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

Genco Shipping & Trading (NYSE:GNK) released its earnings results on Wednesday. The shipping company reported $0.41 earnings per share for the quarter, meeting the consensus estimate of $0.41, Briefing.com reports. Genco Shipping & Trading had a return on equity of 6.11% and a net margin of 3.59%. The firm had revenue of $99.33 million for the quarter, compared to the consensus estimate of $72.02 million. During the same quarter in the previous year, the company posted ($0.09) EPS. The company’s revenue for the quarter was up 19.2% compared to the same quarter last year.

Genco Shipping & Trading Trading Up 0.2 %

Shares of GNK stock traded up $0.03 during mid-day trading on Friday, reaching $17.58. The company’s stock had a trading volume of 93,250 shares, compared to its average volume of 586,194. The firm has a market capitalization of $751.72 million, a PE ratio of 53.18, a price-to-earnings-growth ratio of 0.25 and a beta of 0.98. The company has a quick ratio of 2.94, a current ratio of 3.59 and a debt-to-equity ratio of 0.10. Genco Shipping & Trading has a 12-month low of $13.10 and a 12-month high of $23.43. The company’s 50 day simple moving average is $17.33 and its 200-day simple moving average is $19.45.

Genco Shipping & Trading Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Monday, November 18th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 9.10%. The ex-dividend date of this dividend is Monday, November 18th. Genco Shipping & Trading’s dividend payout ratio (DPR) is 412.12%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Stifel Nicolaus cut Genco Shipping & Trading from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $26.00 to $17.00 in a research report on Wednesday, October 23rd. Jefferies Financial Group restated a “buy” rating and set a $25.00 price objective on shares of Genco Shipping & Trading in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft began coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They issued a “buy” rating and a $22.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $24.20.

About Genco Shipping & Trading

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.