TIG Advisors LLC Takes $305,000 Position in Euronav NV (NYSE:EURN)

TIG Advisors LLC bought a new stake in shares of Euronav NV (NYSE:EURN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 17,330 shares of the shipping company’s stock, valued at approximately $305,000.

A number of other hedge funds have also recently modified their holdings of EURN. Norges Bank purchased a new position in shares of Euronav in the 4th quarter worth about $91,459,000. PSquared Asset Management AG purchased a new position in shares of Euronav in the 4th quarter worth about $43,207,000. Alpine Associates Management Inc. purchased a new position in shares of Euronav in the 4th quarter worth about $34,391,000. Water Island Capital LLC purchased a new position in shares of Euronav in the 4th quarter worth about $27,123,000. Finally, UBS Group AG raised its position in shares of Euronav by 3,218.3% in the 4th quarter. UBS Group AG now owns 577,688 shares of the shipping company’s stock worth $10,162,000 after purchasing an additional 560,279 shares during the last quarter.

Analyst Ratings Changes

Several research firms have recently issued reports on EURN. StockNews.com lowered Euronav from a “buy” rating to a “hold” rating in a research report on Thursday, May 9th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $18.00 price target on shares of Euronav in a research report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. boosted their target price on Euronav from $17.86 to $21.70 and gave the stock a “neutral” rating in a research report on Friday, February 23rd. Seven equities research analysts have rated the stock with a hold rating, According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $19.18.

Euronav Stock Performance

Shares of Euronav stock traded up $0.21 during trading hours on Wednesday, reaching $15.89. 107,505 shares of the stock traded hands, compared to its average volume of 1,022,573. The company has a 50 day moving average price of $17.22 and a 200 day moving average price of $17.40. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of 2.71 and a beta of -0.02. Euronav NV has a one year low of $14.10 and a one year high of $21.26. The company has a quick ratio of 1.41, a current ratio of 1.46 and a debt-to-equity ratio of 0.60.

Euronav (NYSE:EURN) last released its quarterly earnings results on Wednesday, May 8th. The shipping company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.05). The firm had revenue of $203.46 million for the quarter, compared to the consensus estimate of $195.96 million. Euronav had a net margin of 103.93% and a return on equity of 23.36%. On average, equities research analysts expect that Euronav NV will post 1.5 earnings per share for the current fiscal year.

Euronav Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Thursday, May 23rd were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Wednesday, May 22nd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 6.80%. Euronav’s dividend payout ratio is currently 19.45%.

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.