Euronav (EURN) Downgraded to Hold at ValuEngine

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Euronav (NYSE:EURN) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

EURN has been the subject of a number of other research reports. Zacks Investment Research raised Euronav from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a report on Wednesday, October 31st. TheStreet cut Euronav from a “c-” rating to a “d+” rating in a report on Friday, December 21st. DNB Markets cut Euronav from a “buy” rating to a “hold” rating in a report on Friday, November 30th. Stifel Nicolaus set a $10.00 target price on Euronav and gave the company a “hold” rating in a report on Friday, January 25th. Finally, JPMorgan Chase & Co. raised Euronav from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 23rd. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $10.54.

NYSE EURN opened at $7.88 on Tuesday. The stock has a market capitalization of $1.22 billion, a P/E ratio of -12.12 and a beta of 0.79. Euronav has a twelve month low of $6.77 and a twelve month high of $10.10.

Euronav (NYSE:EURN) last released its quarterly earnings results on Thursday, January 24th. The shipping company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The company had revenue of $191.62 million during the quarter, compared to analysts’ expectations of $190.76 million. Euronav had a negative return on equity of 6.26% and a negative net margin of 18.38%. Analysts forecast that Euronav will post 0.04 earnings per share for the current fiscal year.

Several institutional investors have recently made changes to their positions in EURN. BlackRock Inc. increased its holdings in shares of Euronav by 1,003,395.9% in the second quarter. BlackRock Inc. now owns 3,883,529 shares of the shipping company’s stock valued at $35,729,000 after purchasing an additional 3,883,142 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Euronav by 1,326.4% in the fourth quarter. Bank of New York Mellon Corp now owns 3,551,658 shares of the shipping company’s stock valued at $24,613,000 after purchasing an additional 3,302,656 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Euronav by 1,007.8% in the third quarter. Thrivent Financial for Lutherans now owns 2,680,987 shares of the shipping company’s stock valued at $23,325,000 after purchasing an additional 2,438,977 shares during the last quarter. Deprince Race & Zollo Inc. acquired a new stake in shares of Euronav in the fourth quarter valued at approximately $11,805,000. Finally, Frontier Capital Management Co. LLC increased its holdings in shares of Euronav by 218.8% in the third quarter. Frontier Capital Management Co. LLC now owns 2,322,920 shares of the shipping company’s stock valued at $20,209,000 after purchasing an additional 1,594,170 shares during the last quarter. 41.30% of the stock is owned by institutional investors and hedge funds.

About Euronav

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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