Genco Shipping & Trading (NYSE:GNK) Issues Quarterly Earnings Results

Genco Shipping & Trading (NYSE:GNK) released its quarterly earnings data on Wednesday. The shipping company reported $0.41 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.41, Briefing.com reports. Genco Shipping & Trading had a return on equity of 6.11% and a net margin of 3.59%. The business had revenue of $99.33 million during the quarter, compared to analyst estimates of $72.02 million. During the same quarter last year, the business posted ($0.09) EPS. The company’s revenue was up 19.2% on a year-over-year basis.

Genco Shipping & Trading Price Performance

Shares of NYSE:GNK traded up $0.78 during trading on Thursday, reaching $17.55. The stock had a trading volume of 722,379 shares, compared to its average volume of 588,525. The business has a fifty day moving average price of $17.33 and a 200-day moving average price of $19.46. Genco Shipping & Trading has a 1-year low of $12.65 and a 1-year high of $23.43. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.94 and a current ratio of 3.59. The stock has a market cap of $750.44 million, a PE ratio of 54.70, a PEG ratio of 0.25 and a beta of 0.98.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on GNK shares. Jefferies Financial Group reiterated a “buy” rating and set a $25.00 price target on shares of Genco Shipping & Trading in a research report on Thursday. Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and decreased their target price for the company from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They set a “buy” rating and a $22.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $24.20.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.