0851 GMT Naturgy is one of the most mentioned companies across news items in the last six hours, according to Factiva data, after the Spanish group revised its targets for 2025. "Following a successful execution of the 2018-22 Plan--in which the company exceeded all its committed targets--the expectations for the coming years have been reviewed," the energy group said on Wednesday. Naturgy now targets earnings before interest, taxes, depreciation and amortization of EUR5.1 billion ($5.62 billion) in 2025, up from EUR4.8 billlion. Investments are expected to amount to EUR13.2 billion in the 2021-25 period, below the previous target of EUR14 billion, while net debt is targeted at EUR16 billion in 2025 from EUR16.9 billion previously. Naturgy also revised its dividend floor for 2021-25 to EUR1.40 a share and said it will release further information with the publication of first-half results on July 24. "We believe this [revised guidance] might be a response to the failed management team changes and the appointment of the CEO," analysts at RBC Capital Markets say in a note, adding that "The evolution of results of Naturgy will depend on the gas market and it looks like global gas markets will turn less profitable versus 2022." Bloomberg reported Tuesday that Citigroup's banker Nacho Gutierrez-Orrantia won't leave the firm to join the Spanish energy company as chief executive officer after reports that a group of shareholders at Naturgy had proposed his appointment. At 0850 GMT, Naturgy trades 2.71% higher to EUR26.46. Dow Jones & Co. owns Factiva. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

07-12-23 0506ET