Euronav (NYSE:EURN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage presently has a $10.00 price target on the shipping company’s stock. Zacks Investment Research‘s target price points to a potential upside of 10.99% from the stock’s current price.
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 research reports. Wells Fargo & Co reduced their price objective on Euronav from $13.00 to $12.00 and set an “outperform” rating for the company in a research note on Tuesday, August 14th. BTIG Research began coverage on Euronav in a research note on Thursday, September 27th. They set a “buy” rating and a $12.00 price objective for the company. Jefferies Financial Group began coverage on Euronav in a research note on Monday, October 1st. They set a “buy” rating and a $11.00 price objective for the company. Pareto Securities upgraded Euronav from a “hold” rating to a “buy” rating in a research note on Tuesday, August 14th. Finally, JPMorgan Chase & Co. lifted their price objective on Euronav from $9.00 to $9.50 and gave the company a “neutral” rating in a research note on Friday, August 10th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $10.31.
EURN stock traded up $0.01 during midday trading on Monday, reaching $9.01. The stock had a trading volume of 539,038 shares, compared to its average volume of 574,424. The firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of -100.11 and a beta of 0.55. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.06 and a quick ratio of 1.49. Euronav has a 52-week low of $7.50 and a 52-week high of $10.10.
Euronav (NYSE:EURN) last issued its earnings results on Thursday, August 9th. The shipping company reported ($0.28) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.33) by $0.05. The company had revenue of $78.14 million during the quarter, compared to analyst estimates of $65.60 million. Euronav had a negative return on equity of 6.82% and a negative net margin of 14.17%. As a group, equities research analysts expect that Euronav will post -0.97 earnings per share for the current year.
Several institutional investors have recently made changes to their positions in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Euronav in the 2nd quarter worth about $114,000. Dynamic Technology Lab Private Ltd acquired a new stake in Euronav in the 1st quarter worth about $110,000. Aperio Group LLC acquired a new stake in Euronav in the 2nd quarter worth about $124,000. Citadel Advisors LLC acquired a new stake in Euronav in the 1st quarter worth about $133,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Euronav in the 2nd quarter worth about $161,000. Hedge funds and other institutional investors own 44.97% of the company’s stock.
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.
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