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  4. Jefferies Upgrades Tanker Stocks as Outlook Strengthens
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Jefferies Upgrades Tanker Stocks as Outlook Strengthens

By Sam Boughedda Jefferies upgraded tanker stocks Euronav (NYSE:EURN), Frontline (NYSE:FRO), Nordic American Tanker (NYSE:NAT), and Tsakos (NYSE:TNP) to Buy in a note on Tuesday,...
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Jefferies Upgrades Tanker Stocks as Outlook Strengthens © Reuters. Jefferies Upgrades Tanker Stocks as the Outlook Strengthens

By Sam Boughedda

Jefferies upgraded tanker stocks Euronav (NYSE:EURN), Frontline (NYSE:FRO), Nordic American Tanker (NYSE:NAT), and Tsakos (NYSE:TNP) to Buy in a note on Tuesday, telling investors that the outlook is strengthening.

An analyst also boosted the firm's price targets on the stocks, with Euronav raised to $20 from $14, Frontline increased to $16 from $11, Nordic American lifted to $4 from $3, and Tsakos price target lifted to $25 from $12.

"We upgrade our outlook and reiterate our positive view on tankers. Spot rates have held firm across most segments over the past six months and VLCCs have finally joined the fray. The Russia-Ukraine war has impacted trade flows and tanker routes, but it also brought to the forefront the underlying tightness of the oil market, inducing higher production and refinery runs, benefiting tankers. We see strong earnings this winter and throughout 2023 & 2024," wrote the analyst.

Speaking on the stocks, he explained they are positioned for "significant earnings and offer compelling free cash flow yields."

"We have raised our 2023 and 2024 earnings projections for the group well-above consensus expectations," he concluded.

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01-05-2024 10:45:17 (UTC+7)

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-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

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-0.0015 (-0.12%)

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Sell (12)

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157.91

+0.12 (+0.07%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

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AUD/USD

0.6469

-0.0003 (-0.05%)

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Moving Avg:

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EUR/CHF

0.9808

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8,144.13

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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