authorized repurchase of up to $50 mln of shares  urn:newsml:reuters.com:*:nGNX7W3pzp
    ** Monaco-based firm has ~40.74 mln shares outstanding for
~$325 mln market cap, per Refinitiv data
    ** Eneti, formerly named Scorpio Bulkers Inc, transitioned
last year from dry bulk commodity transportation to focus on
renewable energy
    ** Shares on Weds closed down 2% at $7.95. Stock down 53% in
past year, but has gained ~29% this quarter
    ** Wall Street firmly bullish with avg "strong buy" rating
among 8 analysts, per Refinitiv; median PT $11.80

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))