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

Eni SpA

Today 08:33

** 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)

(Reporting by Enrico Sciacovelli)
((Enrico.sciacovelli@thomsonreuters.com))