Notable Mover: A Reversal for Euronav NV Ordinary Shares Is Not Near. The Stock Gaps Down

Notable Mover: A Reversal for Euronav NV Ordinary Shares Is Not Near. The Stock Gaps Down

The stock of Euronav NV Ordinary Shares (NYSE:EURN) gapped down by $0.05 today and has $6.95 target or 7.00% below today’s $7.47 share price. The 5 months technical chart setup indicates high risk for the $1.21 billion company. The gap down was reported on Oct, 4 by Barchart.com. If the $6.95 price target is reached, the company will be worth $84.70M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 2.10% or $0.16 during the last trading session, hitting $7.47. About 688,645 shares traded hands. Euronav NV Ordinary Shares (NYSE:EURN) has declined 27.76% since March 1, 2016 and is downtrending. It has underperformed by 39.97% the S&P500.

Analysts await Euronav NV Ordinary Shares (NYSE:EURN) to report earnings on October, 31. They expect $0.08 EPS, down 82.61% or $0.38 from last year’s $0.46 per share. EURN’s profit will be $12.96M for 23.34 P/E if the $0.08 EPS becomes a reality. After $0.35 actual EPS reported by Euronav NV Ordinary Shares for the previous quarter, Wall Street now forecasts -77.14% negative EPS growth.

Euronav NV Ordinary Shares (NYSE:EURN) Ratings Coverage

Out of 9 analysts covering Euronav NV (NYSE:EURN), 4 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 44% are positive. Euronav NV has been the topic of 12 analyst reports since August 21, 2015 according to StockzIntelligence Inc. The firm has “Neutral” rating given on Thursday, April 7 by JP Morgan. As per Tuesday, August 25, the company rating was initiated by Wells Fargo. Vetr downgraded Euronav NV Ordinary Shares (NYSE:EURN) on Friday, September 4 to “Buy” rating. JP Morgan downgraded the shares of EURN in a report on Tuesday, January 12 to “Neutral” rating. The firm has “Buy” rating by Euro Pacific Capital given on Tuesday, September 29. Vetr downgraded Euronav NV Ordinary Shares (NYSE:EURN) rating on Monday, September 21. Vetr has “Hold” rating and $15.19 price target. UBS downgraded Euronav NV Ordinary Shares (NYSE:EURN) rating on Tuesday, July 26. UBS has “Neutral” rating and $9.50 price target. The rating was downgraded by Deutsche Bank to “Hold” on Friday, February 26. Seaport Global reinitiated the shares of EURN in a report on Wednesday, May 4 with “Buy” rating. UBS initiated the stock with “Buy” rating in Friday, August 21 report.

According to Zacks Investment Research, “Euronav is a tanker company. It owns, operates and manages a fleet of vessels for the transportation and storage of crude oil and petroleum products. The company also offers ship management services. It operates primarily in Europe and Asia. Euronav is headquartered in Antwerp, Belgium.”

More news for Euronav NV Ordinary Shares (NYSE:EURN) were recently published by: Benzinga.com, which released: “Euronav Remains Citi’s Top Pick Among Tankers” on July 12, 2016. Benzinga.com‘s article titled: “Is Iran’s Oil Output Surge A Bullish Sign For Oil Tankers?” and published on June 06, 2016 is yet another important article.

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