Euronav (EURN) Shares Down 5.6% on Disappointing Earnings

Shares of Euronav (NYSE:EURN) fell 5.6% on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $8.25 and last traded at $8.35. 759,167 shares traded hands during trading, an increase of 45% from the average session volume of 521,887 shares. The stock had previously closed at $8.85.

The shipping company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.04). The company had revenue of $78.33 million during the quarter, compared to the consensus estimate of $89.58 million. Euronav had a net margin of 0.24% and a negative return on equity of 1.16%.

A number of brokerages have issued reports on EURN. JPMorgan Chase lifted their price target on shares of Euronav from $8.50 to $9.00 and gave the company a “neutral” rating in a report on Friday, March 23rd. Zacks Investment Research downgraded shares of Euronav from a “hold” rating to a “sell” rating in a report on Tuesday, January 23rd. TheStreet upgraded shares of Euronav from a “d+” rating to a “c” rating in a report on Thursday, January 25th. UBS lifted their price target on shares of Euronav from $8.75 to $9.25 and gave the company a “neutral” rating in a report on Friday, January 26th. Finally, DNB Markets upgraded shares of Euronav from a “hold” rating to a “buy” rating in a report on Tuesday, March 6th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $9.29.

Institutional investors have recently bought and sold shares of the company. Schroder Investment Management Group increased its holdings in shares of Euronav by 8.4% in the 4th quarter. Schroder Investment Management Group now owns 242,621 shares of the shipping company’s stock worth $1,864,000 after buying an additional 18,870 shares during the last quarter. FNY Partners Fund LP increased its holdings in shares of Euronav by 6.3% in the 4th quarter. FNY Partners Fund LP now owns 251,894 shares of the shipping company’s stock worth $2,330,000 after buying an additional 15,000 shares during the last quarter. Swiss National Bank increased its holdings in shares of Euronav by 4.3% in the 4th quarter. Swiss National Bank now owns 218,867 shares of the shipping company’s stock worth $2,017,000 after buying an additional 8,984 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Euronav by 556.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 334,024 shares of the shipping company’s stock worth $3,090,000 after buying an additional 283,161 shares during the last quarter. Finally, Jefferies Group LLC bought a new stake in shares of Euronav in the 4th quarter worth about $163,000. Hedge funds and other institutional investors own 22.87% of the company’s stock.

The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $1,409.00, a price-to-earnings ratio of -94.44 and a beta of 0.54.

Euronav Company Profile

Euronav NV, together with its subsidiaries, owns, operates, and manages a fleet of vessels for the ocean 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 August 23, 2017, it owned and operated a fleet of 56 double hulled vessels, including 30 very large crude carriers, 1 V-Plus vessel, 19 Suezmax vessels, and 2 floating, storage, and offloading vessels, as well as 4 Suezmax vessels under construction.

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