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Tag: EURN Stock

  • Euronav N.V. (EURN) stock Rallies Premarket on Combination with Frontline Ltd.

    On April 7, 2022, Euronav N.V. (EURN) along with Frontline Ltd. announced their potential combination to create a global leader in the oil tanker industry. Consequently, EURN stock was trending by an upswing of 14.50% in the premarket at the last check. At the time of writing, the stock had reached a value of $12.87 per share.

    Source: Company Suggestion

    EURN’s Business Combination

    According to the news, both the companies have signed a term sheet on a potential stock-for-stock combination. Approved by their boards, the combination is based on an exchange ratio of 1.45 FRO shares for each EURN share. Thus, it will result in a respective 59% and 41% ownership of FRO and EURN shares by the shareholders. The combined group would continue under the name Frontline.

    Moreover, the company intends to pay total dividends of 12 cents prior to the closing of the combination.

    The Potential Market Leader

    Pending regulatory approvals and details, the combination is deemed to create a leader in the global oil tanker market. The merger would synergize and combine two complementary platforms in a market that is highly competitive. With a market cap of over $4.2 billion (as per the current valuation) and market participation of nearly 150 vessels, the combined company would be a force to reckon with.

    Additionally, this merger could not have come at a better time, as the tanker market is undergoing rerouting and preparing for a return to higher activity.

    Where is the Tanker Market Headed?

    The Russian invasion of Ukraine added continued headwinds to the global tanker market. With more and more sanctions on Russian oil imports by multiple countries, the market saw a huge decline in its activity.

    the utmost need for alternatives in the grave shortage of supply has Venezuelan and Iranian crude oil now being considered. With the emergence of Iranian and Venezuelan grades as potential replacing candidates for the lost supply, the tanker market is now expecting a return to higher activity. But this comeback will not take place overnight, there is still much rerouting to take place in the industry.

    According to the CEO of EURN, greater clarity is expected to take at least two months as the trade routes are reorganized.

    Conclusion

    At a time when the beaten-down tanker market is now posing for a comeback to higher activity, EURN’s potential combination with FRO has investors super excited. Therefore, the company’s stock is enjoying good gains in today’s premarket.

  • Up’s and downs of Oil sector

    Up’s and downs of Oil sector

    As the market pondered the possibility of strengthening New York and London restrictions before a readily accessible vaccine, oil prices increased.

    Since switching earlier between losses and gains, futures ended at a nine-month high. The U.S. began distributing the Covid-19 vaccine and national immunization initiatives in other countries, offering a roadmap for stabilizing oil demand.

    However, price gains remain minimal as reopening plans across the globe are affected by the virus’s spread. In the middle of a new strain of the epidemic, London is growing pandemic controls this week while New York City’s mayor said people should be prepared for a complete lockdown. The Association of Petroleum Exporting Countries, meanwhile, cut forecasts for global fuel demand by 1 million barrels a day in the first quarter of 2021.

    GasLog Partners LP (NYSE:GLOP) shares were trading up 31.18% at $3.45 at the time of writing on Monday.

    GasLog Partners LP (NYSE:GLOP) share price went from a low point around $1.51 to briefly over $16.20 in past 52 weeks, though shares have since pulled back to $3.45. GLOP market cap has remained high, hitting $177.88M at the time of writing, giving it price-to-sales ratio of more than 0.

    If we look at the recent analyst rating GLOP, BTIG Research downgraded coverage on GLOP shares with a Neutral rating and a $3.28 price target, which implies room for -0.17% downside momentum this year.

    Mid-Con Energy Partners LP (MCEP) last closed at $3.78, in a 52-week range of $1.14 to $8.70.

    SandRidge Energy Inc. (SD) stock soar by 10.61% to $3.44 after reporting that it has entered into a definitive agreement for the sale of its North Park Basin assets. The most recent rating by Seaport Global Securities, on June 21, 2017, is at a Neutral.

    Enservco Corporation (AMEX:ENSV) Shares headed rising, higher as much as 5.73%. The most recent rating by Northland Capital, on November 13, 2015, is at an Outperform.

    Renewable Energy Group Inc. (NASDAQ:REGI) rose 4.31% after gaining more than $2.68 on Monday. The company on December 3, 2020 declared changes to the organizational construct of its senior leadership team intended to accelerate the company’s performance as a leader in a rapidly growing industry.

    U.S. Well Services Inc. (USWS) last closed at $0.48, in a 52-week range of $0.23 to $2.02.

    NOW Inc. (DNOW) stock soar by 2.38% to $6.45. The firm has scheduled a conference call to discuss fourth quarter and full-year 2020 earnings on Wednesday, February 17, 2021 at 8:00 am (US Central Time). The most recent rating by Stephens, on October 16, 2020, is at an Equal-weight.

    Ultrapar Participacoes S.A. (NYSE:UGP) Shares headed rising, higher as much as 2.21%. The most recent rating by Morgan Stanley, on June 02, 2020, is at an Overweight.

    ChampionX Corporation (NYSE:CHX) rose 1.08% after gaining more than $0.15 on Monday following the announcement of early tender offer results and extension of early tender premium.

    Oceaneering International Inc. (OII) last closed at $8.25, in a 52-week range of $2.01 to $15.99. Analysts have a consensus price target of $7.48.

    Euronav NV (EURN) stock soar by 0.61% to $8.25. The most recent rating by BTIG Research, on October 21, 2020, is at a Neutral.

    TransAtlantic Petroleum Ltd. (AMEX:TAT) Shares headed rising, higher as much as 0.60%. On November 20, 2020, the company released its financial results for the quarter ended September 30, 2020. The most recent rating by TD Securities, on September 09, 2016, is at a Speculative buy.

    Pacific Ethanol Inc. (NASDAQ:PEIX) rose 0.17% after gaining more than $0.01 on Monday. The firm declared on December 1, 2020, the closing of its agreement with Liberty Basin, LLC to sell 134 acres, rail loop and grain handling assets at its Pacific Ethanol Magic Valley plant in Burley, Idaho for $10 million in cash.

    Talos Energy Inc. (TALO) last closed at $9.21, in a 52-week range of $5.00 to $31.34 after declaring proposed offering of $400 million of second-priority senior secured notes due 2026. Analysts have a consensus price target of $13.17.

    Valvoline Inc. (VVV) stock drop by -0.17% to $23.01. The most recent rating by JP Morgan, on August 05, 2020, is at an Overweight. The company on December 2, 2020 reported that it plans to acquire 27 quick-lube locations that will expand its service center network across the U.S.