Vopak Drops Most in a Month on UBS Sell Rating: Amsterdam Mover
Stock Chart for Koninklijke Vopak NV (VPK)
Vopak dropped as much as 3.5 percent to 49.24 euros, the biggest drop since Dec. 10. It was at 49.285 euros by 10:18 a.m. local time, valuing Vopak at 6.3 billion euros ($8.4 billion).
“Tank storage is fundamentally an attractive business, given its infrastructure characteristics and relative insensitivity to volume,” Dominic Edridge, a London-based analyst at UBS, said today in a note. “This success may now be a problem, as investment in the sector has grown substantially, which may mean lower returns.”
The storage company, based in Rotterdam, operates 84 terminals in 31 countries with a combined capacity of more than 29 million cubic meters.
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