Euronav (NYSE:EURN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage presently has a $10.00 target price on the shipping company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 9.05% from the stock’s previous close.
According to Zacks, “Euronav is a tanker company. It owns, operates and manages a fleet of vessels for the transportation and storage of crude oil and petroleum products. The company also offers ship management services. It operates primarily in Europe and Asia. Euronav is headquartered in Antwerp, Belgium. “
EURN has been the subject of a number of other reports. Jefferies Financial Group started coverage on shares of Euronav in a report on Monday, October 1st. They issued a “buy” rating and a $11.00 price objective for the company. Pareto Securities upgraded shares of Euronav from a “hold” rating to a “buy” rating in a report on Tuesday, August 14th. JPMorgan Chase & Co. boosted their price objective on shares of Euronav from $9.00 to $9.50 and gave the stock a “neutral” rating in a report on Friday, August 10th. BTIG Research started coverage on shares of Euronav in a report on Thursday, September 27th. They issued a “buy” rating and a $12.00 price objective for the company. Finally, Wells Fargo & Co decreased their price objective on shares of Euronav from $13.00 to $12.00 and set an “outperform” rating for the company in a report on Tuesday, August 14th. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Euronav has a consensus rating of “Buy” and a consensus target price of $10.31.
EURN stock opened at $9.17 on Tuesday. Euronav has a 52-week low of $7.50 and a 52-week high of $10.10. The company has a market cap of $1.39 billion, a PE ratio of -101.89 and a beta of 0.55. The company has a quick ratio of 1.49, a current ratio of 1.06 and a debt-to-equity ratio of 0.61.
Euronav (NYSE:EURN) last released its earnings results on Thursday, August 9th. The shipping company reported ($0.28) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.33) by $0.05. Euronav had a negative net margin of 14.17% and a negative return on equity of 6.82%. The firm had revenue of $78.14 million during the quarter, compared to analyst estimates of $65.60 million. Sell-side analysts predict that Euronav will post -0.95 EPS for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC grew its position in Euronav by 156.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 18,311 shares of the shipping company’s stock worth $169,000 after purchasing an additional 11,176 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Euronav in the 2nd quarter worth approximately $114,000. Dynamic Technology Lab Private Ltd bought a new stake in Euronav in the 1st quarter worth approximately $110,000. Aperio Group LLC bought a new stake in Euronav in the 2nd quarter worth approximately $124,000. Finally, Northern Trust Corp grew its position in Euronav by 15.0% in the 2nd quarter. Northern Trust Corp now owns 103,951 shares of the shipping company’s stock worth $956,000 after purchasing an additional 13,546 shares during the period. Institutional investors own 44.97% of the company’s stock.
Euronav Company Profile
Euronav NV, together with its subsidiaries, engages in transportation and storage of crude oil and petroleum products worldwide. The company operates through two segments, Tankers; and Floating Production, Storage, and Offloading Operations. As of March 19, 2018, it owned and operated a fleet of 53 vessels, including 28 very large crude carriers, 1 V-Plus vessel, 22 Suezmax vessels, and 2 floating, storage, and offloading vessels, as well as 4 Suezmax vessels under construction.
See Also: Return on Equity (ROE)
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