Genco Shipping & Trading (NYSE:GNK) Announces Earnings Results

Genco Shipping & Trading (NYSE:GNK) announced its earnings results on Wednesday. The shipping company reported $0.41 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 for the quarter, compared to analysts’ expectations of $72.02 million. During the same quarter last year, the firm earned ($0.09) EPS. The business’s revenue for the quarter was up 19.2% on a year-over-year basis.

Genco Shipping & Trading Stock Performance

Genco Shipping & Trading stock traded up $0.78 during mid-day trading on Thursday, reaching $17.55. 722,379 shares of the company traded hands, compared to its average volume of 588,525. Genco Shipping & Trading has a fifty-two week low of $12.65 and a fifty-two week high of $23.43. The firm’s fifty day moving average is $17.33 and its two-hundred day moving average is $19.46. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.59 and a quick ratio of 2.94. The company has a market capitalization of $750.44 million, a price-to-earnings ratio of 54.70, a price-to-earnings-growth ratio of 0.25 and a beta of 0.98.

Analysts Set New Price Targets

GNK has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft assumed coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a “buy” rating and a $22.00 price objective for the company. Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and lowered their price target for the company from $26.00 to $17.00 in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Genco Shipping & Trading in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.20.

Genco Shipping & Trading Company Profile

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.