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Deutsche Bank Upgrades Euronav

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Jan. 16 2017, Published 3:59 p.m. ET

4Q16 results

Euronav (EURN) will be the first among crude (DBO) tanker companies to release its fourth-quarter earnings. The company is scheduled to release its 4Q16 results on January 26, 2016.

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Recent changes by analysts

On January 3, 2017, Deutsche Bank upgraded Euronav to “buy” from “hold,” and raised the target price to $10 from $8.50. After the upgrade, ten analysts were bullish on the stock, compared with nine previously.

Consensus recommendations

Currently, 16 analysts give recommendations on Euronav (EURN). Of these analysts, only one analyst has given a “sell” recommendation on the stock, and none have given it a “strong sell.” Ten analysts, or 62%, are bullish on the stock—four have given a “strong buy” recommendation, and six have given a “buy.” Peers Frontline (FRO) and DHT Holdings (DHT) have not received a single “strong sell” rating, while Nordic American Tankers (NAT) and Teekay Tankers (TNK) have. Five analysts suggest to “hold” for Euronav. The consensus target price is $10.60, which implies an upside of 22%.

Revenue and earnings estimates

Wall Street analysts estimate that Euronav’s revenue will be ~$135 million in the fourth quarter, compared with $133 million in 3Q16 and ~$225 million in 4Q15. Year-over-year, EBITDA (earnings before interest, tax, depreciation, and amortization) are expected to fall. Analysts expect Euronav’s 4Q16 EBITDA to be $76 million, higher than the previous quarter’s $68 million but lower than 4Q15’s EBITDA of $160 million.

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