Euronav NV: stock price decoupling from fundamentals
Euronav NV – the Belgian crude carrier – has made a series of purchases on the New York Stock NYSE (NYSE) and Euronext Brusselsover the last two months. The company bought back ~9.32mn of its own shares between 30 June and 02 September 2020 at an average
share price ranging from USD 8.31 per share to USD 9.57 per share. Overall, the company spent an aggregate ~USD 83.58mn (~EUR
74.10mn) in share buyback to acquire ~4.26% of its total outstanding shares. The recent share buyback by the company is part of its
capital allocation strategy and return to shareholder policy. Earlier in January 2020, Euronav came up with a new guidance on return to
shareholders, under which the company will pay dividends quarterly and will target to return 80% of the net income to shareholders,
including the fixed component of USD 0.03 per quarter. According to the new policy, the return to shareholders will primarily be in the
form of a cash dividend, with share buy-back option as an alternative. Additionally, the company may even return more than 80% in some
circumstances.
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