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

by · The Markets Daily

Genco Shipping & Trading (NYSE:GNK – Get Free Report) released its quarterly earnings data on Wednesday. The shipping company reported $0.41 earnings per share for the quarter, meeting 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 company had revenue of $99.33 million during the quarter, compared to analysts’ expectations of $72.02 million. During the same quarter in the previous year, the company earned ($0.09) earnings per share. The firm’s revenue for the quarter was up 19.2% on a year-over-year basis.

Genco Shipping & Trading Price Performance

GNK stock traded up $0.78 during midday trading on Thursday, reaching $17.55. The stock had a trading volume of 722,375 shares, compared to its average volume of 588,525. Genco Shipping & Trading has a 52-week low of $12.65 and a 52-week high of $23.43. The company has a current ratio of 3.59, a quick ratio of 2.94 and a debt-to-equity ratio of 0.10. The company’s fifty day simple moving average is $17.33 and its 200 day simple moving average is $19.46. The company has a market cap of $750.44 million, a price-to-earnings ratio of 54.70, a price-to-earnings-growth ratio of 0.25 and a beta of 0.98.

Genco Shipping & Trading Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on GNK shares. Deutsche Bank Aktiengesellschaft began coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price target for the company. Jefferies Financial Group reaffirmed a “buy” rating and set a $25.00 target price on shares of Genco Shipping & Trading in a research note on Thursday. Finally, Stifel Nicolaus cut shares of Genco Shipping & Trading from a “buy” rating to a “hold” rating and dropped their price target for the company from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.20.

Read Our Latest Stock Report on GNK

About Genco Shipping & Trading

(Get Free Report)

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.

Read More