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

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

Genco Shipping & Trading Stock Up 4.7 %

NYSE GNK traded up $0.78 on Thursday, hitting $17.55. 722,375 shares of the stock were exchanged, 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 company has a 50-day moving average price of $17.33 and a 200-day moving average price of $19.46. The company 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. The company has a quick ratio of 2.94, a current ratio of 3.59 and a debt-to-equity ratio of 0.10.

Genco Shipping & Trading Announces Dividend

The company also recently announced a dividend, which will be paid on Monday, November 25th. Investors of record on Monday, November 18th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio (DPR) is 412.12%.

Wall Street Analyst Weigh In

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