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

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

Genco Shipping & Trading Trading Up 4.7 %

Shares of NYSE GNK traded up $0.78 during midday trading on Thursday, hitting $17.55. The stock had a trading volume of 722,375 shares, compared to its average volume of 588,525. The company has a fifty day moving average price of $17.33 and a 200 day moving average price of $19.46. The company has a market capitalization of $750.44 million, a price-to-earnings ratio of 54.70, a PEG ratio of 0.25 and a beta of 0.98. Genco Shipping & Trading has a 1-year low of $12.65 and a 1-year high of $23.43. 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 Dividend Announcement

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

Analyst Ratings Changes

A number of analysts recently commented on the company. Deutsche Bank Aktiengesellschaft started coverage on Genco Shipping & Trading in a research report on Wednesday, September 4th. They set a “buy” rating and a $22.00 price objective for the company. Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and decreased their price objective for the stock 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 analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.