03-20-2015, 01:00 AM
Eni SpA became the first major oil company to announce a dividend cut as the Italian group prepares for a period of lower oil prices. The Milan-based company said it was targeting a dividend of 0.8 euro per share, down from 1.12 euros in 2014 and the first cut in investors’ payout since 2009. The stock fell 4.6 percent today in Milan trading.
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P. Masood, at T. Rowe Price, agrees. “The Russian market is priced for the worst-case scenario, which is war,” she says. “We don’t think Russia or Ukraine will go to war. It is in neither country’s interest. If there is any sign of resolution, and stabilization in oil prices, we could see a very quick recovery in the market.”
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America's oil stockpiles continue to boom. Crude oil inventories rose 9.6 million barrels last week from 4.5 million the previous week, the Energy Information Administration said. Analysts polled by Reuters had expected an increase of 3.8 million barrels.