Highs and lows for Spain’s Naturgy

NATURGY shares have lost a quarter of their worth this year, giving the company a stock market value of €20 billion.

Nevertheless, Naturgy shareholders voted in favour of all proposals at the Annual General Meeting (AGM) on April 2 although some smaller investors were dissatisfied.

“I bought at €25 and now the shares are worth €20.  Their price is lower than Endesa, Iberdrola or Repsol’s,” one pointed out during the AGM.

Naturgy is Spain’s leading natural gas company and second-largest electricity supplier but its shares began dropping in late 2023 although exclusion from the influential Morgan Stanley Capital International indexes (MSCI) in February this year dealt the biggest blow.

The MSCI moves multibillions in worldwide investments and Naturgy shares have fallen by 14 per cent since then.

Despite Naturgy’s lower share capital, the company made a €1.2 billion profit in 2021, €1.65 billion in 2022 and €1.98 billion in 2023.