Zacks Investment Research Upgrades Euronav (NYSE:EURN) to Buy

Zacks Investment Research upgraded shares of Euronav (NYSE:EURNGet Rating) from a hold rating to a buy rating in a report released on Thursday, Zacks.com reports. They currently have $13.00 price objective on the shipping company’s stock.

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. “

A number of other equities research analysts also recently weighed in on the company. Jefferies Financial Group downgraded Euronav from a buy rating to a hold rating and decreased their target price for the stock from $13.00 to $12.00 in a research report on Wednesday. StockNews.com started coverage on Euronav in a report on Thursday, March 31st. They set a sell rating on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Buy and an average target price of $12.67.

Shares of NYSE EURN opened at $11.96 on Thursday. Euronav has a 12 month low of $7.55 and a 12 month high of $13.24. The company has a market cap of $2.41 billion, a P/E ratio of -7.12 and a beta of 0.17. The business’s 50 day moving average is $11.32 and its two-hundred day moving average is $10.13. The company has a quick ratio of 1.21, a current ratio of 1.42 and a debt-to-equity ratio of 0.75.

Euronav (NYSE:EURNGet Rating) last announced its earnings results on Thursday, February 3rd. The shipping company reported ($0.38) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.41) by $0.03. Euronav had a negative net margin of 77.54% and a negative return on equity of 16.42%. The business had revenue of $85.34 million for the quarter, compared to analyst estimates of $104.58 million. Sell-side analysts expect that Euronav will post 0.26 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the business. Samalin Investment Counsel LLC bought a new stake in Euronav in the fourth quarter valued at $40,000. Wells Fargo & Company MN grew its holdings in shares of Euronav by 47.5% in the 4th quarter. Wells Fargo & Company MN now owns 7,701 shares of the shipping company’s stock worth $69,000 after purchasing an additional 2,481 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Euronav by 38.9% during the 1st quarter. Fifth Third Bancorp now owns 11,898 shares of the shipping company’s stock worth $126,000 after purchasing an additional 3,335 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in Euronav during the 4th quarter valued at about $131,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in Euronav in the first quarter valued at about $133,000. Hedge funds and other institutional investors own 36.71% of the company’s stock.

Euronav Company Profile (Get Rating)

Euronav NV, together with its subsidiaries, engages in the ocean transportation and storage of crude oil worldwide. The company also offers floating, storage, and offloading (FSO) services. As of April 1, 2021, it owned and operated a fleet of 77 vessels, including 10 chartered-in vessels with an aggregate carrying capacity of approximately 19.5 million deadweight tons consisting of 45 very large crude carriers, two V-plus, 28 Suezmax vessels, and two floating, storage, and offloading vessels.

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