Euronav (NYSE:EURN) Shares Up 6.9%

Euronav NV (NYSE:EURN) shares shot up 6.9% during mid-day trading on Friday . The stock traded as high as $11.54 and last traded at $11.33, 5,349,100 shares were traded during trading. An increase of 1,010% from the average session volume of 481,954 shares. The stock had previously closed at $10.60.

Several brokerages recently issued reports on EURN. ValuEngine downgraded Euronav from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Zacks Investment Research raised Euronav from a “sell” rating to a “hold” rating in a research note on Friday, October 4th. Finally, Evercore ISI reissued a “buy” rating and set a $16.00 target price on shares of Euronav in a research note on Monday, August 12th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Euronav currently has an average rating of “Buy” and an average price target of $12.00.

The firm has a 50 day moving average of $8.80 and a 200-day moving average of $8.83. The company has a market cap of $2.33 billion, a P/E ratio of -17.43 and a beta of 0.99. The company has a current ratio of 1.53, a quick ratio of 1.17 and a debt-to-equity ratio of 0.69.

Euronav (NYSE:EURN) last released its quarterly earnings results on Thursday, August 8th. The shipping company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.01. The business had revenue of $132.47 million during the quarter, compared to analysts’ expectations of $124.00 million. Euronav had a negative return on equity of 2.89% and a negative net margin of 9.69%. Equities analysts predict that Euronav NV will post -0.14 EPS for the current fiscal year.

The company also recently declared a — dividend, which was paid on Tuesday, October 8th. Shareholders of record on Friday, September 27th were issued a dividend of $0.06 per share. This represents a yield of 1.4%. The ex-dividend date was Thursday, September 26th.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Paloma Partners Management Co purchased a new position in Euronav during the 2nd quarter valued at approximately $467,000. Aperio Group LLC purchased a new position in Euronav during the 2nd quarter valued at approximately $68,000. JPMorgan Chase & Co. grew its holdings in Euronav by 104.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 433,186 shares of the shipping company’s stock valued at $4,007,000 after buying an additional 221,416 shares in the last quarter. A.R.T. Advisors LLC grew its holdings in Euronav by 8.2% during the 2nd quarter. A.R.T. Advisors LLC now owns 43,610 shares of the shipping company’s stock valued at $412,000 after buying an additional 3,300 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC purchased a new position in Euronav during the 2nd quarter valued at approximately $25,000. Institutional investors and hedge funds own 29.35% of the company’s stock.

About Euronav (NYSE:EURN)

Euronav NV, together with its subsidiaries, engages in the 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 December 12, 2018, it owned and operated a fleet of vessels, including 43 very large crude carriers, 2 ULCCs, 26 Suezmax vessels, and 2 floating, storage, and offloading vessels, as well as 1 LR1s.

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