Royal Bank of Canada Cuts Stock Position in CMB.TECH nv $CMBT

Key Points

• Royal Bank of Canada reduced its CMB.TECH stake by 95.9% in the first quarter, selling 1,041,137 shares and retaining 44,985 shares valued at approximately $569,000.
• Several institutional investors initiated new positions, while analyst sentiment remained broadly positive: CMB.TECH received an average rating of “Buy”, including two Strong Buy ratings and one Hold rating.
• CMBT shares opened at $18.18, near their 52-week high of $18.52, with a $3.62 billion market capitalization and a price-to-earnings ratio of 10.76.

Royal Bank of Canada cut its stake in shares of CMB.TECH nv (NYSE:CMBT - Free Report) by 95.9% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 44,985 shares of the company's stock after selling 1,041,137 shares during the period. Royal Bank of Canada's holdings in CMB.TECH were worth $569,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Valley Wealth Managers Inc. acquired a new stake in shares of CMB.TECH in the first quarter valued at about $33,000. Mcguire Capital Advisors Inc. acquired a new position in shares of CMB.TECH during the 4th quarter worth about $26,000. Raymond James Financial Inc. acquired a new position in shares of CMB.TECH during the 2nd quarter worth about $27,000. Caitong International Asset Management Co. Ltd purchased a new position in CMB.TECH in the 4th quarter valued at about $29,000. Finally, Public Employees Retirement System of Ohio purchased a new position in CMB.TECH in the 3rd quarter valued at about $45,000.

Analysts Set New Price Targets

Several research firms have commented on CMBT. Weiss Ratings upgraded CMB.TECH from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, May 28th. Wall Street Zen upgraded CMB.TECH from a "hold" rating to a "buy" rating in a research report on Saturday, May 30th. Two research analysts have rated the stock with a Strong Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy".

CMB.TECH Price Performance

Shares of NYSE CMBT opened at $18.18 on Tuesday. The firm has a 50-day simple moving average of $15.72 and a 200-day simple moving average of $14.49. The company has a quick ratio of 0.85, a current ratio of 0.95 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of 10.76 and a beta of 0.11. CMB.TECH nv has a 52 week low of $7.86 and a 52 week high of $18.52.

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.

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