With earnings season on the horizon and crude tanker rates still in the doldrums, Jefferies' Randy Giveans lowered his expectations for the sector on Friday.
The Houston-based analyst cut the target price and earnings per share (EPS) for seven tanker owners.
"We are reducing our 2H20 [second half of 2020] EPS estimates and 2021 EPS estimates for the crude tanker companies under coverage as crude tanker spot rates continue to be under pressure due [to] the pace of recovery of global crude demand not being sufficient to rapidly clear existing inventories," he wrote in a note published on Friday morning.
