Euronav NV (NYSE:EURN) Sees Significant Drop in Short Interest

Euronav NV (NYSE:EURN) was the target of a large decline in short interest in March. As of March 13th, there was short interest totalling 1,585,500 shares, a decline of 39.3% from the February 27th total of 2,610,000 shares. Currently, 0.8% of the shares of the stock are short sold. Based on an average daily volume of 2,160,000 shares, the days-to-cover ratio is currently 0.7 days.

EURN has been the topic of a number of research reports. Evercore ISI reiterated a “buy” rating on shares of Euronav in a report on Sunday, February 2nd. TheStreet upgraded shares of Euronav from a “c” rating to a “b” rating in a report on Thursday, January 30th. DNB Markets downgraded shares of Euronav from a “buy” rating to a “hold” rating in a report on Monday, March 9th. Zacks Investment Research upgraded shares of Euronav from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a report on Friday, January 17th. Finally, ValuEngine upgraded shares of Euronav from a “sell” rating to a “hold” rating in a report on Tuesday. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $14.50.

Shares of EURN stock traded up $0.80 during trading hours on Thursday, reaching $10.36. 1,718,990 shares of the stock traded hands, compared to its average volume of 2,549,459. Euronav has a 1-year low of $7.21 and a 1-year high of $13.21. The business has a fifty day moving average price of $9.42 and a 200 day moving average price of $10.48. The company has a quick ratio of 1.90, a current ratio of 2.47 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $2.08 billion, a PE ratio of 18.84 and a beta of 1.03.

Euronav (NYSE:EURN) last released its quarterly earnings results on Thursday, January 30th. The shipping company reported $0.75 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.07. Euronav had a net margin of 12.70% and a return on equity of 5.32%. The business had revenue of $320.27 million for the quarter, compared to analyst estimates of $353.27 million. Research analysts expect that Euronav will post 2.36 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the company. M&G Investment Management Ltd. acquired a new stake in shares of Euronav during the fourth quarter valued at approximately $94,043,000. Thrivent Financial for Lutherans raised its holdings in shares of Euronav by 9.0% during the fourth quarter. Thrivent Financial for Lutherans now owns 4,863,010 shares of the shipping company’s stock valued at $60,983,000 after acquiring an additional 399,778 shares during the period. Norges Bank acquired a new stake in shares of Euronav during the fourth quarter valued at approximately $51,800,000. Odey Asset Management Group Ltd raised its holdings in shares of Euronav by 304.1% during the fourth quarter. Odey Asset Management Group Ltd now owns 3,552,959 shares of the shipping company’s stock valued at $44,554,000 after acquiring an additional 2,673,811 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Euronav by 197.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,104,086 shares of the shipping company’s stock valued at $38,925,000 after acquiring an additional 2,058,960 shares during the period. Institutional investors and hedge funds own 37.87% of the company’s stock.

Euronav Company Profile

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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