Euronav NV (NYSE:EURN) Sees Large Decline in Short Interest

Euronav NV (NYSE:EURN - Get Free Report) was the target of a large decline in short interest during the month of June. As of June 30th, there was short interest totalling 280,900 shares, a decline of 17.9% from the June 15th total of 342,000 shares. Based on an average daily trading volume, of 303,100 shares, the days-to-cover ratio is currently 0.9 days. Currently, 1.9% of the company's stock are sold short.

Euronav Price Performance

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Shares of NYSE:EURN remained flat at $16.31 during midday trading on Friday. The stock had a trading volume of 157,488 shares, compared to its average volume of 168,336. Euronav has a 52 week low of $14.10 and a 52 week high of $21.26. The company has a market capitalization of $3.29 billion, a P/E ratio of 2.78 and a beta of -0.06. The company has a quick ratio of 1.41, a current ratio of 1.46 and a debt-to-equity ratio of 0.60. The stock's fifty day simple moving average is $17.11 and its two-hundred day simple moving average is $17.17.

Euronav (NYSE:EURN - Get Free Report) last announced its earnings results on Wednesday, May 8th. The shipping company reported $0.44 earnings per share for the quarter, missing analysts' consensus estimates of $0.49 by ($0.05). Euronav had a net margin of 103.93% and a return on equity of 23.36%. The business had revenue of $203.46 million during the quarter, compared to analyst estimates of $195.96 million. On average, analysts forecast that Euronav will post 1.5 earnings per share for the current fiscal year.

Euronav Increases Dividend

• Is the 149% Dividend for ZIM Integrated Shipping in Jeopardy?

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Investors of record on Wednesday, July 10th will be issued a $0.34 dividend. This is a boost from Euronav's previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Tuesday, July 9th. This represents a $1.36 annualized dividend and a yield of 8.34%. Euronav's dividend payout ratio (DPR) is currently 12.80%.

Analyst Upgrades and Downgrades

EURN has been the subject of several analyst reports. StockNews.com lowered Euronav from a "buy" rating to a "hold" rating in a report on Thursday, May 9th. Jefferies Financial Group restated a "hold" rating and issued a $18.00 target price on shares of Euronav in a report on Wednesday, May 8th. Seven analysts have rated the stock with a hold rating, According to data from MarketBeat, Euronav currently has an average rating of "Hold" and a consensus price target of $19.01.

Read Our Latest Research Report on EURN

Hedge Funds Weigh In On Euronav

Several hedge funds have recently added to or reduced their stakes in the company. Highland Capital Management LLC boosted its holdings in Euronav by 2.4% in the fourth quarter. Highland Capital Management LLC now owns 52,200 shares of the shipping company's stock valued at $918,000 after acquiring an additional 1,200 shares during the last quarter. Headlands Technologies LLC boosted its holdings in Euronav by 117.2% during the first quarter. Headlands Technologies LLC now owns 2,352 shares of the shipping company's stock worth $39,000 after buying an additional 1,269 shares during the last quarter. Blue Trust Inc. bought a new position in Euronav during the fourth quarter worth about $29,000. FourWorld Capital Management LLC bought a new position in Euronav during the first quarter worth about $67,000. Finally, Tucker Asset Management LLC bought a new position in Euronav during the fourth quarter worth about $79,000.

About Euronav

Euronav NV, together with its subsidiaries, engages in the transportation and storage of crude oil worldwide. The company offers floating, storage, and offloading (FSO) services. It also owns and operates a fleet of vessels. The company was incorporated in 2003 and is headquartered in Antwerp, Belgium.

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