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

Genco Shipping & Trading (NYSE:GNK) announced its quarterly earnings data on Wednesday. The shipping company reported $0.41 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.41, Briefing.com reports. The firm had revenue of $99.33 million for the quarter, compared to the consensus estimate of $72.02 million. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.49%. The business’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.09) earnings per share.

Genco Shipping & Trading Trading Down 0.7 %

GNK traded down $0.12 during midday trading on Friday, hitting $17.43. 476,474 shares of the company were exchanged, compared to its average volume of 440,628. The firm’s 50 day moving average price is $17.32 and its 200-day moving average price is $19.42. Genco Shipping & Trading has a 1-year low of $13.10 and a 1-year high of $23.43. The firm has a market capitalization of $745.27 million, a P/E ratio of 11.11, a P/E/G ratio of 0.26 and a beta of 0.98. 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 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Investors of record on Monday, November 18th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 9.18%. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34. The ex-dividend date is Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio is presently 101.91%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on GNK shares. Deutsche Bank Aktiengesellschaft began coverage on Genco Shipping & Trading in a research note on Wednesday, September 4th. They set a “buy” rating and a $22.00 target price for the company. Jefferies Financial Group restated a “buy” rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a research report on Thursday. Finally, Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and decreased their target price for the company from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $24.20.

About Genco Shipping & Trading

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.