Genco Shipping & Trading (NYSE:GNK) Posts Quarterly Earnings Results, Hits Estimates

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

Genco Shipping & Trading Stock Performance

Shares of NYSE GNK traded up $0.78 during mid-day trading on Thursday, hitting $17.55. The company had a trading volume of 722,375 shares, compared to its average volume of 588,525. Genco Shipping & Trading has a 12 month low of $12.65 and a 12 month high of $23.43. The stock has a market cap of $750.44 million, a price-to-earnings ratio of 54.70, a PEG ratio of 0.25 and a beta of 0.98. 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 firm’s 50 day simple moving average is $17.33 and its two-hundred day simple moving average is $19.46.

Genco Shipping & Trading Announces Dividend

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

Analysts Set New Price Targets

GNK has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Genco Shipping & Trading in a report on Wednesday, September 4th. They set a “buy” rating and a $22.00 price objective for the company. Stifel Nicolaus lowered Genco Shipping & Trading from a “buy” rating to a “hold” rating and lowered their price objective 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 set a $25.00 target price on shares of Genco Shipping & Trading in a report on Thursday. Three research 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 currently has a consensus rating of “Moderate Buy” and a consensus 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.