Actionable news
0
All posts from Actionable news
Actionable news in EURN: EURONAV NV,

Euronav Remains Citi's Top Pick Among Tankers

Euronav Remains Citi's Top Pick Among Tankers - Gener8 Maritime NYSE:GNRT, Euronav NV NYSE:EURN

Citi Research provided its analysis on tanker fundamentals, mentioning Euronav NV Ordinary Shares EURN and Gener8 Maritime Inc GNRT as stocks with positive outlook.

According to the analysts, tanker rates declined about 25 percent in the second quarter of this year and are expected to drop a bit further in the third quarter before a "typical seasonal rally in 4Q."

The analysts expect the rates to still be in line with their estimates of $40,800/day and $45,500/day for the 2H16 and full 2016 year, respectively, which are "healthy and very cash flow generative for companies like Euronav and Gener8."

The analysts mentioned Euronav as their top pick, changing the 2Q EPS estimate to 33c from 38c on rate adjustments, while the EPS estimate for Gener8 was reduced to 55c from 62c driven by the rate decrease, but offset by lower interest rates.

Both stocks' ratings were maintained at Buy, and the price targets were likewise unchanged — Euronav at $14.00 and Gener8 at $12.

Did you like this article? Could it have been improved? Please email feedback@benzinga.com to let us know!

DateFirmActionFromTo
May 2016Seaport GlobalAssumesBuy
Jan 2016JefferiesMaintainsBuy
Dec 2015Seaport GlobalInitiates Coverage onBuy

© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.