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

Genco Shipping & Trading (NYSE:GNK) released its quarterly earnings data on Wednesday. The shipping company reported $0.88 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.01), Zacks reports. The business had revenue of $151.85 million for the quarter, compared to analysts’ expectations of $105.04 million. Genco Shipping & Trading had a net margin of 9.15% and a return on equity of 6.46%. Genco Shipping & Trading’s revenue for the quarter was up 90.0% compared to the same quarter last year. During the same period last year, the company earned ($0.01) earnings per share.

Genco Shipping & Trading Price Performance

NYSE GNK traded down $0.08 during trading hours on Wednesday, hitting $24.72. The company had a trading volume of 606,538 shares, compared to its average volume of 551,556. Genco Shipping & Trading has a 52 week low of $15.58 and a 52 week high of $28.42. The firm has a 50 day simple moving average of $26.35 and a 200 day simple moving average of $24.38. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.41 and a current ratio of 2.97. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of 19.23, a PEG ratio of 2.90 and a beta of 1.08.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Weiss Ratings lowered shares of Genco Shipping & Trading from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, October 26th. Zacks Research downgraded shares of Genco Shipping & Trading from a “hold” rating to a “strong sell” rating in a report on Monday, October 5th. B. Riley Financial reiterated a “buy” rating on shares of Genco Shipping & Trading in a research note on Friday, August 7th. Finally, BTIG Research dropped coverage on shares of Genco Shipping & Trading in a report on Friday, September 18th. They set a “neutral” rating on the stock. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $29.00.

About Genco Shipping & Trading

Genco Shipping & Trading Limited (NYSE:GNK) is a drybulk shipping company that owns and operates a fleet of oceangoing vessels. The company transports essential commodities, including iron ore, grain, coal and other major and minor bulk cargoes, for customers around the world.

Genco’s fleet includes large Capesize vessels as well as Ultramax, Supramax and Handysize ships. These vessels serve different segments of the drybulk market and support the movement of raw materials used in energy production, agriculture, construction and industrial manufacturing.

Founded in 1997 and headquartered in New York, Genco serves international trade routes across major global commodity markets.