Euroseas (NASDAQ:ESEA) Upgraded by Noble Financial to Strong-Buy

Noble Financial upgraded shares of Euroseas (NASDAQ:ESEA) to a strong-buy rating in a research note issued to investors on Wednesday morning, Zacks.com reports. Noble Financial also issued estimates for Euroseas’ Q2 2024 earnings at $2.49 EPS, Q3 2024 earnings at $2.21 EPS, Q4 2024 earnings at $2.34 EPS, FY2024 earnings at $9.70 EPS, Q1 2025 earnings at $2.51 EPS, Q2 2025 earnings at $1.44 EPS, Q3 2025 earnings at $1.42 EPS, Q4 2025 earnings at $1.43 EPS and FY2025 earnings at $6.80 EPS.

Euroseas Stock Down 1.4 %

Shares of Euroseas stock opened at $39.15 on Wednesday. The stock has a market capitalization of $274.44 million, a P/E ratio of 2.57 and a beta of 0.81. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 0.38. The stock has a 50 day moving average price of $37.68 and a two-hundred day moving average price of $36.58. Euroseas has a 12-month low of $19.71 and a 12-month high of $42.46.

Euroseas (NASDAQ:ESEA) last announced its earnings results on Thursday, May 23rd. The shipping company reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.02 by ($0.36). The company had revenue of $48.29 million for the quarter, compared to the consensus estimate of $48.10 million. Euroseas had a return on equity of 39.84% and a net margin of 54.50%.

Euroseas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Wednesday, June 12th were given a $0.60 dividend. The ex-dividend date was Wednesday, June 12th. This represents a $2.40 annualized dividend and a dividend yield of 6.13%. Euroseas’s dividend payout ratio is 15.76%.

Institutional Investors Weigh In On Euroseas

Several hedge funds have recently modified their holdings of ESEA. CHURCHILL MANAGEMENT Corp bought a new stake in shares of Euroseas in the first quarter valued at approximately $1,300,000. Acadian Asset Management LLC lifted its position in Euroseas by 49.6% in the first quarter. Acadian Asset Management LLC now owns 71,763 shares of the shipping company’s stock worth $2,570,000 after purchasing an additional 23,796 shares during the period. Quadrature Capital Ltd lifted its position in Euroseas by 51.4% in the fourth quarter. Quadrature Capital Ltd now owns 46,007 shares of the shipping company’s stock worth $1,434,000 after purchasing an additional 15,618 shares during the period. Janney Montgomery Scott LLC bought a new position in Euroseas in the fourth quarter worth $447,000. Finally, Virtu Financial LLC bought a new position in Euroseas in the fourth quarter worth $350,000. 6.27% of the stock is owned by institutional investors.

About Euroseas

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.