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

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

EURN has been the subject of several recent analyst reports. ValuEngine raised shares of Euronav from a “sell” rating to a “hold” rating in a report on Tuesday. DNB Markets lowered shares of Euronav from a “buy” rating to a “hold” rating in a report on Monday, March 9th. TheStreet raised shares of Euronav from a “c” rating to a “b” rating in a report on Thursday, January 30th. Zacks Investment Research raised shares of Euronav from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a report on Friday, January 17th. Finally, Evercore ISI reissued a “buy” rating on shares of Euronav in a report on Sunday, February 2nd. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $14.50.

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

Euronav (NYSE:EURN) last announced its quarterly earnings data on Thursday, January 30th. The shipping company reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ 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 company had revenue of $320.27 million during the quarter, compared to analyst estimates of $353.27 million. As a group, sell-side analysts anticipate that Euronav will post 2.36 earnings per share for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Euronav in the 4th quarter valued at about $51,800,000. Odey Asset Management Group Ltd boosted its holdings in shares of Euronav by 304.1% in the 4th quarter. Odey Asset Management Group Ltd now owns 3,552,959 shares of the shipping company’s stock valued at $44,554,000 after buying an additional 2,673,811 shares during the period. Caxton Associates LP acquired a new position in shares of Euronav in the 4th quarter valued at about $702,000. Cubist Systematic Strategies LLC acquired a new position in shares of Euronav in the 4th quarter valued at about $1,748,000. Finally, Jane Street Group LLC boosted its holdings in shares of Euronav by 391.0% in the 4th quarter. Jane Street Group LLC now owns 275,630 shares of the shipping company’s stock valued at $3,456,000 after buying an additional 219,490 shares during the period. 37.87% 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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