Performance Shipping (NASDAQ:PSHG) Releases Earnings Results, Beats Estimates By $0.04 EPS

Performance Shipping (NASDAQ:PSHG) released its earnings results on Tuesday. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04, Zacks reports. The firm had revenue of $33.77 million for the quarter, compared to analysts’ expectations of $31.48 million. Performance Shipping had a return on equity of 15.90% and a net margin of 59.37%.

Performance Shipping Trading Up 3.0%

PSHG opened at $1.70 on Wednesday. The stock has a market cap of $21.13 million, a price-to-earnings ratio of 1.33 and a beta of -0.11. The stock’s 50 day moving average price is $1.85 and its 200-day moving average price is $2.06. Performance Shipping has a one year low of $1.52 and a one year high of $2.58. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.18 and a current ratio of 2.22.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut Performance Shipping from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold”.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Performance Shipping stock. Citadel Advisors LLC purchased a new stake in Performance Shipping Inc. (NASDAQ:PSHG) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 110,439 shares of the company’s stock, valued at approximately $209,000. Citadel Advisors LLC owned 0.89% of Performance Shipping as of its most recent filing with the Securities and Exchange Commission (SEC). 19.90% of the stock is currently owned by institutional investors.

About Performance Shipping

Performance Shipping Inc, incorporated in the Republic of the Marshall Islands and trading on NASDAQ under the ticker PSHG, is a publicly listed dry bulk shipping company. The company owns and operates a modern fleet of Supramax and Ultramax vessels, which are well-suited for the seaborne transportation of a wide range of dry bulk commodities. Performance Shipping’s vessels carry cargoes such as grains, coal, iron ore, steel products and fertilizer under medium? to long?term time charter agreements with a diverse set of global charterers.

Since completing its initial public offering in late 2014, Performance Shipping has focused on disciplined growth through vessel acquisitions and the renewal of charter contracts to maintain steady cash flows.