Genco Shipping & Trading (NYSE:GNK) Reaches New 1-Year High on Better-Than-Expected Earnings

Genco Shipping & Trading Limited (NYSE:GNK)’s stock price reached a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $22.38 and last traded at $22.4250, with a volume of 103961 shares traded. The stock had previously closed at $22.21.

The shipping company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $109.92 million for the quarter, compared to analysts’ expectations of $78.52 million. Genco Shipping & Trading had a negative return on equity of 0.62% and a negative net margin of 2.14%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Wall Street Zen lowered shares of Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research report on Sunday, December 14th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $21.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Strengthening Families & Communities LLC bought a new stake in shares of Genco Shipping & Trading in the 4th quarter valued at about $31,000. Atlantic Union Bankshares Corp acquired a new position in shares of Genco Shipping & Trading in the third quarter worth approximately $30,000. Advisory Services Network LLC bought a new stake in Genco Shipping & Trading in the third quarter valued at approximately $30,000. Kemnay Advisory Services Inc. acquired a new stake in Genco Shipping & Trading during the 4th quarter valued at approximately $32,000. Finally, PNC Financial Services Group Inc. raised its holdings in Genco Shipping & Trading by 82.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,942 shares of the shipping company’s stock worth $25,000 after purchasing an additional 876 shares during the last quarter. 58.62% of the stock is owned by institutional investors and hedge funds.

Genco Shipping & Trading Trading Up 1.4%

The stock has a market cap of $973.33 million, a P/E ratio of -132.41, a price-to-earnings-growth ratio of 5.99 and a beta of 1.21. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.98 and a current ratio of 2.36. The firm’s fifty day simple moving average is $19.55 and its 200-day simple moving average is $18.10.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.