Enagás after results: new CEO, rising dividend and sells 30% of its gas renewables

Enagas raises its dividend charged to 2021 results. This is one of the best news for the company’s investors and shareholders since the global remuneration is 1.70 euros per share, 1% higher than last year.

This must be approved by the company’s Shareholders’ Meeting on March 30, but, if so, the dividend that remains to be distributed from last year, after paying 0.68 euros per share last December, will be 1.02 euros per Enagás share next July. With a fixed photo on your quote right now, it supposes a full dividend yield of over 9.3% and if we only take as a reference what remains to be paid, it will be 5.6% for the shareholders.

Good news though their profits decreased by 9% to 403 million euros last year. The lower income of its investees is at the base of everything, especially due to the changes in remuneration, with increases of 5% in the demand for gas.

Beyond the results, the truth is that in its price graph we see that this 2022 is having a negative impact on the value, with a 1% drop in the presentation of results in the midst of the gas conflict due to geostrategic tensions. With annual cuts of 10.74%, reaching 7% in the last 20 trading sessions.

Enagás annual share price

The truth is that the arrival of Gonzalo Aizpiri as the new CEO from his duties at Repsol It is another of the great news of the company. A change of third and company after 32 years in the oil company, except for his arrival in politics where he was Secretary General for Climate Change. He replaces Marcelino Oreja in office, will assume all his executive functions, including those ceded by President Antonio Llardén who will continue as non-executive chairman with the announcement of the position from the Enagás Board of Directors last Monday.

Finally, Adrian and Five T Hidrogen, in their Hy24 alliance, have bought 30% of Enagás Renovable, to vigorously implement its renewable gas projects and its hydrogen network, so that the company will accelerate the development of its decarbonization projects and increase its presence in the non-electric renewable energy market. And Enagás does not rule out more funds entering its subsidiary.

It stands out above all HyDeal Spainthe first industrial implementation of the platform, a megaproject, the largest in our country and in the world for renewable hydrogen promoted, among others, by Enagás, with a first phase of the project in Asturias, producing renewable hydrogen through electrolysis, planned for 2025 with total installed capacity of 9.5GW which will supply electrical power to 7.4 GW of electrolysis power by 2030.

Still, as Renta 4 points out it is an incipient business, with 55 profiled projects, but that at the moment has no real contribution to its results. They recommend maintaining the value in the portfolio with a target price of 19.21 euros per share, which gives it a potential upside run of…

From the technical point of view the independent analyst Néstor Borrás tells us that Enagás “stops its advance after registering a new maximum at the height of 20.73 euros. The value is correcting towards the support zone of the simple moving average of 200 periods or long term. This correction generates overselling in the MACD oscillator. Despite declines from yearly highs, the fund’s growing structure remains intact. The next support zone is between 17.49 / 17.81 euros per share”.

Enagás on daily chart with Average Amplitude Range in percentage, MACD oscillator and trading volume

Enagás technical analysis of value

And finally we stop at the technical indicators that Investment Strategies prepares and that place the value, in consolidation mode and with a one point improvement in the 6 total score of the 10 that Enagás can reach. With a mixed trend, bullish in the long term, but bearish in the medium, total moment negative fast but positive slow, with volume, also mixed, which is increasing in the medium term, but decreasing in the long term. In what their indicators do coincide is in the volatility that is shown downwards, is decreasing both in the medium and long term.

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