Eneti surges after stock buyback

Eneti

31/08/2022 18:40

** Shares of Eneti Inc  NETI.N , provider of installation
and maintenance vessels to offshore wind sector, surge 16.8% to
$8.47 after stock buyback
    ** NETI on course for biggest one-day pct gain since Apr
2020
    ** Co early Weds said repurchased 2.3 mln shares from INCJ
Ltd for $17 mln related to acquisition price paid to buy
Seajacks in Aug 2021  urn:newsml:reuters.com:*:nGNXbHqbJP
    ** Repurchase made under existing buyback plan, which has
$14.9 mln remaining available as of Aug 31, co said
    ** Eneti in 2021 changed its name from Scorpio Bulkers Inc
as it transitioned from dry bulk commodity transportation to
marine-based renewable energy
    ** Monaco-based firm's shares up ~9% YTD with move on the
session
    ** Sentiment overwhelmingly bullish on stock with avg rating
of "strong buy" among 7 analysts, per Refinitiv; median PT
$12.60

 (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))