Euroseas (NASDAQ:ESEA) Announces Earnings Results

Euroseas (NASDAQ:ESEA) announced its quarterly earnings results on Tuesday. The shipping company reported $4.25 earnings per share for the quarter, missing analysts’ consensus estimates of $4.40 by ($0.15), RTT News reports. The company had revenue of $57.23 million during the quarter, compared to analyst estimates of $57.61 million. Euroseas had a net margin of 53.75% and a return on equity of 28.56%. During the same quarter last year, the business earned $3.92 EPS.

Euroseas Trading Down 9.4%

NASDAQ:ESEA opened at $55.76 on Wednesday. The business’s 50-day moving average is $58.83 and its two-hundred day moving average is $51.97. The firm has a market capitalization of $390.71 million, a PE ratio of 3.28 and a beta of 0.94. Euroseas has a 12 month low of $26.30 and a 12 month high of $66.00. The company has a debt-to-equity ratio of 0.51, a current ratio of 3.21 and a quick ratio of 3.15.

Euroseas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 16th. Investors of record on Tuesday, December 9th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 5.0%. The ex-dividend date is Tuesday, December 9th. Euroseas’s dividend payout ratio is currently 16.45%.

Institutional Investors Weigh In On Euroseas

Several hedge funds have recently modified their holdings of ESEA. Public Employees Retirement System of Ohio acquired a new stake in Euroseas in the third quarter valued at approximately $380,000. Bank of America Corp DE boosted its position in Euroseas by 508.3% in the 3rd quarter. Bank of America Corp DE now owns 6,795 shares of the shipping company’s stock valued at $405,000 after buying an additional 5,678 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Euroseas during the third quarter valued at about $321,000. BNP Paribas Financial Markets increased its position in shares of Euroseas by 2,482.3% during the third quarter. BNP Paribas Financial Markets now owns 6,430 shares of the shipping company’s stock worth $383,000 after acquiring an additional 6,181 shares during the last quarter. Finally, Tidal Investments LLC purchased a new stake in shares of Euroseas during the second quarter worth about $277,000. 6.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ESEA. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Euroseas in a research report on Wednesday, October 8th. Zacks Research downgraded Euroseas from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 14th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Euroseas currently has an average rating of “Moderate Buy” and a consensus target price of $62.00.

Euroseas Company Profile

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables. As of March 31, 2024, it had a fleet of 20 containerships with a cargo carrying capacity of approximately 777,749 dwt.