Performance Shipping (NASDAQ:PSHG) Announces Earnings Results

Performance Shipping (NASDAQ:PSHG) posted its quarterly earnings data on Wednesday. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.15), Zacks reports. Performance Shipping had a return on equity of 9.57% and a net margin of 31.85%.

Performance Shipping Stock Performance

Shares of PSHG traded up $0.07 on Wednesday, reaching $1.88. 56,371 shares of the company’s stock traded hands, compared to its average volume of 87,638. The stock’s 50 day simple moving average is $1.71 and its two-hundred day simple moving average is $1.90. The stock has a market cap of $23.31 million, a PE ratio of 2.40 and a beta of -0.15. Performance Shipping has a 52-week low of $1.60 and a 52-week high of $2.58. The company has a current ratio of 2.22, a quick ratio of 2.18 and a debt-to-equity ratio of 0.94.

Institutional Inflows and Outflows

A hedge fund recently raised its position in Performance Shipping stock. Renaissance Technologies LLC grew its holdings in shares of Performance Shipping Inc. (NASDAQ:PSHG) by 39.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 189,948 shares of the company’s stock after purchasing an additional 53,248 shares during the quarter. Renaissance Technologies LLC owned approximately 1.53% of Performance Shipping worth $405,000 at the end of the most recent reporting period. 19.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of Performance Shipping from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, June 1st. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Hold”.

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.