CMB.TECH (NYSE:CMBT) Sets New 52-Week High on Better-Than-Expected Earnings

CMB.TECH nv (NYSE:CMBT)’s stock price hit a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $16.00 and last traded at $16.0830, with a volume of 257640 shares trading hands. The stock had previously closed at $15.06.

The company reported $1.27 earnings per share for the quarter, beating the consensus estimate of $0.27 by $1.00. The firm had revenue of $519.63 million during the quarter, compared to analysts’ expectations of $422.43 million. CMB.TECH had a net margin of 9.70% and a return on equity of 6.25%.

CMB.TECH Dividend Announcement

The business also recently announced a special dividend, which was paid on Wednesday, April 22nd. Shareholders of record on Wednesday, April 15th were paid a dividend of $0.16 per share. The ex-dividend date was Wednesday, April 15th. CMB.TECH’s payout ratio is currently 27.69%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CMBT. Wall Street Zen upgraded CMB.TECH from a “sell” rating to a “hold” rating in a research note on Sunday, April 12th. Berenberg Bank raised CMB.TECH to a “strong-buy” rating in a report on Wednesday, April 22nd. Finally, Weiss Ratings cut CMB.TECH from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy”.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. increased its holdings in CMB.TECH by 17.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 248,014 shares of the company’s stock worth $2,252,000 after acquiring an additional 37,356 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of CMB.TECH by 3,978.5% in the second quarter. JPMorgan Chase & Co. now owns 30,752 shares of the company’s stock worth $277,000 after purchasing an additional 29,998 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of CMB.TECH by 221.3% during the 2nd quarter. Legal & General Group Plc now owns 6,529 shares of the company’s stock valued at $59,000 after buying an additional 4,497 shares in the last quarter. Raymond James Financial Inc. bought a new position in CMB.TECH in the 2nd quarter worth $27,000. Finally, Orion Porfolio Solutions LLC purchased a new stake in CMB.TECH in the 2nd quarter worth $98,000.

CMB.TECH Trading Up 6.8%

The stock has a fifty day simple moving average of $13.24 and a 200 day simple moving average of $11.89. The firm has a market capitalization of $2.98 billion, a P/E ratio of 24.83 and a beta of 0.06. The company has a quick ratio of 0.79, a current ratio of 0.86 and a debt-to-equity ratio of 1.80.

CMB.TECH Company Profile

Euronav NV, together with its subsidiaries, engages in the transportation and storage of crude oil worldwide. The company offers floating, storage, and offloading (FSO) services. It also owns and operates a fleet of vessels. The company was incorporated in 2003 and is headquartered in Antwerp, Belgium. As of March 15, 2024, Euronav NV operates as subsidiary of CMB NV.