Pacific Basin Shipping (OTCMKTS:PCFBY) Upgraded by Zacks Investment Research to Buy

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Zacks Investment Research upgraded shares of Pacific Basin Shipping (OTCMKTS:PCFBY) from a hold rating to a buy rating in a research note released on Wednesday, reports. The brokerage currently has $6.50 price target on the stock.

According to Zacks, “Pacific Basin Shipping Limited is a provider of diversified shipping services primarily engaged in owning and operating dry bulk vessels. The Company operates in three main maritime segments under the banners of Pacific Basin Dry Bulk, PB Energy & Infrastructure Services, and PB RoRo. The dry bulk segment owns and operates handysize and handymax dry bulk vessels providing cargo solutions and a range of freight services. The Company’s PB Towage segment offers services and barge fleet including Harbour Towage, Terminal Support, Project/Module Transportation and Logistics, Bulk Transportation, Offshore Support, Ocean Towing and Salvage Support. RoRo fleet is serves the major RoRo trades in Northern Europe, the Mediterranean and elsewhere. Pacific Basin Shipping Limited is headquartered in Central, Hong Kong. “

PCFBY stock opened at $5.74 on Wednesday. Pacific Basin Shipping has a 1 year low of $2.25 and a 1 year high of $5.81. The company has a market cap of $1.38 billion, a P/E ratio of 52.18 and a beta of 0.22. The firm has a 50-day moving average of $5.24 and a 200 day moving average of $3.87. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.41 and a quick ratio of 1.20.

About Pacific Basin Shipping

Pacific Basin Shipping Limited, an investment holding company, provides dry bulk shipping services worldwide. As of February 29, 2020, the company had a fleet of 235 ships, including 133 Handysize vessels, 117 Supramax vessels, and 2 Post-Panamax vessels. It also offers shipping consulting, ocean shipping, crewing, secretarial, and agency and ship management services; and engages in the vessel owning and chartering, and convertible bonds issuing activities.

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