Himalaya Shipping (NYSE:HSHP) Shares Gap Up – Time to Buy?

Shares of Himalaya Shipping Ltd. (NYSE:HSHP) gapped up prior to trading on Thursday . The stock had previously closed at $15.27, but opened at $15.91. Himalaya Shipping shares last traded at $15.4690, with a volume of 102,947 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have commented on HSHP shares. Wall Street Zen upgraded shares of Himalaya Shipping from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Himalaya Shipping in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, Himalaya Shipping presently has a consensus rating of “Hold”.

Himalaya Shipping Trading Up 0.6%

The business’s 50 day moving average price is $13.94 and its 200-day moving average price is $11.38. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 4.12. The company has a market cap of $716.54 million, a price-to-earnings ratio of 40.42 and a beta of 1.38.

Himalaya Shipping Increases Dividend

The business also recently announced a dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 19th will be paid a dividend of $0.15 per share. The ex-dividend date is Monday, May 18th. This is a boost from Himalaya Shipping’s previous dividend of $0.06. Himalaya Shipping’s dividend payout ratio is 13.16%.

Insider Activity

In other news, Director Bjorn Andreas Freng Isaksen sold 300,000 shares of the firm’s stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $13.40, for a total transaction of $4,020,000.00. Following the completion of the sale, the director owned 280,000 shares in the company, valued at approximately $3,752,000. This trade represents a 51.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Institutional Trading of Himalaya Shipping

A number of hedge funds have recently modified their holdings of the stock. Bank of America Corp DE increased its position in Himalaya Shipping by 230.4% during the first quarter. Bank of America Corp DE now owns 399,028 shares of the company’s stock worth $5,307,000 after acquiring an additional 278,273 shares during the period. The Manufacturers Life Insurance Company bought a new position in Himalaya Shipping during the first quarter worth about $171,000. Public Employees Retirement System of Ohio bought a new position in Himalaya Shipping during the first quarter worth about $379,000. Arrowstreet Capital Limited Partnership increased its position in Himalaya Shipping by 292.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,007,952 shares of the company’s stock worth $13,344,000 after acquiring an additional 750,944 shares during the period. Finally, Sei Investments Co. increased its position in Himalaya Shipping by 425.7% during the first quarter. Sei Investments Co. now owns 122,313 shares of the company’s stock worth $1,627,000 after acquiring an additional 99,046 shares during the period. Institutional investors and hedge funds own 22.33% of the company’s stock.

About Himalaya Shipping

Himalaya Shipping Ltd. provides dry bulk shipping services worldwide. The company operates a fleet of vessels. It serves major commodity trading, commodity and energy transition, and multi-modal transport companies. Himalaya Shipping Ltd. was incorporated in 2021 and is based in Hamilton, Bermuda.