United Maritime Corporation (NASDAQ:USEA) Raises Dividend to $0.20 Per Share

United Maritime Corporation (NASDAQ:USEA) announced a quarterly dividend on Wednesday, November 11th. Shareholders of record on Thursday, December 24th will be given a dividend of $0.20 per share on Friday, January 8th. This represents a $0.80 dividend on an annualized basis and a yield of 26.5%. The ex-dividend date is Thursday, December 24th. This is a 100.0% increase from United Maritime’s previous quarterly dividend of $0.10.

United Maritime has a dividend payout ratio of -49.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

United Maritime Stock Up 22.8%

Shares of United Maritime stock opened at $3.02 on Friday. The company has a 50-day simple moving average of $2.70 and a two-hundred day simple moving average of $2.42. The stock has a market capitalization of $28.81 million, a PE ratio of 17.57 and a beta of 0.83. United Maritime has a 52-week low of $1.42 and a 52-week high of $3.20. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.94 and a current ratio of 0.96.

United Maritime (NASDAQ:USEA) last posted its quarterly earnings results on Thursday, November 12th. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.12. The firm had revenue of $11.97 million for the quarter, compared to analysts’ expectations of $10.90 million. United Maritime had a negative net margin of 5.07% and a positive return on equity of 2.31%.

Hedge Funds Weigh In On United Maritime

An institutional investor recently raised its position in United Maritime stock. NewEdge Advisors LLC boosted its position in shares of United Maritime Corporation (NASDAQ:USEA) by 208.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 81,105 shares of the company’s stock after acquiring an additional 54,773 shares during the quarter. NewEdge Advisors LLC owned 0.85% of United Maritime worth $213,000 at the end of the most recent reporting period. 1.63% of the stock is currently owned by institutional investors.

About United Maritime

United Maritime Corporation (NASDAQ: USEA) is a global shipping company engaged in the ownership and operation of oceangoing vessels. The company primarily provides seaborne transportation services for dry bulk commodities and liquid cargoes through its fleet of dry bulk carriers and tankers. United Maritime’s vessels transport commodities such as grains, coal, and other dry bulk materials, as well as petroleum products and related liquid cargoes. The company generates revenue by employing its vessels under voyage charters, time charters, and other commercial arrangements with customers in international shipping markets.