Genco Shipping & Trading (NYSE:GNK) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

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

Genco Shipping & Trading Stock Performance

Shares of GNK traded up $0.54 during mid-day trading on Thursday, hitting $25.25. 684,513 shares of the company’s stock were exchanged, compared to its average volume of 449,715. Genco Shipping & Trading has a fifty-two week low of $15.58 and a fifty-two week high of $28.42. The business’s 50 day moving average is $26.35 and its two-hundred day moving average is $24.38. The company has a current ratio of 2.97, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $1.10 billion, a P/E ratio of 27.74, a P/E/G ratio of 2.90 and a beta of 1.08.

Genco Shipping & Trading Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 23rd. Stockholders of record on Monday, November 16th will be issued a $1.05 dividend. The ex-dividend date of this dividend is Monday, November 16th. This is a positive change from Genco Shipping & Trading’s previous quarterly dividend of $0.80. This represents a $4.20 dividend on an annualized basis and a dividend yield of 16.6%. Genco Shipping & Trading’s dividend payout ratio is currently 351.65%.

Analysts Set New Price Targets

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