QVT Financial LP lessened its stake in shares of Euronav NV (NYSE:EURN) by 57.5% in the 4th quarter, HoldingsChannel reports. The fund owned 941,713 shares of the shipping company’s stock after selling 1,272,261 shares during the period. Euronav makes up about 0.5% of QVT Financial LP’s holdings, making the stock its 25th largest holding. QVT Financial LP’s holdings in Euronav were worth $8,711,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its stake in Euronav by 556.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 334,024 shares of the shipping company’s stock valued at $3,090,000 after purchasing an additional 283,161 shares during the period. Jefferies Group LLC bought a new stake in Euronav during the 4th quarter valued at approximately $163,000. Impala Asset Management LLC bought a new stake in Euronav during the 4th quarter valued at approximately $687,000. Schroder Investment Management Group boosted its stake in Euronav by 8.4% during the 4th quarter. Schroder Investment Management Group now owns 242,621 shares of the shipping company’s stock valued at $1,864,000 after purchasing an additional 18,870 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Euronav by 4.8% during the 4th quarter. Bank of New York Mellon Corp now owns 1,361,788 shares of the shipping company’s stock valued at $12,565,000 after purchasing an additional 62,744 shares during the period. Institutional investors own 20.40% of the company’s stock.
Euronav NV (NYSE:EURN) opened at $8.50 on Friday. The company has a market capitalization of $1,353.28, a P/E ratio of 850.85 and a beta of 0.60. Euronav NV has a twelve month low of $6.90 and a twelve month high of $9.65.
Several brokerages recently weighed in on EURN. Zacks Investment Research downgraded Euronav from a “hold” rating to a “sell” rating in a research note on Tuesday, January 23rd. TheStreet downgraded Euronav from a “c-” rating to a “d+” rating in a research note on Tuesday, November 14th. UBS Group increased their target price on Euronav from $8.75 to $9.25 and gave the company a “neutral” rating in a research note on Friday, January 26th. Stifel Nicolaus set a $9.00 target price on Euronav and gave the company a “hold” rating in a research note on Friday, December 22nd. Finally, DNB Markets upgraded Euronav from a “hold” rating to a “buy” rating in a research note on Tuesday, March 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $9.35.
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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 April 4, 2017, it owned and operated a fleet of 55 double hulled vessels, including 31 very large crude carriers, 1 V-Plus vessel, 19 Suezmax vessels, and 2 floating, storage, and offloading vessels, as well as 2 Suezmax vessels under construction.
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