JPMorgan Chase & Co. Downgrades Euronav (NYSE:EURN) to Neutral

Euronav (NYSE:EURN) was downgraded by equities researchers at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued on Tuesday, Marketbeat reports. They currently have a $18.43 price target on the shipping company’s stock, down from their previous price target of $21.00. JPMorgan Chase & Co.‘s price target points to a potential upside of 2.67% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Evercore ISI lowered Euronav from an “outperform” rating to an “in-line” rating and set a $19.00 target price for the company. in a research note on Tuesday, October 24th. Citigroup lowered Euronav from a “buy” rating to a “neutral” rating and set a $18.50 target price for the company. in a research note on Tuesday, October 10th. StockNews.com began coverage on Euronav in a research report on Thursday, October 5th. They set a “buy” rating on the stock. Jefferies Financial Group cut their price target on Euronav from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Tuesday, October 10th. Finally, Stifel Nicolaus downgraded Euronav from a “buy” rating to a “hold” rating in a research report on Monday, October 9th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Euronav currently has a consensus rating of “Hold” and an average price target of $20.01.

Euronav Stock Performance

EURN opened at $17.95 on Tuesday. The stock’s 50 day moving average price is $17.03 and its 200-day moving average price is $16.52. Euronav has a one year low of $12.94 and a one year high of $21.00. The company has a quick ratio of 1.55, a current ratio of 1.66 and a debt-to-equity ratio of 0.72.

Euronav (NYSE:EURN) last issued its quarterly earnings data on Thursday, August 3rd. The shipping company reported $0.80 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.07). Euronav had a net margin of 45.95% and a return on equity of 26.55%. The business had revenue of $311.43 million for the quarter, compared to analysts’ expectations of $323.08 million. On average, sell-side analysts forecast that Euronav will post 2.55 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of EURN. Norges Bank purchased a new stake in shares of Euronav during the 4th quarter valued at approximately $91,843,000. M&G Investment Management Ltd. grew its stake in shares of Euronav by 11.2% in the first quarter. M&G Investment Management Ltd. now owns 4,008,830 shares of the shipping company’s stock worth $65,764,000 after acquiring an additional 405,213 shares in the last quarter. Barclays PLC grew its stake in shares of Euronav by 50.7% in the second quarter. Barclays PLC now owns 2,524,075 shares of the shipping company’s stock worth $38,418,000 after acquiring an additional 848,897 shares in the last quarter. Schonfeld Strategic Advisors LLC grew its stake in shares of Euronav by 1,609.7% during the first quarter. Schonfeld Strategic Advisors LLC now owns 2,501,300 shares of the shipping company’s stock worth $41,997,000 after purchasing an additional 2,355,000 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of Euronav by 25.3% during the fourth quarter. Millennium Management LLC now owns 1,919,114 shares of the shipping company’s stock worth $32,702,000 after purchasing an additional 387,294 shares in the last quarter.

About Euronav

Euronav NV, together with its subsidiaries, engages in the transportation and storage of crude oil worldwide. The company offers floating, storage, and offloading (FSO) services. It also owns and operates a fleet of vessels. The company was incorporated in 2003 and is headquartered in Antwerp, Belgium.