Genco Shipping & Trading (NYSE:GNK) Releases Earnings Results, Misses Estimates By $0.01 EPS

Genco Shipping & Trading (NYSE:GNK) released its quarterly earnings results on Wednesday. The shipping company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01), Zacks reports. Genco Shipping & Trading had a net margin of 9.15% and a return on equity of 6.46%. The firm had revenue of $151.85 million during the quarter, compared to the consensus estimate of $105.04 million. During the same period in the prior year, the business earned ($0.01) EPS. The company’s revenue for the quarter was up 90.0% compared to the same quarter last year.

Genco Shipping & Trading Stock Performance

GNK traded down $0.08 during midday trading on Wednesday, reaching $24.72. The company’s stock had a trading volume of 606,538 shares, compared to its average volume of 551,556. 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 company has a fifty day simple moving average of $26.35 and a 200 day simple moving average of $24.38. The stock has a market cap of $1.08 billion, a P/E ratio of 19.23, a PEG ratio of 2.90 and a beta of 1.08. Genco Shipping & Trading has a twelve month low of $15.58 and a twelve month high of $28.42.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on GNK shares. Weiss Ratings lowered shares of Genco Shipping & Trading from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, October 26th. B. Riley Financial reiterated a “buy” rating on shares of Genco Shipping & Trading in a report on Friday, August 7th. Zacks Research lowered shares of Genco Shipping & Trading from a “hold” rating to a “strong sell” rating in a research report on Monday, October 5th. Finally, BTIG Research dropped coverage on shares of Genco Shipping & Trading in a 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price 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.