Norges Bank Investment Management recently announced the acquisition of new stake in Euronav NV (NYSE:EURN). The institutional investor has increased its shareholding in the Energy company by 14.34% to 5.47 million shares with purchase of 0.69 million shares. This fresh investment now brings its stake to 2.49% valued currently at $99.57 million. In addition, Millennium Management LLC raised its holdings by 0.39 million to 1.92 million shares.
With over 2.47 million Euronav NV (EURN) shares trading Monday and a closing price of $17.45 on the day, the dollar volume was approximately $43.12 million. The shares have shown a negative half year performance of -1.80% and its price on 03/13/23 lost nearly -4.38%. Currently, there are 201.78M common shares owned by the public and among those 87.22M shares have been available to trade.
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The analysts have set the share’s price value over the next 12 months at a high of $33.00 and a low of $14.84. The average price target is 18.61% above its recent price level and a downside to the estimated low will see the stock lose -17.59% over that period. But an upside of 47.12% will see the stock hit the forecast high price target while median target price for the stock is $20.00.
Insiders at the company have transacted a total of 8 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 4 of these insider trades were purchases, accounting for 32,739 shares. Insider sales of the common stock occurred on 4 occasions, with total insider shares sold totaling 62,044 shares.
The top 3 mutual fund holders in Euronav NV are Government Pension Fund – Global, DFA International Small Cap Value, and Fidelity Advisor Multi Asset Inco. Government Pension Fund – Global owns 5.37 million shares of the company’s stock, all valued at over $97.85 million. The company bought an additional 0.6 million shares recently to bring their total holdings to about 2.44% of the shares outstanding. Fidelity Advisor Multi Asset Inco sold -0.66 million shares to bring its total holdings to over 1.88 million shares at a value of $34.25 million. Fidelity Advisor Multi Asset Inco now owns shares totaling to 0.86% of the shares outstanding.
Shares of Euronav NV (NYSE: EURN) opened at $17.49, down -$0.76 from a prior closing price of $18.25. However, the script later moved the day high at 17.91, down -4.38%. The company’s stock has a 5-day price change of -5.68% and -3.43% over the past three months. EURN shares are trading 2.41% year to date (YTD), with the 12-month market performance up to 52.40% higher. It has a 12-month low price of $9.78 and touched a high of $21.00 over the same period. EURN has an average intraday trading volume of 2.65 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -1.28%, 5.81%, and 8.76% respectively.
Institutional ownership of Euronav NV (NYSE: EURN) shares accounts for 28.97% of the company’s 201.78M shares outstanding. Mutual fund holders own 12.79%, while other institutional holders and individual stakeholders account for 17.83% and — respectively.
It has a market capitalization of $3.52B. The stock’s trailing 12-month PE ratio is 7.76, while the earnings-per-share (ttm) stands at $2.25. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.26% over the week and 3.67% over the month.
Analysts forecast that Euronav NV (EURN) will achieve an EPS of $0.67 for the current quarter, $0.41 for the next quarter and $2.7 for 2024. The lowest estimate earnings-per-share for the quarter is $0.58 while analysts give the company a high EPS estimate of $0.81. Comparatively, EPS for the current quarter was -$0.22 a year ago. Earnings per share for the fiscal year are expected to increase by 124.00%, and 20.50% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 17 brokerage firm advisors rate Euronav NV (EURN) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 8 of the 17 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the EURN, a number of firms have released research notes about the stock. Deutsche Bank stated their Hold rating for the stock in a research note on March 06, 2023, with the firm’s price target at $19-$20. BTIG Research was of a view on October 27, 2022 that the stock is Neutral, while Jefferies gave the stock Buy rating on September 06, 2022, issuing a price target of $14- $20. Jefferies on their part issued Hold rating on July 21, 2022.
