Eneti Inc. (NYSE:NETI) Announces Quarterly Dividend of $0.01

Eneti Inc. (NYSE:NETI) declared a quarterly dividend on Tuesday, November 14th, Zacks reports. Investors of record on Wednesday, November 29th will be paid a dividend of 0.01 per share on Friday, December 15th. This represents a $0.04 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Tuesday, November 28th.

Eneti has a dividend payout ratio of -66.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Eneti to earn $0.15 per share next year, which means the company should continue to be able to cover its $0.04 annual dividend with an expected future payout ratio of 26.7%.

Eneti Stock Performance

Shares of NYSE NETI opened at $9.98 on Wednesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.76 and a current ratio of 2.87. Eneti has a fifty-two week low of $7.75 and a fifty-two week high of $13.54. The business has a 50 day moving average price of $10.08 and a two-hundred day moving average price of $10.67.

Hedge Funds Weigh In On Eneti

Several large investors have recently added to or reduced their stakes in NETI. Wells Fargo & Company MN increased its stake in Eneti by 124.2% during the second quarter. Wells Fargo & Company MN now owns 9,224 shares of the company’s stock valued at $112,000 after purchasing an additional 5,109 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Eneti during the 4th quarter valued at about $110,000. Barclays PLC raised its stake in Eneti by 88.3% during the first quarter. Barclays PLC now owns 11,196 shares of the company’s stock worth $105,000 after acquiring an additional 5,250 shares during the period. Envestnet Asset Management Inc. acquired a new stake in Eneti during the first quarter worth about $102,000. Finally, PDT Partners LLC bought a new position in Eneti in the first quarter worth about $100,000. 66.15% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, TheStreet downgraded shares of Eneti from a “c-” rating to a “d+” rating in a research report on Wednesday, August 9th.

About Eneti

Eneti Inc engages in offshore wind and marine-based renewable energy businesses. It owns and operates five wind turbine installation vessels. The company was formerly known as Scorpio Bulkers Inc and changed its name to Eneti Inc in February 2021. Eneti Inc was incorporated in 2013 and is based in Monaco.