CMB.TECH (NYSE:CMBT) Sees Unusually-High Trading Volume - Here's Why

Key Points

• CMB.TECH (NYSE:CMBT) experienced an unusual trading volume increase of 95%, with approximately 1.34 million shares changing hands on Tuesday, up from 688,854 the previous session.
• Analysts have dropped the rating of CMB.TECH from "hold" to "sell," resulting in its stock price rising by 10.0% to close at $9.89.
• CMB.TECH will pay a special dividend of $0.05 on October 9th to stockholders of record as of October 2nd.

Shares of CMB.TECH nv (NYSE:CMBT - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 1,344,906 shares changed hands during trading, an increase of 95% from the previous session's volume of 688,854 shares.The stock last traded at $9.89 and had previously closed at $9.27.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of CMB.TECH from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th.

CMB.TECH Stock Up 10.0%

The business has a 50-day simple moving average of $9.02 and a 200-day simple moving average of $9.12. The company has a quick ratio of 0.84, a current ratio of 0.92 and a debt-to-equity ratio of 1.98. The stock has a market cap of $1.98 billion, a P/E ratio of 8.22 and a beta of 0.04.

CMB.TECH (NYSE:CMBT - Get Free Report) last posted its quarterly earnings data on Thursday, August 28th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.10). The company had revenue of $387.81 million during the quarter, compared to the consensus estimate of $259.00 million. CMB.TECH had a return on equity of 6.02% and a net margin of 22.69%.

CMB.TECH Announces Dividend

The business also recently announced a special dividend, which will be paid on Thursday, October 9th. Stockholders of record on Thursday, October 2nd will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, October 2nd.

Institutional Investors Weigh In On CMB.TECH

Several institutional investors have recently bought and sold shares of CMBT. Orion Porfolio Solutions LLC bought a new position in CMB.TECH in the 2nd quarter valued at $98,000. Raymond James Financial Inc. bought a new stake in shares of CMB.TECH in the second quarter worth $27,000. Norges Bank bought a new position in CMB.TECH in the 2nd quarter worth $2,847,000. Legal & General Group Plc boosted its position 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 acquiring an additional 4,497 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in 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 during the last quarter.

About CMB.TECH

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.

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