Euronav (NYSE:EURN) Stock Rating Upgraded by Zacks Investment Research

Euronav (NYSE:EURN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday, Zacks.com reports. The brokerage currently has a $13.00 price target on the shipping company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 10.73% from the company’s previous close.

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 several other research reports. Stifel Nicolaus raised shares of Euronav from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. ValuEngine downgraded shares of Euronav from a “hold” rating to a “sell” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. Euronav has a consensus rating of “Buy” and an average price target of $12.50.

Shares of EURN traded up $0.17 on Friday, hitting $11.74. 2,895,678 shares of the stock traded hands, compared to its average volume of 2,721,431. The company has a market capitalization of $2.55 billion, a PE ratio of -18.06 and a beta of 1.04. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.24 and a current ratio of 1.88. The business has a 50 day simple moving average of $11.88 and a 200 day simple moving average of $10.03. Euronav has a one year low of $7.21 and a one year high of $13.21.

Euronav (NYSE:EURN) last announced its quarterly earnings results on Tuesday, October 29th. The shipping company reported ($0.11) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.06. The company had revenue of $90.44 million during the quarter, compared to the consensus estimate of $134.83 million. Euronav had a negative net margin of 5.12% and a negative return on equity of 1.31%. On average, equities analysts expect that Euronav will post 0.57 earnings per share for the current year.

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Euronav by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 4,589,312 shares of the shipping company’s stock worth $43,324,000 after purchasing an additional 111,349 shares during the period. Assenagon Asset Management S.A. grew its position in Euronav by 1,308.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,551,269 shares of the shipping company’s stock worth $19,119,000 after purchasing an additional 1,441,159 shares during the period. Russell Investments Group Ltd. grew its position in Euronav by 6.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 812,045 shares of the shipping company’s stock worth $7,465,000 after purchasing an additional 50,746 shares during the period. Marshall Wace LLP grew its position in Euronav by 332.7% in the 2nd quarter. Marshall Wace LLP now owns 692,522 shares of the shipping company’s stock worth $6,513,000 after purchasing an additional 532,473 shares during the period. Finally, Barclays PLC grew its position in Euronav by 1,015.6% in the 3rd quarter. Barclays PLC now owns 544,890 shares of the shipping company’s stock worth $5,013,000 after purchasing an additional 496,046 shares during the period. 28.51% 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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