Genco Shipping & Trading Ltd. (GNK) Upgraded at Zacks Investment Research
Genco Shipping & Trading Ltd. (NYSE:GNK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage presently has a $6.00 price objective on the stock. Zacks Investment Research’s price target would indicate a potential upside of 11.94% from the company’s previous close.
According to Zacks, “Genco Shipping & Trading Ltd. is a ship owning company. It transport iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes. The company owned fleet of dry cargo vessels which consists of Capesize, Panamax, Ultramax, Supramax, Handymax and Handysize vessels. Genco Shipping & Trading Ltd. is based in New York, United States. “
Several other research firms also recently issued reports on GNK. Jefferies Group reaffirmed a “buy” rating on shares of Genco Shipping & Trading in a research note on Monday, September 12th. Seaport Global Securities started coverage on shares of Genco Shipping & Trading in a research note on Tuesday, August 2nd. They set a “neutral” rating and a $6.00 price target on the stock.
Shares of Genco Shipping & Trading (NYSE:GNK) remained flat at $5.36 during midday trading on Monday. 43,480 shares of the stock traded hands. Genco Shipping & Trading has a one year low of $3.62 and a one year high of $32.50. The stock has a 50-day moving average price of $4.86 and a 200-day moving average price of $5.58. The company’s market capitalization is $39.02 million.
Genco Shipping & Trading (NYSE:GNK) last released its quarterly earnings results on Wednesday, August 3rd. The company reported ($5.59) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($6.26) by $0.67. Genco Shipping & Trading had a negative net margin of 204.16% and a negative return on equity of 17.53%. The firm had revenue of $31.90 million for the quarter, compared to the consensus estimate of $35.81 million. Analysts forecast that Genco Shipping & Trading will post ($24.72) EPS for the current fiscal year.
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