Morgan Stanley Initiates Euronav NV At Overweight; Shares Up Almost 4%
Morgan Stanley says Euronav NV Ordinary Shares (NYSE: EURN) is best situated to offer exposure to the growing crude supply and the current contango trade. The firm also cites a strong balance sheet, a lean structure with 'steadfast corporate governance' and a fleet of large, modern tankers.
The current situation with high crude supply is setting up to offer a strong market for tankers, as tanker spots have risen to their highest levels since 2008.
Of note from Morgan's publication is:
- "Two-thirds of its capacity comes from VLCC; the rest, from Suezmax tankers that operate heavily in the spot market. This allows investors to play the volatility of the hot crude tanker market through a well-managed and well-capitalized company."
Shares of Euronav are trading up nearly 4 percent in Tuesday's pre-market session.
Latest Ratings for EURN
|Oct 2016||Credit Suisse||Maintains||Outperform|
|Aug 2016||Morgan Stanley||Downgrades||Overweight||Equal-Weight|
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