Euronav in $4m buyback since Rodgers exit emerged
Euronav has extended a share buyback effort with a $4m plus investment in its own stock during the past couple of weeks.
No shock for Euronav stock after Rodgers' surprise exitIt adds to a similar spend a month ago when it took advantage of global market turbulence to buy its own stock.
New York and Brussels-listed Euronav says the latest round saw 532,829 shares picked up since 4 February, the day it announced chief executive Paddy Rodgers was set to leave.
All in, the shipowner spent €3.65m ($4.1m), with the average price in the €6.8 to €7 range.
Euronav was one of several tanker owners to see its stock price climb yesterday after the peer group was upgraded by DNB Markets.
Analysts led by Nicolay Dyvik argued tanker stocks were pricing in the impact of the last Opec production cut but not the anticipated upturn from IMO 2020 rules.
Stock in the world’s largest stock listed crude tanker owner was trading up marginally at €7.03 each this morning.
At this level, Euronav has a market capitalization of €1.5bn, according to data from Reuters.
